Plarium discounted cash flow analysis

Revenue growth

CY17A CY18A CY19F CY20F CY21F

Mobile A$m 159 208 208 208 208
Online A$m 99 105 105 105 105
Label # 1 1 1 1 1
Total A$m 257 313 313 313 313

105 105 105 105 105 105

99

159 208 208 208 208 208 208

CY17A CY18A CY19F CY20F CY21F CY22F CY23F

Label Online

1,182

Valuation summary

DCF A$m 1,182 14.3x

Transaction / trading comps A$m 660 11.0x
Blended valuation A$m 921 12.7x

DCF
 CY22F CY23F CAGR
208 208
105 105
1 1
313 313 0.0%

1,182

921

660

DCF Transaction / trading Blended valuation

comps
Prometheus discounted cash flow analysis

Assumptions

Tax Rate % %
Valuation date d 21-May-19
First FY d 31-Dec-19
Time Share n 0.6
WACC %
Terminal growth rate %

Financials

Prometheus management Citi

A$m, Dec y/e CY14A CY15A CY16A CY17A CY18A CY19F
Mobile net revenue A$m 8 41 97 159 208 208
Growth % 417.5% 134.3% 63.6% 31.1%
Online net revenue A$m 114 102 94 99 105 105
Growth % (9.9%) (7.9%) 4.8% 6.2%
Total net revenue A$m 122 144 191 257 313 313
Growth % 18.3% 33.1% 34.6% 21.6% 0.0%
Operating costs A$m (85) (134) (152) (197) (230) (313)
EBITDA A$m 37 10 39 61 82 -
Margin % 30.2% 6.8% 20.4% 23.5% 26.3%
D&A A$m (1) (3) (5) (4) (4) (4)
Growth % 107.7% 81.5% (26.4%) 4.7%
EBIT A$m 35 7 34 57 79 (4)
Growth % (79.9%) 380.3% 67.1% 38.0% (104.8%)

Cash flow items

Δ NWC A$m (5) (1) -
% of sales % (1.9%) (0.4%)
Capex A$m (1) (3) (5) (3) (3) (4)

Valuation

1
A$m, Dec y/e CY14A CY15A CY16A CY17A CY18A CY19F
Revenue A$m 313
EBITDA A$m -
% margin % 0.0%
Less D&A A$m (4)
EBIT A$m 35 7 34 57 79 (4)
Less tax on EBIT A$m - - - - - -
NOPAT A$m (4)
% margin % (1.2%)
Add D&A A$m 1 3 5 4 4 4
Less capex A$m (1) (3) (5) (3) (3) (4)
Less Δ NWC A$m - - - (5) (1) -
Unlevered FCF A$m 53 78 (4)
Year remaining n 0.6
Unlevered FCF (timed) A$m (2)
Timing n 0.31
Discount factor n 1.00
DCF A$m (2)

Valuation
Discounted cash flows A$m (17)
Discounted TV A$m #DIV/0!
Enterprise value A$m #DIV/0!
CY18 EV / EBITDA x #DIV/0!
 Citi forecasts
CY20F CY21F CY22F CY23F
208 208 208 208
0.0% 0.0%
105 105 105 105
0.0% 0.0% 0.0% 0.0%
313 313 313 313
0.0% 0.0% 0.0% 0.0%
(313) (313) (313) (313)
- - - -
0.0% 0.0% 0.0% 0.0%
(4) (4) (4) (4)
0.0% 0.0% 0.0% 0.0%
(4) (4) (4) (4)
0.0% 0.0% 0.0% 0.0%

- - - -
0.0% 0.0% 0.0% 0.0%
(4) (4) (4) (4)

2 3 4 5
CY20F CY21F CY22F CY23F Terminal value
313 313 313 313
- - - -
0.0% 0.0% 0.0% 0.0%
(4) (4) (4) (4)
(4) (4) (4) (4)
- - - -
(4) (4) (4) (4)
(1.2%) (1.2%) (1.2%) (1.2%)
4 4 4 4
(4) (4) (4) (4)
- - - -
(4) (4) (4) (4)
1.0 1.0 1.0 1.0
(4) (4) (4) (4) #DIV/0!
1.31 2.31 3.31 4.31 4.31
1.00 1.00 1.00 1.00 1.00
(4) (4) (4) (4) #DIV/0!