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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Perpetuity Growth Rate | 3.5% - 4.5% | 4.0% |
| Fair Value | €3.22 - €4.86 | €3.89 |
| Upside | -28.8% - 7.4% | -14.0% |
| 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 | 208 | 224 | 238 | 249 | 254 | 259 | |
| % Growth | -1.1% | 7.8% | 6.2% | 4.5% | 2.0% | 2.0% | |
| EBITDA | 4 | 39 | 45 | 49 | 50 | 51 | |
| % of Revenue | 2.0% | 17.2% | 19.1% | 19.9% | 19.9% | 19.9% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 39 | 45 | 49 | 50 | 51 | 51 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (18) | (18) | (18) | (8) | (5) | (23) | |
| EBIT | 21 | 28 | 32 | 43 | 47 | 28 | |
| Pro forma Taxes | (3) | (4) | (5) | (6) | (7) | (4) | |
| NOPAT | (9) | 18 | 23 | 27 | 36 | 40 | 24 |
| Capital Expenditures | (2) | (16) | (17) | (17) | (24) | (24) | (24) |
| NWC Investment | 0 | (2) | (2) | (2) | (1) | (1) | (2) |
| (+) D&A | 15 | 18 | 18 | 18 | 8 | 5 | 23 |
| Free Cash Flow | 4 | 17 | 23 | 26 | 19 | 19 | 21 |
| % Growth | 295% | 29% | 18% | -26% | -1% | 10% | |