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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 13.0% - 12.0% | 12.5% |
| Terminal EBITDA Multiple | 6.8x - 8.8x | 7.8x |
| Fair Value | €0.42 - €1.18 | €0.79 |
| Upside | -73.7% - -25.9% | -50.3% |
| 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 | 869 | 887 | 904 | 922 | 941 | 960 |
| % Growth | 2.9% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 12 | 11 | 12 | 12 | 12 | 12 |
| % of Revenue | 1.4% | 1.3% | 1.3% | 1.3% | 1.3% | 1.3% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 11 | 12 | 12 | 12 | 12 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (4) | (4) | (5) | (5) | (5) | |
| EBIT | 7 | 7 | 7 | 7 | 7 | |
| Pro forma Taxes | (1) | (1) | (1) | (1) | (1) | |
| NOPAT | 5 | 6 | 6 | 6 | 6 | 6 |
| Capital Expenditures | (7) | (7) | (7) | (7) | (7) | (7) |
| NWC Investment | (0) | (0) | (0) | (0) | (0) | (0) |
| (+) D&A | 6 | 4 | 4 | 5 | 5 | 5 |
| Free Cash Flow | 3 | 3 | 3 | 3 | 3 | 3 |
| % Growth | -2% | -8% | 2% | 2% | 2% | |