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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal EBITDA Multiple | 17.5x - 19.5x | 18.5x |
| Fair Value | €25.63 - €29.57 | €27.56 |
| Upside | -35.9% - -26.1% | -31.1% |
| Select Revenue and EBITDA Forecast | ||||||
| (EUR in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
| Revenue | 123 | 127 | 130 | 132 | 135 | 138 |
| % Growth | 9.4% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 38 | 39 | 40 | 40 | 41 | 42 |
| % of Revenue | 31.2% | 30.6% | 30.6% | 30.6% | 30.6% | 30.6% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 39 | 40 | 40 | 41 | 42 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (10) | (10) | (10) | (10) | (11) | |
| EBIT | 29 | 30 | 30 | 31 | 32 | |
| Pro forma Taxes | (8) | (8) | (8) | (8) | (8) | |
| NOPAT | 22 | 22 | 22 | 22 | 23 | 23 |
| Capital Expenditures | (15) | (11) | (11) | (13) | (13) | (13) |
| NWC Investment | 1 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 9 | 10 | 10 | 10 | 10 | 11 |
| Free Cash Flow | 16 | 21 | 21 | 20 | 21 | 21 |
| % Growth | 26% | 1% | -3% | 2% | 2% | |