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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal Revenue Multiple | 0.6x - 0.7x | 0.7x |
| Fair Value | ฿10.51 - ฿11.04 | ฿10.77 |
| Upside | 58.1% - 66.1% | 61.9% |
| 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 | 785 | 812 | 829 | 845 | 862 | 879 | 897 | 915 | 933 | 952 | 971 |
| % Growth | 9.8% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 11 | 7 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 9 | 9 |
| % of Revenue | 1.3% | 0.9% | 0.9% | 0.9% | 0.9% | 0.9% | 0.9% | 0.9% | 0.9% | 0.9% | 0.9% |
| 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 | 7 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 9 | 9 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (12) | (13) | (13) | (13) | (13) | (14) | (14) | (14) | (14) | (15) | |
| EBIT | (5) | (5) | (5) | (5) | (5) | (5) | (6) | (6) | (6) | (6) | |
| Pro forma Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| NOPAT | (1) | (5) | (5) | (5) | (5) | (5) | (5) | (6) | (6) | (6) | (6) |
| Capital Expenditures | (20) | (19) | (19) | (20) | (20) | (21) | (20) | (20) | (20) | (20) | (20) |
| NWC Investment | (40) | (16) | (9) | (9) | (10) | (10) | (10) | (10) | (10) | (11) | (11) |
| (+) D&A | 12 | 12 | 13 | 13 | 13 | 13 | 14 | 14 | 14 | 14 | 15 |
| Free Cash Flow | (50) | (27) | (21) | (22) | (22) | (22) | (22) | (22) | (22) | (22) | (22) |
| % Growth | NM | NM | NM | NM | NM | NM | NM | NM | NM | ||