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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Terminal Revenue Multiple | 1.0x - 1.2x | 1.1x |
| Fair Value | $17.52 - $19.99 | $18.73 |
| Upside | 52.0% - 73.5% | 62.6% |
| Select Revenue and EBITDA Forecast | ||||||
| (CAD in millions) | Input Projections | |||||
| Fiscal Years Ending | Oct-24 | Oct-25 | Oct-26 | Oct-27 | Oct-28 | Oct-29 |
| Revenue | 2,813 | 2,736 | 2,718 | 2,659 | 2,745 | 2,750 |
| % Growth | -4.3% | -2.8% | -0.6% | -2.2% | 3.2% | 0.2% |
| EBITDA | 418 | 471 | 474 | 464 | 463 | 437 |
| % of Revenue | 14.8% | 17.2% | 17.4% | 17.4% | 16.9% | 15.9% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (CAD in millions) | Oct-25 | Oct-26 | Oct-27 | Oct-28 | Oct-29 | |
| EBITDA | 471 | 474 | 464 | 463 | 437 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (170) | (190) | (212) | (151) | (132) | |
| EBIT | 301 | 283 | 252 | 312 | 305 | |
| Pro forma Taxes | (69) | (65) | (58) | (72) | (70) | |
| NOPAT | 193 | 232 | 218 | 194 | 240 | 235 |
| Capital Expenditures | (95) | (124) | (132) | (121) | (122) | (120) |
| NWC Investment | 22 | 14 | 3 | 10 | (15) | (1) |
| (+) D&A | 167 | 170 | 190 | 212 | 151 | 132 |
| Free Cash Flow | 287 | 291 | 280 | 295 | 254 | 246 |
| % Growth | 1% | -4% | 5% | -14% | -3% | |