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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Terminal EBITDA Multiple | 16.2x - 18.2x | 17.2x |
| Fair Value | $0.46 - $0.54 | $0.50 |
| Upside | 1.7% - 19.7% | 10.4% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (SGD in millions) | Input Projections | ||||||||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 173 | 173 | 173 | 173 | 173 | 173 | 173 | 173 | 173 | 173 | 173 |
| % Growth | -3.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 75 | 69 | 69 | 69 | 69 | 69 | 69 | 69 | 69 | 69 | 69 |
| % of Revenue | 43.2% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (SGD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 69 | 69 | 69 | 69 | 69 | 69 | 69 | 69 | 69 | 69 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (38) | (38) | (38) | (38) | (38) | (38) | (38) | (38) | (38) | (38) | |
| EBIT | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | |
| Pro forma Taxes | (7) | (7) | (7) | (7) | (7) | (7) | (7) | (7) | (7) | (7) | |
| NOPAT | 31 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 |
| Capital Expenditures | (15) | (15) | (15) | (15) | (15) | (15) | (15) | (15) | (15) | (15) | (15) |
| NWC Investment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 36 | 38 | 38 | 38 | 38 | 38 | 38 | 38 | 38 | 38 | 38 |
| Free Cash Flow | 52 | 48 | 48 | 48 | 48 | 48 | 48 | 48 | 48 | 48 | 48 |
| % Growth | -9% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | |