Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal Revenue Multiple | 5.0x - 5.5x | 5.2x |
| Fair Value | $20.11 - $26.88 | $23.38 |
| Upside | -41.2% - -21.4% | -31.6% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 8,484 | 8,746 | 9,033 | 9,318 | 9,672 | 10,041 | 10,241 | 10,446 | 10,655 | 10,868 | 11,086 |
| % Growth | 8.2% | 3.1% | 3.3% | 3.2% | 3.8% | 3.8% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 2,876 | 3,258 | 3,476 | 3,658 | 3,932 | 4,229 | 4,314 | 4,400 | 4,488 | 4,578 | 4,669 |
| % of Revenue | 33.9% | 37.3% | 38.5% | 39.3% | 40.6% | 42.1% | 42.1% | 42.1% | 42.1% | 42.1% | 42.1% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | ||
| EBITDA | 3,258 | 3,476 | 3,658 | 3,932 | 4,229 | 4,314 | 4,400 | 4,488 | 4,578 | 4,669 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,142) | (1,206) | (1,213) | (1,215) | (1,281) | (1,307) | (1,333) | (1,359) | (1,387) | (1,414) | |
| EBIT | 2,116 | 2,270 | 2,445 | 2,717 | 2,948 | 3,007 | 3,067 | 3,128 | 3,191 | 3,255 | |
| Pro forma Taxes | (339) | (363) | (391) | (435) | (472) | (481) | (491) | (501) | (511) | (521) | |
| NOPAT | 1,652 | 1,777 | 1,907 | 2,054 | 2,282 | 2,476 | 2,526 | 2,576 | 2,628 | 2,680 | 2,734 |
| Capital Expenditures | (3,043) | (3,403) | (2,884) | (2,405) | (2,226) | (2,266) | (1,536) | (1,567) | (1,598) | (1,567) | (1,577) |
| NWC Investment | 38 | 16 | 17 | 17 | 21 | 22 | 12 | 12 | 12 | 13 | 13 |
| (+) D&A | 909 | 1,142 | 1,206 | 1,213 | 1,215 | 1,281 | 1,307 | 1,333 | 1,359 | 1,387 | 1,414 |
| Free Cash Flow | (444) | (467) | 246 | 879 | 1,292 | 1,513 | 2,308 | 2,354 | 2,401 | 2,513 | 2,584 |
| % Growth | NM | 257% | 47% | 17% | 53% | 2% | 2% | 5% | 3% | ||