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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal EBITDA Multiple | 10.9x - 12.9x | 11.9x |
| Fair Value | €0.46 - €0.74 | €0.59 |
| Upside | -66.7% - -47.1% | -57.3% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 |
| % Growth | -3.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 |
| % of Revenue | 29.2% | 27.6% | 27.6% | 27.6% | 27.6% | 27.6% | 27.6% | 27.6% | 27.6% | 27.6% | 27.6% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2) | (2) | (2) | (2) | (2) | (2) | (2) | (2) | (2) | (2) | |
| EBIT | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | |
| Pro forma Taxes | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | |
| NOPAT | 5 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Capital Expenditures | (9) | (6) | (6) | (7) | (6) | (7) | (4) | (4) | (4) | (4) | (4) |
| NWC Investment | (0) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Free Cash Flow | (3) | 0 | (0) | (1) | (0) | (0) | 3 | 3 | 3 | 3 | 3 |
| % Growth | NM | NM | NM | NM | NM | NM | 0% | 0% | 0% | NM | |