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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 13.0% - 12.0% | 12.5% |
| Terminal Revenue Multiple | 2.0x - 2.2x | 2.1x |
| Fair Value | C$28.36 - C$33.16 | C$30.69 |
| Upside | -1.3% - 15.4% | 6.8% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 4,749 | 3,853 | 3,778 | 4,563 | 5,133 | 5,518 | 5,712 | 5,826 | 5,942 | 6,061 | 6,182 |
| % Growth | 12.0% | -18.9% | -1.9% | 20.8% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 1,985 | 2,463 | 2,399 | 2,232 | 2,639 | 2,892 | 2,994 | 3,054 | 3,115 | 3,177 | 3,240 |
| % of Revenue | 41.8% | 63.9% | 63.5% | 48.9% | 51.4% | 52.4% | 52.4% | 52.4% | 52.4% | 52.4% | 52.4% |
| 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 | 2,463 | 2,399 | 2,232 | 2,639 | 2,892 | 2,994 | 3,054 | 3,115 | 3,177 | 3,240 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (598) | (586) | (708) | (796) | (856) | (886) | (904) | (922) | (940) | (959) | |
| EBIT | 1,865 | 1,813 | 1,524 | 1,843 | 2,036 | 2,108 | 2,150 | 2,193 | 2,237 | 2,281 | |
| Pro forma Taxes | (560) | (544) | (457) | (553) | (611) | (632) | (645) | (658) | (671) | (684) | |
| NOPAT | 810 | 1,306 | 1,269 | 1,067 | 1,290 | 1,425 | 1,475 | 1,505 | 1,535 | 1,566 | 1,597 |
| Capital Expenditures | (1,337) | (1,350) | (1,550) | (1,550) | (1,483) | (1,528) | (886) | (904) | (922) | (904) | (910) |
| NWC Investment | 49 | (87) | (7) | 76 | 55 | 37 | 19 | 11 | 11 | 11 | 12 |
| (+) D&A | 828 | 598 | 586 | 708 | 796 | 856 | 886 | 904 | 922 | 940 | 959 |
| Free Cash Flow | 350 | 467 | 298 | 301 | 658 | 791 | 1,494 | 1,516 | 1,546 | 1,613 | 1,658 |
| % Growth | -36% | 1% | 119% | 20% | 89% | 1% | 2% | 4% | 3% | ||