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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.0% - 10.0% | 10.5% |
| Terminal EBITDA Multiple | 4.7x - 6.7x | 5.7x |
| Fair Value | $1.24 - $1.73 | $1.48 |
| Upside | -8.9% - 26.9% | 8.7% |
| Select Revenue and EBITDA Forecast | ||||||
| (ZAR in millions) | Input Projections | |||||
| Fiscal Years Ending | Jun-24 | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 |
| Revenue | 6,240 | 7,699 | 7,815 | 9,517 | 10,707 | 11,510 |
| % Growth | 13.5% | 23.4% | 1.5% | 21.8% | 12.5% | 7.5% |
| EBITDA | 1,864 | 2,846 | 4,099 | 4,132 | 4,916 | 5,400 |
| % of Revenue | 29.9% | 37.0% | 52.5% | 43.4% | 45.9% | 46.9% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (ZAR in millions) | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | |
| EBITDA | 2,846 | 4,099 | 4,132 | 4,916 | 5,400 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (41) | (1,032) | (477) | (537) | (577) | |
| EBIT | 2,805 | 3,067 | 3,655 | 4,379 | 4,823 | |
| Pro forma Taxes | (757) | (828) | (987) | (1,182) | (1,302) | |
| NOPAT | 1,135 | 2,047 | 2,239 | 2,668 | 3,197 | 3,520 |
| Capital Expenditures | (2,986) | (2,471) | (3,324) | (1,293) | (2,363) | (2,327) |
| NWC Investment | (17) | (34) | (3) | (40) | (28) | (19) |
| (+) D&A | 309 | 41 | 1,032 | 477 | 537 | 577 |
| Free Cash Flow | (1,559) | (417) | (55) | 1,812 | 1,343 | 1,752 |
| % Growth | NM | NM | NM | -26% | 30% | |