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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal EBITDA Multiple | 10.1x - 12.1x | 11.1x |
| Fair Value | lei 61.03 - lei 70.53 | lei 65.63 |
| Upside | 27.2% - 46.9% | 36.7% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (RON in millions) | Input Projections | ||||||||||
| Fiscal Years Ending | Dec-23 | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 |
| Revenue | 178 | 182 | 185 | 189 | 193 | 197 | 201 | 205 | 209 | 213 | 217 |
| % Growth | 2.3% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 3 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 6 | 6 | 6 |
| % of Revenue | 1.9% | 2.7% | 2.7% | 2.7% | 2.7% | 2.7% | 2.7% | 2.7% | 2.7% | 2.7% | 2.7% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (RON in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | |
| EBITDA | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 6 | 6 | 6 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2) | (2) | (2) | (2) | (2) | (2) | (2) | (2) | (2) | (2) | |
| EBIT | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | |
| Pro forma Taxes | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | |
| NOPAT | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Capital Expenditures | (0) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) |
| NWC Investment | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| (+) D&A | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Free Cash Flow | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 5 | 5 | 5 |
| % Growth | 37% | 2% | 2% | 2% | 2% | 3% | 2% | 2% | 2% | 2% | |