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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 13.0% - 12.0% | 12.5% |
| Terminal Revenue Multiple | 7.2x - 8.0x | 7.6x |
| Fair Value | €5.28 - €6.93 | €6.09 |
| Upside | 8.8% - 42.9% | 25.6% |
| Select Revenue and EBITDA Forecast | ||||||
| (EUR in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-23 | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 |
| Revenue | 288 | 262 | 278 | 293 | 303 | 310 |
| % Growth | 397.1% | -8.9% | 6.0% | 5.5% | 3.5% | 2.0% |
| EBITDA | 178 | 224 | 237 | 250 | 243 | 248 |
| % of Revenue | 62.0% | 85.3% | 85.4% | 85.4% | 80.0% | 80.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | |
| EBITDA | 224 | 237 | 250 | 243 | 248 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (120) | (123) | (127) | (110) | (106) | |
| EBIT | 104 | 114 | 124 | 133 | 142 | |
| Pro forma Taxes | (11) | (13) | (14) | (15) | (16) | |
| NOPAT | 108 | 93 | 102 | 110 | 118 | 126 |
| Capital Expenditures | (138) | (87) | (90) | (89) | (88) | (86) |
| NWC Investment | 48 | (5) | 3 | 3 | 2 | 1 |
| (+) D&A | 56 | 120 | 123 | 127 | 110 | 106 |
| Free Cash Flow | 75 | 120 | 138 | 151 | 143 | 147 |
| % Growth | 60% | 15% | 9% | -6% | 3% | |