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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal EBITDA Multiple | 6.9x - 8.9x | 7.9x |
| Fair Value | $18.45 - $24.58 | $21.46 |
| Upside | 22.4% - 63.0% | 42.3% |
| Select Revenue and EBITDA Forecast | ||||||
| (CAD in millions) | Input Projections | |||||
| Fiscal Years Ending | Oct-24 | Oct-25 | Oct-26 | Oct-27 | Oct-28 | Oct-29 |
| Revenue | 2,813 | 2,743 | 2,712 | 2,700 | 2,745 | 2,750 |
| % Growth | -4.3% | -2.5% | -1.1% | -0.4% | 1.7% | 0.2% |
| EBITDA | 418 | 470 | 473 | 459 | 455 | 442 |
| % of Revenue | 14.8% | 17.1% | 17.5% | 17.0% | 16.6% | 16.1% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (CAD in millions) | Oct-25 | Oct-26 | Oct-27 | Oct-28 | Oct-29 | |
| EBITDA | 470 | 473 | 459 | 455 | 442 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (180) | (165) | (202) | (143) | (137) | |
| EBIT | 290 | 309 | 257 | 312 | 305 | |
| Pro forma Taxes | (67) | (71) | (59) | (72) | (70) | |
| NOPAT | 193 | 223 | 238 | 198 | 240 | 235 |
| Capital Expenditures | (95) | (121) | (125) | (123) | (124) | (122) |
| NWC Investment | 22 | 12 | 5 | 2 | (8) | (1) |
| (+) D&A | 167 | 180 | 165 | 202 | 143 | 137 |
| Free Cash Flow | 287 | 295 | 283 | 279 | 251 | 249 |
| % Growth | 3% | -4% | -1% | -10% | -1% | |