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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal EBITDA Multiple | 22.2x - 24.2x | 23.2x |
| Fair Value | ₱0.46 - ₱0.49 | ₱0.47 |
| Upside | -15.5% - -9.4% | -12.6% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (PHP 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 | 162 | 219 | 263 | 296 | 318 | 329 | 336 | 343 | 350 | 357 | 364 |
| % Growth | 56.7% | 35.0% | 20.0% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 47 | 46 | 68 | 84 | 93 | 97 | 98 | 100 | 102 | 104 | 107 |
| % of Revenue | 29.1% | 20.8% | 25.8% | 28.3% | 29.3% | 29.3% | 29.3% | 29.3% | 29.3% | 29.3% | 29.3% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (PHP in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 46 | 68 | 84 | 93 | 97 | 98 | 100 | 102 | 104 | 107 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (5) | (6) | (7) | (7) | (7) | (8) | (8) | (8) | (8) | (8) | |
| EBIT | 41 | 62 | 77 | 86 | 89 | 91 | 93 | 95 | 96 | 98 | |
| Pro forma Taxes | (6) | (9) | (11) | (12) | (12) | (13) | (13) | (13) | (14) | (14) | |
| NOPAT | 38 | 35 | 53 | 66 | 74 | 77 | 78 | 80 | 81 | 83 | 85 |
| Capital Expenditures | (5) | (5) | (6) | (7) | (8) | (8) | (7) | (8) | (8) | (8) | (8) |
| NWC Investment | (57) | (55) | (43) | (32) | (22) | (11) | (6) | (7) | (7) | (7) | (7) |
| (+) D&A | 3 | 5 | 6 | 7 | 7 | 7 | 8 | 8 | 8 | 8 | 8 |
| Free Cash Flow | (21) | (21) | 10 | 34 | 52 | 65 | 72 | 73 | 75 | 77 | 78 |
| % Growth | NM | NM | 231% | 53% | 26% | 10% | 2% | 2% | 2% | 2% | |