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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Terminal EBITDA Multiple | 1.9x - 3.9x | 2.9x |
| Fair Value | zł102.18 - zł141.54 | zł121.10 |
| Upside | 46.8% - 103.4% | 74.0% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (PLN 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 | 4,313 | 4,216 | 3,953 | 3,983 | 3,721 | 5,445 | 6,534 | 7,351 | 7,902 | 8,179 | 8,342 |
| % Growth | -23.0% | -2.2% | -6.2% | 0.8% | -6.6% | 46.3% | 20.0% | 12.5% | 7.5% | 3.5% | 2.0% |
| EBITDA | 618 | 773 | 566 | 595 | 520 | 1,772 | 2,290 | 2,649 | 2,888 | 2,989 | 3,049 |
| % of Revenue | 14.3% | 18.3% | 14.3% | 14.9% | 14.0% | 32.5% | 35.0% | 36.0% | 36.5% | 36.5% | 36.5% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (PLN in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 773 | 566 | 595 | 520 | 1,772 | 2,290 | 2,649 | 2,888 | 2,989 | 3,049 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (163) | (186) | (158) | (159) | (762) | (914) | (1,029) | (1,106) | (1,145) | (1,167) | |
| EBIT | 610 | 380 | 437 | 361 | 1,010 | 1,375 | 1,621 | 1,782 | 1,844 | 1,881 | |
| Pro forma Taxes | (116) | (72) | (83) | (69) | (192) | (261) | (308) | (339) | (350) | (357) | |
| NOPAT | 377 | 494 | 308 | 354 | 292 | 818 | 1,114 | 1,313 | 1,443 | 1,494 | 1,524 |
| Capital Expenditures | (254) | (1,500) | (1,194) | (144) | (203) | (414) | (254) | (285) | (307) | (282) | (288) |
| NWC Investment | 8 | 1 | 2 | (0) | 2 | (10) | (7) | (5) | (3) | (2) | (1) |
| (+) D&A | 152 | 163 | 186 | 158 | 159 | 762 | 914 | 1,029 | 1,106 | 1,145 | 1,167 |
| Free Cash Flow | 284 | (842) | (698) | 368 | 250 | 1,156 | 1,768 | 2,051 | 2,239 | 2,355 | 2,403 |
| % Growth | NM | NM | NM | -32% | 362% | 53% | 16% | 9% | 5% | 2% | |