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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Terminal EBITDA Multiple | 6.9x - 8.9x | 7.9x |
| Fair Value | €4.22 - €5.38 | €4.78 |
| Upside | 64.7% - 110.0% | 86.6% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (AUD in millions) | Input Projections | ||||||||||
| Fiscal Years Ending | Jun-24 | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | Jun-30 | Jun-31 | Jun-32 | Jun-33 | Jun-34 |
| Revenue | 1,037 | 866 | 857 | 935 | 1,086 | 1,313 | 1,456 | 1,565 | 1,619 | 1,652 | 1,685 |
| % Growth | 5.6% | -16.5% | -1.1% | 9.2% | 16.1% | 20.9% | 10.9% | 7.5% | 3.5% | 2.0% | 2.0% |
| EBITDA | 232 | 175 | 173 | 203 | 240 | 296 | 343 | 377 | 390 | 397 | 405 |
| % of Revenue | 22.3% | 20.2% | 20.1% | 21.7% | 22.1% | 22.6% | 23.6% | 24.1% | 24.1% | 24.1% | 24.1% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (AUD in millions) | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | Jun-30 | Jun-31 | Jun-32 | Jun-33 | Jun-34 | |
| EBITDA | 175 | 173 | 203 | 240 | 296 | 343 | 377 | 390 | 397 | 405 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (56) | (58) | (65) | (56) | (64) | (71) | (76) | (79) | (81) | (82) | |
| EBIT | 119 | 115 | 138 | 184 | 232 | 272 | 300 | 311 | 317 | 323 | |
| Pro forma Taxes | (37) | (36) | (43) | (57) | (72) | (84) | (93) | (96) | (98) | (100) | |
| NOPAT | 149 | 82 | 79 | 96 | 127 | 160 | 188 | 207 | 214 | 219 | 223 |
| Capital Expenditures | (14) | (46) | (43) | (48) | (44) | (58) | (50) | (51) | (52) | (51) | (51) |
| NWC Investment | (5) | 17 | 1 | (8) | (15) | (22) | (14) | (11) | (5) | (3) | (3) |
| (+) D&A | 16 | 56 | 58 | 65 | 56 | 64 | 71 | 76 | 79 | 81 | 82 |
| Free Cash Flow | 145 | 109 | 95 | 104 | 125 | 144 | 195 | 222 | 236 | 245 | 251 |
| % Growth | -25% | -13% | 10% | 19% | 15% | 35% | 14% | 6% | 4% | 2% | |