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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.0% - 10.0% | 10.5% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | C$26.78 - C$33.81 | C$29.12 |
| Upside | 4.0% - 31.3% | 13.1% |
| Select Revenue and EBITDA Forecast | |||||||
| (CAD in millions) | Input Projections | ||||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| Revenue | 4,749 | 3,508 | 3,183 | 4,563 | 5,476 | 6,160 | |
| % Growth | 12.0% | -26.1% | -9.3% | 43.4% | 20.0% | 12.5% | |
| EBITDA | 1,985 | 2,207 | 2,028 | 2,103 | 2,797 | 3,301 | |
| % of Revenue | 41.8% | 62.9% | 63.7% | 46.1% | 51.1% | 53.6% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (CAD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 2,207 | 2,028 | 2,103 | 2,797 | 3,301 | 3,301 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (544) | (494) | (708) | (850) | (956) | (1,451) | |
| EBIT | 1,663 | 1,534 | 1,395 | 1,948 | 2,345 | 1,850 | |
| Pro forma Taxes | (499) | (460) | (419) | (584) | (704) | (555) | |
| NOPAT | 810 | 1,164 | 1,074 | 977 | 1,364 | 1,642 | 1,295 |
| Capital Expenditures | (1,337) | (1,350) | (1,550) | (1,550) | (1,483) | (1,528) | (1,528) |
| NWC Investment | 49 | (120) | (31) | 133 | 88 | 66 | 0 |
| (+) D&A | 828 | 544 | 494 | 708 | 850 | 956 | 1,451 |
| Free Cash Flow | 350 | 238 | (14) | 268 | 818 | 1,136 | 1,218 |
| % Growth | -32% | NM | NM | 205% | 39% | 7% | |