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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 14.3% - 13.3% | 13.8% |
| Terminal EBITDA Multiple | 8.8x - 10.8x | 9.8x |
| Fair Value | €0.40 - €0.68 | €0.54 |
| Upside | -20.0% - 34.4% | 6.3% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (THB in millions) | Input Projections | ||||||||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 544,095 | 543,090 | 540,032 | 553,966 | 565,045 | 576,346 | 587,873 | 599,631 | 611,623 | 623,856 | 636,333 |
| % Growth | 0.1% | -0.2% | -0.6% | 2.6% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 41,585 | 54,139 | 58,651 | 59,890 | 55,776 | 56,424 | 57,552 | 58,704 | 59,878 | 61,075 | 62,297 |
| % of Revenue | 7.6% | 10.0% | 10.9% | 10.8% | 9.9% | 9.8% | 9.8% | 9.8% | 9.8% | 9.8% | 9.8% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (THB in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 54,139 | 58,651 | 59,890 | 55,776 | 56,424 | 57,552 | 58,704 | 59,878 | 61,075 | 62,297 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (27,253) | (28,952) | (27,813) | (28,369) | (28,936) | (29,515) | (30,105) | (30,707) | (31,321) | (31,948) | |
| EBIT | 26,886 | 29,699 | 32,077 | 27,407 | 27,488 | 28,038 | 28,598 | 29,170 | 29,754 | 30,349 | |
| Pro forma Taxes | (4,839) | (5,346) | (5,774) | (4,933) | (4,948) | (5,047) | (5,148) | (5,251) | (5,356) | (5,463) | |
| NOPAT | 14,294 | 22,046 | 24,353 | 26,303 | 22,474 | 22,540 | 22,991 | 23,451 | 23,920 | 24,398 | 24,886 |
| Capital Expenditures | (16,029) | (20,792) | (19,950) | (17,649) | (18,554) | (18,554) | (18,252) | (18,453) | (18,420) | (18,375) | (18,416) |
| NWC Investment | (37) | 79 | 240 | (1,091) | (868) | (885) | (903) | (921) | (939) | (958) | (977) |
| (+) D&A | 24,154 | 27,253 | 28,952 | 27,813 | 28,369 | 28,936 | 29,515 | 30,105 | 30,707 | 31,321 | 31,948 |
| Free Cash Flow | 22,381 | 28,586 | 33,595 | 35,375 | 31,421 | 32,037 | 33,351 | 34,182 | 35,268 | 36,386 | 37,440 |
| % Growth | 28% | 18% | 5% | -11% | 2% | 4% | 2% | 3% | 3% | 3% | |