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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal EBITDA Multiple | 4.3x - 6.3x | 5.3x |
| Fair Value | €1.69 - €2.39 | €2.03 |
| Upside | 23.8% - 75.3% | 49.0% |
| 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 | 25 | 27 | 33 | 36 | 37 | 37 |
| % Growth | 13.6% | 6.4% | 23.5% | 8.1% | 3.5% | 2.0% |
| EBITDA | 10 | 11 | 14 | 15 | 17 | 19 |
| % of Revenue | 38.4% | 42.1% | 42.5% | 42.5% | 46.8% | 51.2% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 11 | 14 | 15 | 17 | 19 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (4) | (4) | (5) | (5) | (5) | |
| EBIT | 8 | 10 | 10 | 12 | 14 | |
| Pro forma Taxes | (3) | (3) | (4) | (4) | (5) | |
| NOPAT | 4 | 5 | 6 | 7 | 8 | 9 |
| Capital Expenditures | (1) | (5) | (5) | (6) | (7) | (7) |
| NWC Investment | (2) | (1) | (4) | (2) | (1) | (0) |
| (+) D&A | 3 | 4 | 4 | 5 | 5 | 5 |
| Free Cash Flow | 4 | 2 | 2 | 4 | 5 | 7 |
| % Growth | -47% | -28% | 126% | 41% | 27% | |