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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 8.5% - 7.5% | 8.0% |
Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
Fair Value | K8.91 - K10.46 | K9.39 |
Upside | 48.5% - 74.3% | 56.6% |
Select Revenue and EBITDA Forecast | |||||||
(ZMW in millions) | Input Projections | ||||||
Fiscal Years Ending | Dec-23 | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | |
Revenue | 261 | 293 | 315 | 326 | 333 | 339 | |
% Growth | 16.4% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | |
EBITDA | 63 | 64 | 72 | 75 | 76 | 78 | |
% of Revenue | 24.1% | 21.9% | 22.9% | 22.9% | 22.9% | 22.9% |
Calculation of Free Cash Flow | |||||||
Projected Unlevered Cash Flow | |||||||
(ZMW in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Terminal | |
EBITDA | 64 | 72 | 75 | 76 | 78 | 78 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
D&A | 0 | 0 | 0 | 0 | 0 | 0 | |
EBIT | 64 | 72 | 75 | 76 | 78 | 78 | |
Pro forma Taxes | (22) | (25) | (26) | (27) | (27) | (27) | |
NOPAT | 0 | 42 | 47 | 48 | 49 | 50 | 50 |
Capital Expenditures | #NUM! | 0 | 0 | 0 | 0 | 0 | 0 |
NWC Investment | (4) | (4) | (3) | (1) | (1) | (1) | 0 |
(+) D&A | NA | 0 | 0 | 0 | 0 | 0 | 0 |
Free Cash Flow | #NUM! | 38 | 44 | 47 | 49 | 50 | 50 |
% Growth | NM | 17% | 7% | 3% | 2% | 2% |