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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Terminal Revenue Multiple | 2.1x - 2.4x | 2.2x |
| Fair Value | A$7.60 - A$8.64 | A$8.11 |
| Upside | 74.8% - 98.6% | 86.3% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (CAD in millions) | Input Projections | ||||||||||
| Fiscal Years Ending | Mar-24 | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 |
| Revenue | 1,524 | 1,639 | 1,994 | 2,037 | 1,941 | 1,985 | 2,025 | 2,065 | 2,106 | 2,149 | 2,192 |
| % Growth | 9.3% | 7.5% | 21.7% | 2.2% | -4.7% | 2.3% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 535 | 506 | 727 | 800 | 863 | 823 | 839 | 856 | 873 | 891 | 909 |
| % of Revenue | 35.1% | 30.9% | 36.5% | 39.3% | 44.5% | 41.5% | 41.5% | 41.5% | 41.5% | 41.5% | 41.5% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 | ||
| EBITDA | 506 | 727 | 800 | 863 | 823 | 839 | 856 | 873 | 891 | 909 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (142) | (116) | (119) | (207) | (155) | (158) | (161) | (164) | (168) | (171) | |
| EBIT | 364 | 611 | 681 | 656 | 668 | 681 | 695 | 709 | 723 | 738 | |
| Pro forma Taxes | (153) | (257) | (286) | (276) | (281) | (286) | (292) | (298) | (304) | (310) | |
| NOPAT | 248 | 211 | 355 | 395 | 381 | 387 | 395 | 403 | 411 | 419 | 428 |
| Capital Expenditures | (343) | (579) | (291) | (127) | (126) | (146) | (133) | (135) | (137) | (135) | (136) |
| NWC Investment | (24) | (21) | (65) | (8) | 18 | (8) | (7) | (7) | (8) | (8) | (8) |
| (+) D&A | 107 | 142 | 116 | 119 | 207 | 155 | 158 | 161 | 164 | 168 | 171 |
| Free Cash Flow | (11) | (247) | 114 | 379 | 480 | 388 | 413 | 422 | 431 | 444 | 455 |
| % Growth | NM | 232% | 27% | -19% | 6% | 2% | 2% | 3% | 2% | ||