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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal EBITDA Multiple | 8.5x - 10.5x | 9.5x |
| Fair Value | €1.58 - €2.11 | €1.84 |
| Upside | 6.6% - 42.1% | 24.0% |
| 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 | 1,982 | 2,256 | 2,142 | 2,212 | 2,256 | 2,301 |
| % Growth | -13.5% | 13.8% | -5.1% | 3.3% | 2.0% | 2.0% |
| EBITDA | 111 | 123 | 129 | 145 | 148 | 151 |
| % of Revenue | 5.6% | 5.5% | 6.0% | 6.6% | 6.6% | 6.6% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 123 | 129 | 145 | 148 | 151 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (26) | (27) | (32) | (33) | (33) | |
| EBIT | 97 | 102 | 113 | 115 | 118 | |
| Pro forma Taxes | (26) | (27) | (31) | (31) | (32) | |
| NOPAT | 68 | 71 | 74 | 82 | 84 | 86 |
| Capital Expenditures | (42) | (57) | (54) | (71) | (72) | (74) |
| NWC Investment | 3 | (3) | 1 | (1) | (0) | (0) |
| (+) D&A | 18 | 26 | 27 | 32 | 33 | 33 |
| Free Cash Flow | 47 | 37 | 49 | 43 | 44 | 45 |
| % Growth | -21% | 31% | -12% | 3% | 2% | |