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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal EBITDA Multiple | 7.9x - 9.9x | 8.9x |
| Fair Value | $36.11 - $49.90 | $42.87 |
| Upside | -2.8% - 34.3% | 15.4% |
| Select Revenue and EBITDA Forecast | ||||||
| (CZK in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
| Revenue | 340,513 | 319,399 | 294,490 | 291,724 | 292,671 | 304,900 |
| % Growth | 1.1% | -6.2% | -7.8% | -0.9% | 0.3% | 4.2% |
| EBITDA | 138,215 | 117,780 | 109,000 | 108,327 | 97,675 | 101,756 |
| % of Revenue | 40.6% | 36.9% | 37.0% | 37.1% | 33.4% | 33.4% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (CZK in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 117,780 | 109,000 | 108,327 | 97,675 | 101,756 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (43,803) | (47,696) | (56,261) | (49,637) | (51,216) | |
| EBIT | 73,977 | 61,304 | 52,066 | 48,038 | 50,540 | |
| Pro forma Taxes | (18,494) | (15,326) | (13,017) | (12,010) | (12,635) | |
| NOPAT | 71,759 | 55,483 | 45,978 | 39,050 | 36,029 | 37,905 |
| Capital Expenditures | (54,116) | (59,120) | (65,120) | (77,100) | (71,300) | (68,200) |
| NWC Investment | (383) | 2,164 | 2,553 | 284 | (97) | (1,253) |
| (+) D&A | 42,536 | 43,803 | 47,696 | 56,261 | 49,637 | 51,216 |
| Free Cash Flow | 59,796 | 42,329 | 31,107 | 18,494 | 14,268 | 19,668 |
| % Growth | -29% | -27% | -41% | -23% | 38% | |