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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.0% - 7.0% | 7.5% |
| Terminal Revenue Multiple | 3.9x - 4.4x | 4.1x |
| Fair Value | ﷼12.51 - ﷼13.73 | ﷼13.11 |
| Upside | -2.9% - 6.5% | 1.7% |
| Select Revenue and EBITDA Forecast | ||||||
| (QAR in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
| Revenue | 12,652 | 14,277 | 14,193 | 15,866 | 16,394 | 16,722 |
| % Growth | 7.7% | 12.8% | -0.6% | 11.8% | 3.3% | 2.0% |
| EBITDA | 3,531 | 4,656 | 4,786 | 5,466 | 5,670 | 5,783 |
| % of Revenue | 27.9% | 32.6% | 33.7% | 34.5% | 34.6% | 34.6% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (QAR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 4,656 | 4,786 | 5,466 | 5,670 | 5,783 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,757) | (1,474) | (2,014) | (2,152) | (2,195) | |
| EBIT | 2,899 | 3,313 | 3,452 | 3,519 | 3,589 | |
| Pro forma Taxes | (174) | (199) | (207) | (211) | (215) | |
| NOPAT | 1,872 | 2,725 | 3,114 | 3,245 | 3,307 | 3,374 |
| Capital Expenditures | (2,752) | (2,252) | (1,788) | (2,100) | (1,700) | (1,863) |
| NWC Investment | (273) | (488) | 25 | (502) | (158) | (98) |
| (+) D&A | 1,539 | 1,757 | 1,474 | 2,014 | 2,152 | 2,195 |
| Free Cash Flow | 387 | 1,743 | 2,825 | 2,657 | 3,600 | 3,607 |
| % Growth | 351% | 62% | -6% | 36% | 0% | |