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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal EBITDA Multiple | 15.3x - 17.3x | 16.3x |
| Fair Value | $0.54 - $0.63 | $0.58 |
| Upside | -14.0% - -0.3% | -7.3% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (THB 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 | 27,078 | 28,126 | 29,417 | 30,151 | 30,754 | 31,369 | 31,996 | 32,636 | 33,289 | 33,955 | 34,634 |
| % Growth | 3.9% | 3.9% | 4.6% | 2.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 3,314 | 5,059 | 5,341 | 5,502 | 5,312 | 5,437 | 5,546 | 5,657 | 5,770 | 5,885 | 6,003 |
| % of Revenue | 12.2% | 18.0% | 18.2% | 18.2% | 17.3% | 17.3% | 17.3% | 17.3% | 17.3% | 17.3% | 17.3% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (THB in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 5,059 | 5,341 | 5,502 | 5,312 | 5,437 | 5,546 | 5,657 | 5,770 | 5,885 | 6,003 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,471) | (1,551) | (1,366) | (319) | (193) | (197) | (201) | (205) | (209) | (213) | |
| EBIT | 3,589 | 3,790 | 4,136 | 4,993 | 5,244 | 5,349 | 5,456 | 5,565 | 5,676 | 5,790 | |
| Pro forma Taxes | (574) | (606) | (662) | (799) | (839) | (856) | (873) | (890) | (908) | (926) | |
| NOPAT | 1,666 | 3,014 | 3,184 | 3,474 | 4,194 | 4,405 | 4,493 | 4,583 | 4,675 | 4,768 | 4,863 |
| Capital Expenditures | (880) | (1,057) | (1,062) | (1,015) | (950) | (950) | (969) | (956) | (958) | (961) | (959) |
| NWC Investment | (116) | (121) | (149) | (85) | (70) | (71) | (72) | (74) | (75) | (77) | (78) |
| (+) D&A | 1,330 | 1,471 | 1,551 | 1,366 | 319 | 193 | 197 | 201 | 205 | 209 | 213 |
| Free Cash Flow | 1,999 | 3,307 | 3,523 | 3,740 | 3,493 | 3,577 | 3,648 | 3,753 | 3,846 | 3,939 | 4,039 |
| % Growth | 65% | 7% | 6% | -7% | 2% | 2% | 3% | 2% | 2% | 3% | |