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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal EBITDA Multiple | 10.1x - 12.1x | 11.1x |
| Fair Value | €19.94 - €27.07 | €23.44 |
| Upside | -4.4% - 29.8% | 12.4% |
| 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 | 240 | 303 | 329 | 357 | 427 | 435 |
| % Growth | 22.8% | 26.1% | 8.6% | 8.5% | 19.6% | 1.9% |
| EBITDA | 182 | 126 | 155 | 255 | 199 | 202 |
| % of Revenue | 75.9% | 41.6% | 47.1% | 71.4% | 46.6% | 46.4% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 126 | 155 | 255 | 199 | 202 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (55) | (55) | (55) | (59) | (56) | |
| EBIT | 72 | 100 | 200 | 140 | 146 | |
| Pro forma Taxes | (14) | (19) | (38) | (27) | (28) | |
| NOPAT | 105 | 58 | 81 | 162 | 113 | 118 |
| Capital Expenditures | (84) | (72) | (79) | (155) | (141) | (3) |
| NWC Investment | (11) | (16) | (6) | (7) | (17) | (2) |
| (+) D&A | 53 | 55 | 55 | 55 | 59 | 56 |
| Free Cash Flow | 62 | 25 | 50 | 55 | 14 | 169 |
| % Growth | -59% | 99% | 9% | -74% | 1104% | |