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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 9.5% - 8.5% | 9.0% |
Terminal Revenue Multiple | 0.9x - 1.0x | 0.9x |
Fair Value | €3.61 - €4 | €3.80 |
Upside | -3.4% - 7.0% | 1.7% |
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 | 40 | 57 | 68 | 73 | 76 | 77 |
% Growth | -5.8% | 41.8% | 18.2% | 8.6% | 3.5% | 2.0% |
EBITDA | 9 | 12 | 15 | 17 | 14 | 14 |
% of Revenue | 23.4% | 20.8% | 22.6% | 23.3% | 18.6% | 18.6% |
Calculation of Free Cash Flow | ||||||
Projected Unlevered Cash Flow | ||||||
(EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
EBITDA | 12 | 15 | 17 | 14 | 14 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
D&A | (2) | (2) | (2) | (2) | (2) | |
EBIT | 10 | 13 | 15 | 12 | 12 | |
Pro forma Taxes | (2) | (3) | (3) | (3) | (3) | |
NOPAT | 6 | 8 | 10 | 11 | 9 | 9 |
Capital Expenditures | (3) | (6) | (2) | (2) | (2) | (2) |
NWC Investment | 1 | (8) | (5) | (3) | (1) | (1) |
(+) D&A | 1 | 2 | 2 | 2 | 2 | 2 |
Free Cash Flow | 5 | (4) | 5 | 9 | 8 | 9 |
% Growth | NM | NM | 66% | -7% | 7% |