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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 11.3% - 10.3% | 10.8% |
Terminal EBITDA Multiple | 6.9x - 8.9x | 7.9x |
Fair Value | €38.91 - €55.33 | €46.96 |
Upside | -59.5% - -42.4% | -51.1% |
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 | 398 | 444 | 544 | 652 | 750 | 837 |
% Growth | 14.6% | 11.8% | 22.3% | 20.0% | 15.0% | 11.6% |
EBITDA | 34 | 97 | 123 | 158 | 168 | 186 |
% of Revenue | 8.6% | 21.9% | 22.6% | 24.2% | 22.4% | 22.2% |
Calculation of Free Cash Flow | ||||||
Projected Unlevered Cash Flow | ||||||
(EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
EBITDA | 97 | 123 | 158 | 168 | 186 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
D&A | (29) | (28) | (34) | (23) | (37) | |
EBIT | 69 | 95 | 124 | 145 | 150 | |
Pro forma Taxes | (16) | (23) | (30) | (35) | (36) | |
NOPAT | 14 | 52 | 72 | 94 | 110 | 114 |
Capital Expenditures | (15) | (40) | (41) | (45) | (31) | (33) |
NWC Investment | (11) | (10) | (21) | (23) | (20) | (18) |
(+) D&A | 16 | 29 | 28 | 34 | 23 | 37 |
Free Cash Flow | 5 | 31 | 38 | 60 | 82 | 99 |
% Growth | 549% | 23% | 58% | 36% | 21% |