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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 12.5% - 11.5% | 12.0% |
| Perpetuity Growth Rate | 4.3% - 5.3% | 4.8% |
| Fair Value | $0.52 - $0.71 | $0.60 |
| Upside | 24.6% - 68.7% | 43.6% |
| 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 | |
| Revenue | 173 | 173 | 173 | 173 | 173 | 173 | |
| % Growth | -3.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| EBITDA | 75 | 69 | 69 | 69 | 69 | 69 | |
| % of Revenue | 43.2% | 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 | Terminal | |
| EBITDA | 69 | 69 | 69 | 69 | 69 | 69 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (38) | (38) | (38) | (38) | (38) | (14) | |
| EBIT | 31 | 31 | 31 | 31 | 31 | 55 | |
| Pro forma Taxes | (7) | (7) | (7) | (7) | (7) | (12) | |
| NOPAT | 31 | 25 | 25 | 25 | 25 | 25 | 43 |
| Capital Expenditures | (15) | (15) | (15) | (15) | (15) | (15) | (15) |
| NWC Investment | 0 | 0 | 0 | 0 | 0 | 0 | (1) |
| (+) D&A | 36 | 38 | 38 | 38 | 38 | 38 | 14 |
| Free Cash Flow | 52 | 48 | 48 | 48 | 48 | 48 | 42 |
| % Growth | -9% | 0% | 0% | 0% | 0% | -12% | |