Multikraft Financial Model
Austria-Australia Merger Analysis | $30M Capital Raise | $150M Post-Money Valuation
$150M
Post-Money Valuation
$30M
Capital Raise
20%
New Investor Stake
$100M
FY28 Revenue Target
66%
Revenue CAGR
Strategic Acquisition & Growth Plan
Austria Acquisition Strategy
Acquisition Price
$20.0M
Target: Multikraft Konzern
€10.5M revenue base
Strategic Value
EU Market Access
IP & Technology
Proprietary Formulations
Established Operations
DACH Market Leader
Post-Merger Growth Strategy
1. Scale Australia Operations
10x Revenue Growth
2. Accelerate EU Expansion
Italy, Spain, CEE
3. Export Platform Launch
Go2MarketPro Pipeline
4. R&D Innovation
New Product Development
5. Operational Synergies
$10M Cost Savings
3-Year Revenue Trajectory
FY25 Baseline
$22.7M
FY26 Target
$36.0M
FY27 Target
$56.5M
FY28 Target
$102.3M
Total Growth
4.5x Scale-up
Value Creation Drivers
Market Expansion
EU + Export Markets
Technology Integration
Austrian IP + AU Innovation
Margin Enhancement
3.7% → 35.0% EBITDA
Scale Economics
Fixed Cost Leverage
Strategic Positioning
Global Agri-Biotech Leader
Capital Allocation
Austria Acquisition
$20.0M
Operations Scaling
$10.0M
Total Raise
$30.0M
Revenue Targets (FY26)
Austria Operations
$27.0M
Australia Operations
$8.0M
New Zealand Operations
$1.0M
Combined Target
$36.0M
Growth from FY25
+59%
Key Growth Drivers
Export Expansion
Go2MarketPro Pipeline
EU Market Access
Austria Acquisition
Operational Synergies
$2M+ EBITDA Impact
R&D Innovation
Product Pipeline
Historical Performance
AU Revenue (FY25A)
$4.4M
AU Revenue (FY24A)
$4.7M
AT Revenue (2024)
€10.55M
AU Net Result (FY25)
($0.55M)
AT EBITDA (2024)
€731K
3-Year Financial Projections (Consolidated)
Financial Metric | FY25E | FY26E | FY27E | FY28E | CAGR |
---|---|---|---|---|---|
Revenue ($M) | 22.7 | 36.0 | 56.5 | 102.3 | 65.3% |
Gross Profit ($M) | 13.0 | 21.4 | 37.0 | 73.2 | 79.1% |
Gross Margin | 57.3% | 59.4% | 65.5% | 71.5% | +14.2pp |
EBITDA ($M) | 1.3 | 3.5 | 11.3 | 25.6 | 160.7% |
EBITDA Margin | 5.7% | 9.7% | 20.0% | 25.0% | +19.3pp |
Net Income ($M) | (0.1) | 0.7 | 4.9 | 12.3 | - |
Free Cash Flow ($M) | 0.2 | 1.8 | 6.2 | 13.1 | 234.7% |
Key Model Assumptions
Exchange Rates (Spot)
1.65
1.07
Australia Growth Drivers
FY26 Revenue Growth
87.5%
FY27 Revenue Growth
44.0%
FY28 Revenue Growth
35.0%
Target Gross Margin
65.0%
Austria Growth Drivers
FY26 Revenue Growth (EUR)
8.5%
FY27 Revenue Growth (EUR)
12.0%
FY28 Revenue Growth (EUR)
15.0%
Target Gross Margin
58.0%
New Zealand Growth Drivers
FY26 Revenue Growth (NZD)
46.1%
FY27 Revenue Growth (NZD)
50.0%
FY28 Revenue Growth (NZD)
50.0%
Target Gross Margin
50.0%
Operating Expense Assumptions
R&D as % of Revenue
8.5%
Sales & Marketing %
15.0%
Admin as % of Revenue
12.0%
Annual Synergies (FY26+)
$2.0M
Key Business Metrics
Combined Tax Rate
28%
CapEx as % of Revenue
6.0%
Working Capital % Revenue
15.0%
Terminal Growth Rate
3.0%
Revenue Build-Up by Source
Revenue Source | FY25A | FY26E | FY27E | FY28E | Key Growth Driver |
---|---|---|---|---|---|
Australia Core Sales | 3.5 | 7.0 | 15.0 | 32.0 | Strategic product focus |
Australia Export/Other | 0.9 | 1.0 | 2.0 | 3.0 | R&D incentives, selective export |
Austria EU Sales (AUD) | 17.6 | 27.0 | 38.0 | 65.0 | DACH core + EU expansion |
New Zealand Sales (AUD) | 0.7 | 1.0 | 1.5 | 2.3 | Dairy & agriculture focus |
Total Combined Revenue | 22.7 | 36.0 | 56.5 | 102.3 | 65.3% CAGR |
Australia Conservative Growth
FY26 Realistic Target
$8.0M
Product Rationalization
Focus on high-margin
Super N Opportunity
Billion-dollar market
FY28 Ambitious Target
$35.0M
Austria Market Leadership
2025 Revenue Base
€10.5M (~$17.6M)
EBITDA Target (2025)
€900K-1.079M
EU Expansion Strategy
Italy, Spain, CEE
FY28 Target
$65.0M
Growth Trajectory Validation
Financial Year | Revenue Target | Growth Rate | EBITDA Margin Target | Strategic Milestones |
---|---|---|---|---|
FY25 (Baseline) | 22.0 | - | 6.8% | Product rationalization, cost cuts |
FY26 (Conservative) | 35.0 | 59% | 10.0% | Merger synergies, core focus |
FY27 (Aggressive) | 55.0 | 57% | 20.0% | EU expansion, AU scaling |
FY28 (Ambitious) | 100.0 | 82% | 25.0% | Market leadership, full synergies |
Australia P&L Projections (AUD)
Financial Year: July - June | Detailed Product & Geographic Breakdown
Revenue Segmentation by Product Line
Product Line | FY25A | FY26E | FY27E | FY28E | Key Growth Drivers |
---|---|---|---|---|---|
Microlife & MLR (Probiotics) | 2.1 | 3.8 | 8.5 | 18.0 | Core broadacre focus |
Super N (Nitrogen Enhancement) | 0.5 | 1.8 | 4.2 | 8.5 | Billion-dollar potential market |
Super Turf (Premium Sports) | 0.1 | 0.8 | 2.1 | 4.2 | PGA, cricket ovals transition |
Feedlot & Livestock Solutions | 0.6 | 1.2 | 1.8 | 3.5 | Higher-margin focus |
Export & NZ Sales | 0.2 | 0.4 | 0.8 | 1.8 | Selective partnerships |
Core Product Sales | 3.5 | 8.0 | 17.4 | 36.0 | Strategic focus |
Discontinued Products: | |||||
• Japanese Health Drink | 0.3 | 0.0 | 0.0 | 0.0 | Low margin - discontinued |
• Food Scrap Compost Buckets | 0.2 | 0.0 | 0.0 | 0.0 | Consumer goods - exited |
• Low-margin Stock Feed | 0.4 | 0.0 | 0.0 | 0.0 | Margin dilutive - ceased |
Australia Financial Targets vs Internal Budget
FY26 Revenue Targets
Internal Budget Target
$7.0M
External Stretch Target
$8.0M
Growth vs FY25
+82% (at $8M)
Strategy
Core product focus
Key Assumption Corrections
FY25 Combined Baseline
$22.0M
Austria 2025 Forecast
€10.5M revenue
Australia FY26 Target
$8.0M (vs $7M budget)
Conservative → Ambitious
$35M → $50-60M → $100M
Meeting Notes Validation
Historical EBITDA (2023)
$731K (Austria focus)
2024 EBITDA Target
€900K-€1.079M
FY26 Profitability Target
~10% EBITDA margin
Combined Sales Force
From July 2026
Geographic Revenue & Market Penetration
Market | Hectares Covered (000s) | Revenue/Hectare | FY26E Revenue | FY28E Revenue | Market Strategy |
---|---|---|---|---|---|
NSW Broadacre | 850 | $18.5 | 3.8 | 8.2 | Wheat, canola, barley |
QLD Cotton & Sugar | 320 | $42.0 | 2.8 | 7.5 | High-value irrigation |
VIC/SA Specialty Crops | 180 | $65.0 | 2.1 | 6.8 | Wine, horticulture, dairy |
WA Broadacre | 450 | $22.0 | 1.8 | 4.2 | Large-scale grain |
New Zealand | 95 | $48.0 | 1.2 | 3.8 | Dairy, horticulture |
Export Markets | 150 | $35.0 | 0.3 | 4.5 | Africa, Asia partnerships |
Total Coverage | 2,045 | $28.5 | 12.0 | 35.0 | Diversified portfolio |
Cost of Goods Sold - Product & Geography Breakdown
COGS Component | Unit Cost | FY26E Volume | FY26E Cost | FY28E Cost | Cost Driver |
---|---|---|---|---|---|
Microlife Production | $2.80/L | 1.2M litres | 3.4 | 9.8 | Brewing capacity |
Solid Products (Compost/Feedlot) | $185/tonne | 8.5K tonnes | 1.6 | 4.2 | Raw material costs |
Specialty Formulations | $12.50/kg | 185K kg | 2.3 | 7.8 | Austrian IP licensing |
Packaging & Materials | $0.85/unit | 2.8M units | 2.4 | 6.5 | Volume scaling |
Freight & Logistics | $85/tonne | 15K tonnes | 1.3 | 3.8 | Geographic distribution |
Quality Control & Testing | 2.5% of revenue | $12M revenue | 0.3 | 1.1 | Regulatory compliance |
Total COGS | 40% gross margin | Mixed | 11.3 | 33.2 | Scale efficiencies |
Production Capacity & Utilization
Bundaberg Production Facility
Current Brewing Capacity
850K L/year
FY26 Utilization
85%
Expansion Capacity (FY27)
2.2M L/year
CapEx Investment
$3.8M
Raw Material Sourcing
Compost Feedstock
65K tonnes/year capacity
Microbial Cultures
Austrian IP + local R&D
Supply Chain Risk
Low - diversified
Cost Inflation Hedge
Long-term contracts
Consolidated Australia P&L
Line Item | FY22A | FY23A | FY24A | FY25A | FY26E | FY27E | FY28E |
---|---|---|---|---|---|---|---|
TOTAL TRADING INCOME | 4.1 | 4.9 | 4.7 | 4.4 | 8.0 | 17.0 | 35.0 |
Core Product Sales | 3.5 | 3.7 | 4.1 | 3.5 | 7.0 | 15.0 | 32.0 |
Export & Other Sales | 0.1 | 0.1 | 0.2 | 0.2 | 0.5 | 1.5 | 2.5 |
R&D Tax Incentive | 0.4 | 0.4 | 0.3 | 0.4 | 0.5 | 0.5 | 0.5 |
Other Revenue | 0.1 | 0.7 | 0.1 | 0.3 | 0.0 | 0.0 | 0.0 |
COST OF SALES | 1.5 | 2.2 | 1.5 | 1.5 | 3.2 | 6.8 | 12.3 |
Products & Brewing | 1.0 | 1.2 | 1.2 | 1.2 | 2.8 | 5.3 | 9.6 |
Freight & Logistics | 0.1 | 0.0 | 0.0 | 0.0 | 0.2 | 0.8 | 1.6 |
License Fees & Royalties | 0.4 | 0.4 | 0.3 | 0.3 | 0.2 | 0.7 | 1.1 |
GROSS PROFIT | 2.6 | 2.7 | 3.2 | 2.9 | 4.8 | 10.2 | 22.7 |
Gross Margin % | 63.9% | 54.6% | 67.6% | 66.1% | 60.0% | 60.0% | 64.9% |
OPERATING EXPENSES | 3.9 | 3.4 | 3.0 | 3.4 | 3.8 | 7.2 | 14.5 |
Employee Costs | 1.2 | 1.0 | 1.1 | 1.3 | 1.8 | 3.4 | 7.0 |
Property & Equipment | 0.8 | 0.7 | 0.6 | 0.6 | 0.8 | 1.7 | 3.5 |
Sales & Marketing | 0.5 | 0.4 | 0.4 | 0.5 | 0.8 | 1.7 | 3.5 |
Professional & Admin | 1.4 | 1.3 | 0.9 | 1.0 | 0.4 | 0.4 | 0.5 |
EBITDA | (1.3) | (0.7) | 0.2 | (0.5) | 1.0 | 3.0 | 8.2 |
EBITDA Margin % | -31.8% | -14.1% | 4.3% | -11.4% | 12.5% | 17.6% | 23.4% |
Depreciation & Amortization | 0.1 | 0.1 | 0.0 | 0.1 | 0.2 | 0.5 | 1.0 |
EBIT | (1.4) | (0.8) | 0.2 | (0.6) | 0.8 | 2.5 | 7.2 |
Interest & Finance Costs | 0.0 | 0.1 | 0.0 | 0.1 | 0.1 | 0.3 | 0.6 |
Tax Expense | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | 0.7 | 2.0 |
NET INCOME | (1.4) | (0.9) | 0.2 | (0.7) | 0.5 | 1.5 | 4.6 |
Austria P&L Projections (EUR → AUD)
Historical: Calendar Year | Forecast: Australian Financial Year | Detailed EU Market Analysis
Austria Revenue Segmentation by Product & Market
Product Line (EUR) | 2024A | FY26E | FY27E | FY28E | Primary Markets |
---|---|---|---|---|---|
Microbial Solutions | 4.8 | 5.8 | 7.5 | 11.2 | DACH agriculture, horticulture |
Compost & Organic Products | 2.1 | 2.8 | 4.2 | 7.8 | Organic farming, retail |
Livestock & Feedlot Solutions | 1.8 | 2.2 | 3.1 | 5.5 | Dairy, beef, pig farming |
Specialty Biostimulants | 1.3 | 1.8 | 2.8 | 5.2 | Wine, premium horticulture |
New EU Markets | 0.0 | 0.8 | 2.2 | 5.8 | Italy, Spain, CEE expansion |
Licensing & Royalties | 0.5 | 0.6 | 0.8 | 1.0 | Global partnerships |
Total Revenue (EUR) | 10.5 | 14.0 | 20.6 | 36.5 | EU Leadership |
EU Geographic Market Penetration
Country/Region | Hectares Covered (000s) | Revenue/Hectare (EUR) | FY26E Revenue (EUR) | FY28E Revenue (EUR) | Market Position |
---|---|---|---|---|---|
Austria (Domestic) | 450 | €22.5 | 5.8 | 12.2 | Market leader |
Germany | 680 | €18.2 | 4.2 | 9.8 | Growing presence |
Switzerland | 85 | €48.0 | 1.8 | 4.5 | Premium segment |
Italy (New) | 320 | €15.0 | 0.5 | 4.2 | Market entry |
Spain (New) | 280 | €12.8 | 0.3 | 3.8 | Market entry |
CEE Markets | 450 | €8.5 | 0.4 | 2.0 | Early stage |
Total EU Coverage | 2,265 | €18.8 | 13.0 | 36.5 | Regional expansion |
Austria COGS Structure & Production Capacity
COGS Component (EUR) | Unit Cost | FY26E Volume | FY26E Cost | FY28E Cost | Capacity Constraints |
---|---|---|---|---|---|
Microbial Production | €3.20/L | 950K litres | 3.0 | 8.5 | Current: 1.2M L capacity |
Organic Materials | €165/tonne | 12K tonnes | 2.0 | 5.8 | Supplier partnerships |
Specialty Formulations | €18.50/kg | 95K kg | 1.8 | 4.2 | R&D lab scaling |
EU Distribution & Logistics | €125/tonne | 18K tonnes | 2.3 | 6.8 | 3PL network expansion |
Packaging & Compliance | €1.20/unit | 1.8M units | 2.2 | 5.2 | EU regulations |
Quality & Certification | 3.2% of revenue | €14M revenue | 0.4 | 1.2 | EU organic standards |
Total COGS (EUR) | 42% gross margin | Mixed | 11.7 | 31.7 | Scalable platform |
Austrian Production Facilities & Capacity
Primary Production Facility
Current Microbial Capacity
1.2M L/year
FY26 Utilization
79%
Planned Expansion (FY27)
2.8M L/year
CapEx Investment
€2.8M
R&D & Innovation Center
Annual R&D Investment
€1.2M
Product Development Pipeline
12 active projects
IP Portfolio
85+ formulations
Regulatory Approvals
EU-wide compliance
Supply Chain & Sourcing
Raw Material Sources
15+ suppliers
Organic Certification
Bio Austria certified
Inventory Turns
8.2x annually
Supply Security
Long-term contracts
EU Market Expansion Strategy
Italy Launch Timeline
Q2 FY26
Spain Market Entry
Q4 FY26
CEE Rollout
FY27-28
Distribution Partners
8 signed MOUs
Austria P&L (EUR)
Line Item (EUR) | 2023A | 2024A | FY25E | FY26E | FY27E | FY28E |
---|---|---|---|---|---|---|
REVENUE (EUR) | 9.8 | 10.5 | 10.0 | 14.0 | 20.6 | 36.5 |
DACH Core Markets | 7.8 | 8.2 | 8.0 | 11.8 | 16.4 | 26.2 |
New EU Markets | 1.5 | 1.8 | 1.5 | 1.6 | 3.4 | 9.3 |
Licensing & IP | 0.5 | 0.5 | 0.5 | 0.6 | 0.8 | 1.0 |
COST OF GOODS SOLD (EUR) | 4.1 | 4.4 | 4.2 | 5.9 | 8.6 | 15.3 |
GROSS PROFIT (EUR) | 5.7 | 6.1 | 5.8 | 8.1 | 12.0 | 21.2 |
Gross Margin % | 58.2% | 58.1% | 58.0% | 57.9% | 58.3% | 58.1% |
OPERATING EXPENSES (EUR) | 4.9 | 5.4 | 5.2 | 5.8 | 8.2 | 14.5 |
R&D | 0.8 | 0.9 | 0.8 | 1.2 | 1.8 | 3.2 |
Sales & Marketing | 1.9 | 2.1 | 2.0 | 2.1 | 3.1 | 5.5 |
Administrative | 2.2 | 2.4 | 2.4 | 2.5 | 3.3 | 5.8 |
EBITDA (EUR) | 0.8 | 0.7 | 0.6 | 2.3 | 3.8 | 6.7 |
EBITDA Margin % | 8.2% | 6.7% | 6.0% | 16.4% | 18.4% | 18.4% |
Depreciation | 0.3 | 0.3 | 0.3 | 0.6 | 1.0 | 1.8 |
EBIT (EUR) | 0.5 | 0.4 | 0.3 | 1.7 | 2.8 | 4.9 |
Tax (25%) | 0.1 | 0.1 | 0.1 | 0.4 | 0.7 | 1.2 |
NET INCOME (EUR) | 0.4 | 0.3 | 0.2 | 1.3 | 2.1 | 3.7 |
Austria P&L Converted to AUD
Line Item (AUD) | FY25E | FY26E | FY27E | FY28E |
---|---|---|---|---|
REVENUE (AUD) | 16.5 | 22.8 | 33.0 | 57.7 |
GROSS PROFIT (AUD) | 9.6 | 13.2 | 19.2 | 33.5 |
EBITDA (AUD) | 1.0 | 3.7 | 6.1 | 10.6 |
NET INCOME (AUD) | 0.3 | 2.1 | 3.4 | 5.8 |
New Zealand P&L Projections (NZD → AUD)
Financial Year: July - June | NZD/AUD Exchange Rate: 0.92
New Zealand Revenue Analysis
Historical Performance
FY23 Revenue (NZD)
$120K
FY24 Revenue (NZD)
$630K
FY25 Annualized (NZD)
$753K
Growth Trajectory
425% FY24
FY26-28 Growth Strategy
Market Focus
Dairy & Agriculture
Distribution Expansion
North & South Island
Product Portfolio
Microlife, Compost
Margin Improvement
Scale efficiencies
New Zealand P&L (NZD)
Line Item (NZD 000s) | FY23A | FY24A | FY25E | FY26E | FY27E | FY28E |
---|---|---|---|---|---|---|
REVENUE | 120 | 630 | 753 | 1,100 | 1,650 | 2,475 |
Product Sales | 118 | 609 | 730 | 1,050 | 1,575 | 2,363 |
Freight & Other | 2 | 21 | 23 | 50 | 75 | 112 |
COST OF GOODS SOLD | 401 | 830 | 527 | 660 | 908 | 1,238 |
GROSS PROFIT | (281) | (200) | 226 | 440 | 742 | 1,237 |
Gross Margin % | -234.2% | -31.7% | 30.0% | 40.0% | 45.0% | 50.0% |
OPERATING EXPENSES | 238 | 441 | 451 | 385 | 495 | 618 |
Salaries & Wages | 136 | 245 | 290 | 220 | 280 | 346 |
Sales & Marketing | 26 | 68 | 65 | 66 | 99 | 124 |
Other Operating | 76 | 128 | 96 | 99 | 116 | 148 |
EBITDA | (519) | (641) | (225) | 55 | 247 | 619 |
EBITDA Margin % | -432.5% | -101.7% | -29.9% | 5.0% | 15.0% | 25.0% |
Depreciation | 18 | 17 | 20 | 22 | 33 | 49 |
EBIT | (537) | (658) | (245) | 33 | 214 | 570 |
Interest | 1 | 1 | 1 | 0 | 0 | 0 |
Tax | 0 | 0 | 0 | 9 | 60 | 160 |
NET INCOME | (538) | (659) | (246) | 24 | 154 | 410 |
New Zealand P&L Converted to AUD
Line Item (AUD $M) | FY25E | FY26E | FY27E | FY28E |
---|---|---|---|---|
REVENUE (AUD) | 0.7 | 1.0 | 1.5 | 2.3 |
GROSS PROFIT (AUD) | 0.2 | 0.4 | 0.7 | 1.1 |
EBITDA (AUD) | (0.2) | 0.1 | 0.2 | 0.6 |
NET INCOME (AUD) | (0.2) | 0.0 | 0.1 | 0.4 |
Consolidated P&L (AUD)
Combined Australia + Austria + New Zealand with Intercompany Eliminations & Synergies
Line Item | FY25A | FY26E | FY27E | FY28E | Growth % |
---|---|---|---|---|---|
TOTAL REVENUE | 22.7 | 36.0 | 56.5 | 102.3 | 65.3% |
Australia Operations | 4.4 | 8.0 | 17.0 | 35.0 | 102.8% |
Austria Operations (AUD) | 17.6 | 27.0 | 38.0 | 65.0 | 54.5% |
New Zealand Operations (AUD) | 0.7 | 1.0 | 1.5 | 2.3 | 48.7% |
Less: Intercompany Eliminations | 0.0 | 0.0 | 0.0 | 0.0 | - |
TOTAL COGS | 9.7 | 14.6 | 19.5 | 29.1 | 44.2% |
GROSS PROFIT | 13.0 | 21.4 | 37.0 | 73.2 | 79.1% |
Gross Margin % | 57.3% | 59.4% | 65.5% | 71.5% | +14.2pp |
TOTAL OPEX | 11.7 | 17.9 | 25.7 | 47.6 | 58.9% |
R&D | 1.2 | 2.8 | 4.4 | 8.0 | 85.0% |
Sales & Marketing | 4.9 | 7.1 | 11.1 | 20.1 | 59.3% |
Administrative | 5.6 | 8.0 | 10.2 | 19.5 | 51.5% |
Synergies Benefit | 0.0 | (2.0) | (4.0) | (6.0) | Scaling Impact |
EBITDA | 1.3 | 3.5 | 11.3 | 25.6 | 160.7% |
EBITDA Margin % | 5.7% | 9.7% | 20.0% | 25.0% | +19.3pp |
Depreciation & Amortization | 1.0 | 1.8 | 3.3 | 6.0 | 83.4% |
EBIT | 0.3 | 1.7 | 8.0 | 19.6 | 226.9% |
Interest Expense | 0.3 | 0.7 | 1.2 | 2.5 | 105.4% |
EBT | 0.0 | 1.0 | 6.8 | 17.1 | - |
Tax Expense | 0.1 | 0.3 | 1.9 | 4.8 | 28% rate |
NET INCOME | (0.1) | 0.7 | 4.9 | 12.3 | - |
Net Margin % | -0.4% | 1.9% | 8.7% | 12.0% | +12.4pp |
Conservative-to-Ambitious Growth
FY26 Conservative Target
$36.0M
EBITDA Target (~10%)
$3.5M
FY27 Growth Acceleration
57% revenue growth
FY28 Market Leadership
$102M milestone
Geographic Revenue Mix (FY28)
Austria (EU Markets)
63.5%
Australia
34.2%
New Zealand
2.2%
Total Markets
APAC + EU
Consolidated Cash Flow Statement (AUD)
Cash Flow Item | FY25E | FY26E | FY27E | FY28E | 4Y Total |
---|---|---|---|---|---|
OPERATING ACTIVITIES | |||||
Net Income | (0.5) | 3.2 | 8.6 | 19.0 | 30.3 |
Depreciation & Amortization | 1.0 | 1.8 | 3.3 | 6.0 | 12.1 |
Inventory Change | (1.2) | (3.5) | (6.0) | (13.5) | (24.2) |
Receivables Change | (0.3) | 1.4 | 2.1 | 3.2 | 6.4 |
Payables Change | 0.8 | 0.9 | 1.0 | 1.2 | 3.9 |
Shareholder Accounts Change | (0.1) | (0.2) | (0.3) | (0.4) | (1.0) |
Other Current A/R & A/P Movements | 0.2 | 0.5 | 1.0 | 2.0 | 3.7 |
Tax Reserves Movement | 0.1 | 0.4 | 0.7 | 1.2 | 2.4 |
Working Capital Changes (Total) | (0.5) | (0.5) | (1.5) | (8.9) | (11.8) |
Other Operating Items | (0.1) | 4.0 | 7.9 | 18.7 | 30.5 |
Operating Cash Flow | (0.6) | 1.7 | 3.4 | 5.1 | 9.6 |
INVESTING ACTIVITIES | |||||
Capital Expenditures | (2.5) | (3.8) | (5.2) | (6.8) | (18.3) |
Austria Acquisition | 0.0 | (20.0) | 0.0 | 0.0 | (20.0) |
Other Investments | (0.5) | (1.0) | (1.5) | (2.0) | (5.0) |
Investing Cash Flow | (3.0) | (24.8) | (6.7) | (8.8) | (43.3) |
FINANCING ACTIVITIES | |||||
Equity Raise (Capital) | 0.0 | 30.0 | 0.0 | 0.0 | 30.0 |
Debt Proceeds | 2.0 | 5.0 | 3.0 | 2.0 | 12.0 |
Debt Repayments | (1.0) | (1.5) | (2.0) | (2.5) | (7.0) |
Interest Payments | (0.2) | (0.5) | (0.8) | (1.0) | (2.5) |
Dividends Paid | 0.0 | 0.0 | (0.5) | (1.0) | (1.5) |
Financing Cash Flow | 0.8 | 33.0 | (0.3) | (2.5) | 31.0 |
NET CASH FLOW | (2.8) | 9.4 | 5.4 | 7.7 | 19.7 |
Beginning Cash Balance | 3.5 | 0.7 | 10.1 | 15.5 | 3.5 |
ENDING CASH BALANCE | 0.7 | 10.1 | 15.5 | 23.2 | 23.2 |
FREE CASH FLOW | (3.3) | 0.2 | 5.5 | 15.2 | 17.6 |
Cash Flow Analysis
Peak Cash Usage
$24.8M (FY26)
Cash Runway
5+ years
FCF Break-even
FY29E
Total Capital Required
$50.0M
Capital Allocation Summary
Austria Acquisition
$20.0M
Growth CapEx (4Y)
$18.3M
Working Capital
$11.7M
Total Uses
$50.0M
Valuation Analysis & Investor Returns
$150M
Post-Money Valuation
4.3x
FY26 Revenue Multiple
21.4x
FY26 EBITDA Multiple
45.2%
Base Case IRR
$600M
FY28 DCF Value
DCF Valuation Inputs
Terminal Growth Rate
3.0%
WACC (Discount Rate)
12.0%
Present Value of FCF
$45.2M
Terminal Value
$329.8M
Comparable Analysis
Revenue Multiple Range
4.0x - 8.0x
EBITDA Multiple Range
15.0x - 35.0x
Median Revenue Multiple
6.0x
Selected Multiple
5.0x
Investment Returns (20% Stake)
Initial Investment
$30.0M
FY28 Value @ 6x Revenue
$60.0M
Money Multiple
2.0x
IRR (3 years)
26.0%
Upside Scenarios
Bull Case (8x Revenue)
$80.0M
Bull Case IRR
38.7%
DCF Upside Value
$75.0M
DCF IRR
36.2%
Revenue Multiple Sensitivity Analysis
Revenue Multiple | FY26 Valuation | FY27 Valuation | FY28 Valuation | 3Y IRR (20% stake) |
---|---|---|---|---|
4.0x | $140.0M | $220.0M | $400.0M | 38.7% |
5.0x | $175.0M | $275.0M | $500.0M | 52.5% |
6.0x (Base) | $210.0M | $330.0M | $600.0M | 67.2% |
7.0x | $245.0M | $385.0M | $700.0M | 82.7% |
8.0x | $280.0M | $440.0M | $800.0M | 99.1% |
Scenario Analysis
Scenario | Revenue CAGR | EBITDA Margin (FY28) | Exit Multiple | FY28 Valuation | Investor IRR |
---|---|---|---|---|---|
Bear Case | 40% | 25% | 4.0x | $280M | 25.7% |
Base Case | 66.1% | 35.0% | 6.0x | $600M | 67.2% |
Bull Case | 80% | 40% | 8.0x | $1,000M | 125.9% |