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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal EBITDA Multiple | 15.3x - 17.3x | 16.3x |
| Fair Value | $8.80 - $10.12 | $9.45 |
| Upside | -41.2% - -32.4% | -36.9% |
| Select Revenue and EBITDA Forecast | ||||||
| (AUD in millions) | Input Projections | |||||
| Fiscal Years Ending | Sep-24 | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 |
| Revenue | 507 | 580 | 665 | 765 | 896 | 1,027 |
| % Growth | 18.0% | 14.4% | 14.7% | 15.1% | 17.1% | 14.5% |
| EBITDA | 153 | 259 | 299 | 348 | 428 | 501 |
| % of Revenue | 30.2% | 44.6% | 45.0% | 45.4% | 47.8% | 48.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (AUD in millions) | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 | |
| EBITDA | 259 | 299 | 348 | 428 | 501 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (82) | (87) | (97) | (116) | (132) | |
| EBIT | 177 | 212 | 251 | 312 | 370 | |
| Pro forma Taxes | (41) | (49) | (58) | (72) | (85) | |
| NOPAT | 113 | 136 | 163 | 193 | 240 | 285 |
| Capital Expenditures | (6) | (108) | (116) | (134) | (143) | (91) |
| NWC Investment | 24 | 23 | 26 | 31 | 40 | 40 |
| (+) D&A | 6 | 82 | 87 | 97 | 116 | 132 |
| Free Cash Flow | 137 | 133 | 160 | 187 | 254 | 365 |
| % Growth | -3% | 21% | 16% | 36% | 44% | |