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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 14.3% - 13.3% | 13.8% |
| Terminal EBITDA Multiple | 4.9x - 6.9x | 5.9x |
| Fair Value | C$0.10 - C$0.18 | C$0.14 |
| Upside | -29.7% - 23.4% | -4.1% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 82 | 84 | 87 | 89 | 91 | 92 | 94 | 96 | 98 | 100 | 102 |
| % Growth | -4.5% | 2.3% | 3.6% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 16 | 17 | 18 | 18 | 19 | 19 | 19 | 20 | 20 | 21 | 21 |
| % of Revenue | 19.3% | 20.8% | 20.5% | 20.5% | 20.5% | 20.5% | 20.5% | 20.5% | 20.5% | 20.5% | 20.5% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (CAD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 17 | 18 | 18 | 19 | 19 | 19 | 20 | 20 | 21 | 21 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (7) | (8) | (8) | (8) | (8) | (8) | (8) | (9) | (9) | (9) | |
| EBIT | 10 | 10 | 11 | 11 | 11 | 11 | 11 | 12 | 12 | 12 | |
| Pro forma Taxes | (1) | (1) | (1) | (2) | (2) | (2) | (2) | (2) | (2) | (2) | |
| NOPAT | 6 | 9 | 9 | 9 | 9 | 9 | 10 | 10 | 10 | 10 | 10 |
| Capital Expenditures | (15) | (15) | (15) | (15) | (15) | (15) | (14) | (14) | (14) | (14) | (14) |
| NWC Investment | 0 | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| (+) D&A | 8 | 7 | 8 | 8 | 8 | 8 | 8 | 8 | 9 | 9 | 9 |
| Free Cash Flow | 0 | 1 | 1 | 2 | 2 | 2 | 3 | 4 | 4 | 4 | 5 |
| % Growth | 92% | 32% | 49% | 15% | 18% | 50% | 2% | 8% | 14% | 7% | |