Ann: Q2 FY24 - Record half-year group revenue of $24m for H1 FY24, page-16

"Base-Case DCF Valuation Is $0.095/Share Fully Diluted.

We believe the discounted cash-flow methodology is the most appropriate method to value PPL, given the relatively early stage of the company’s lifecycle.

We apply a discount rate of 13.6% (beta 1.5, terminal growth rate of 2.2%).

This derives a base-case valuation of $0.095/share fully diluted for in-the-money options and performance rights.

On the current share count of 1,159.0m, the valuation is $0.108/share.

In our view, continued demonstration of strong revenue growth, a sustained return to profitability, and further evidence of EBITDA margin expansion should underpin PPL’s share price in the near term."

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