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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal EBITDA Multiple | 11.2x - 13.2x | 12.2x |
| Fair Value | $14.13 - $24.15 | $19.04 |
| Upside | -48.9% - -12.6% | -31.1% |
| Select Revenue and EBITDA Forecast | ||||||
| (CAD in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
| Revenue | 3,742 | 4,119 | 4,248 | 4,436 | 4,524 | 4,615 |
| % Growth | -1.4% | 10.1% | 3.1% | 4.4% | 2.0% | 2.0% |
| EBITDA | 1,668 | 2,058 | 2,203 | 2,380 | 2,157 | 2,200 |
| % of Revenue | 44.6% | 50.0% | 51.9% | 53.7% | 47.7% | 47.7% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (CAD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 2,058 | 2,203 | 2,380 | 2,157 | 2,200 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,407) | (1,451) | (1,515) | (1,545) | (1,576) | |
| EBIT | 651 | 752 | 865 | 612 | 624 | |
| Pro forma Taxes | (156) | (180) | (208) | (147) | (150) | |
| NOPAT | 727 | 495 | 571 | 657 | 465 | 474 |
| Capital Expenditures | (1,490) | (1,624) | (1,937) | (2,629) | (959) | (951) |
| NWC Investment | 1 | (5) | (2) | (3) | (1) | (1) |
| (+) D&A | 711 | 1,407 | 1,451 | 1,515 | 1,545 | 1,576 |
| Free Cash Flow | (51) | 273 | 83 | (459) | 1,050 | 1,098 |
| % Growth | NM | -69% | NM | NM | 5% | |