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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal Revenue Multiple | 0.7x - 0.8x | 0.8x |
| Fair Value | HK$ 1.55 - HK$ 1.80 | HK$ 1.67 |
| Upside | 21.0% - 40.5% | 30.6% |
| Select Revenue and EBITDA Forecast | ||||||
| (CNY in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
| Revenue | 2,917 | 2,976 | 3,035 | 3,096 | 3,158 | 3,221 |
| % Growth | 3.3% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | -3 | NA | NA | NA | NA | NA |
| % of Revenue | -0.1% | NA | NA | NA | NA | NA |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (CNY in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | NA | NA | NA | NA | NA | |
| Other Income / (Exp) | #NUM! | #NUM! | #NUM! | #NUM! | #NUM! | |
| D&A | (24) | (24) | (25) | (25) | (26) | |
| EBIT | #NUM! | #NUM! | #NUM! | #NUM! | #NUM! | |
| Pro forma Taxes | #NUM! | #NUM! | #NUM! | #NUM! | #NUM! | |
| NOPAT | (14) | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | #NUM! | (5) | (5) | (5) | (5) | (6) |
| NWC Investment | (11) | (7) | (7) | (7) | (7) | (8) |
| (+) D&A | 14 | 24 | 24 | 25 | 25 | 26 |
| Free Cash Flow | #NUM! | 12 | 12 | 12 | 12 | 13 |
| % Growth | NM | 2% | 2% | 2% | 2% | |