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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Terminal EBITDA Multiple | 8.0x - 10.0x | 9.0x |
| Fair Value | €3.63 - €4.66 | €4.14 |
| Upside | 41.9% - 82.1% | 61.7% |
| 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 |
| Revenue | 1,037 | 866 | 857 | 935 | 1,086 | 1,313 |
| % Growth | 5.6% | -16.5% | -1.1% | 9.2% | 16.1% | 20.9% |
| EBITDA | 232 | 175 | 173 | 203 | 240 | 296 |
| % of Revenue | 22.3% | 20.2% | 20.1% | 21.7% | 22.1% | 22.6% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (AUD in millions) | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | |
| EBITDA | 175 | 173 | 203 | 240 | 296 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (56) | (58) | (65) | (56) | (64) | |
| EBIT | 119 | 115 | 138 | 184 | 232 | |
| Pro forma Taxes | (37) | (36) | (43) | (57) | (72) | |
| NOPAT | 149 | 82 | 79 | 96 | 127 | 160 |
| Capital Expenditures | (14) | (46) | (43) | (48) | (44) | (58) |
| NWC Investment | (5) | 17 | 1 | (8) | (15) | (22) |
| (+) D&A | 16 | 56 | 58 | 65 | 56 | 64 |
| Free Cash Flow | 145 | 109 | 95 | 104 | 125 | 144 |
| % Growth | -25% | -13% | 10% | 19% | 15% | |