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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | €5.53 - €6.38 | €5.83 |
| Upside | 33.2% - 53.7% | 40.5% |
| 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 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | |
| Revenue | 43 | 53 | 63 | 69 | 77 | 82 | 85 | 87 | 89 | 90 | 92 | |
| % Growth | 32.6% | 24.4% | 19.0% | 9.6% | 10.2% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 12 | 12 | 15 | 16 | 18 | 14 | 15 | 15 | 15 | 15 | 16 | |
| % of Revenue | 27.1% | 23.1% | 23.4% | 23.6% | 23.4% | 17.1% | 17.1% | 17.1% | 17.1% | 17.1% | 17.1% | |
| Calculation of Free Cash Flow | ||||||||||||
| Projected Unlevered Cash Flow | ||||||||||||
| (EUR in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Terminal | |
| EBITDA | 12 | 15 | 16 | 18 | 14 | 15 | 15 | 15 | 15 | 16 | 16 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1) | (2) | (2) | (3) | (3) | (3) | (3) | (3) | (3) | (3) | (2) | |
| EBIT | 11 | 13 | 14 | 15 | 11 | 12 | 12 | 12 | 12 | 13 | 14 | |
| Pro forma Taxes | (3) | (3) | (3) | (4) | (3) | (3) | (3) | (3) | (3) | (3) | (3) | |
| NOPAT | 8 | 8 | 10 | 11 | 12 | 9 | 9 | 9 | 9 | 9 | 10 | 10 |
| Capital Expenditures | (5) | (3) | (4) | (2) | (3) | (2) | (2) | (2) | (2) | (2) | (2) | (2) |
| NWC Investment | (4) | (4) | (4) | (2) | (3) | (2) | (1) | (1) | (1) | (1) | (1) | 0 |
| (+) D&A | 1 | 1 | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 2 |
| Free Cash Flow | 0 | 3 | 4 | 8 | 9 | 7 | 9 | 9 | 9 | 10 | 10 | 10 |
| % Growth | 1883% | 39% | 134% | 8% | -21% | 20% | 7% | 3% | 2% | 2% | 4% | |