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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal EBITDA Multiple | 7.4x - 9.4x | 8.4x |
| Fair Value | €0.34 - €0.44 | €0.39 |
| Upside | -33.6% - -14.3% | -24.2% |
| 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 | 64 | 62 | 67 | 73 | 76 | 77 |
| % Growth | -11.5% | -4.1% | 9.5% | 8.8% | 3.5% | 2.0% |
| EBITDA | 0 | 1 | 1 | 2 | 2 | 2 |
| % of Revenue | -0.5% | 1.2% | 2.2% | 3.1% | 3.1% | 3.1% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 1 | 1 | 2 | 2 | 2 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2) | (2) | (2) | (2) | (2) | |
| EBIT | (1) | (1) | 1 | 1 | 1 | |
| Pro forma Taxes | 0 | 0 | (0) | (0) | (0) | |
| NOPAT | (2) | (1) | (1) | 1 | 1 | 1 |
| Capital Expenditures | (0) | (0) | (0) | (0) | (0) | (0) |
| NWC Investment | 0 | 0 | (0) | (0) | (0) | (0) |
| (+) D&A | 2 | 2 | 2 | 2 | 2 | 2 |
| Free Cash Flow | 0 | 1 | 1 | 2 | 2 | 2 |
| % Growth | 94% | 66% | 69% | 9% | 4% | |