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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal EBITDA Multiple | 19.5x - 21.5x | 20.5x |
| Fair Value | €1.14 - €1.34 | €1.24 |
| Upside | -0.6% - 16.3% | 7.6% |
| 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 | 6 | 7 | 7 | 7 | 7 | 8 | 8 | 8 | 8 | 8 | 8 |
| % Growth | 17.3% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| % of Revenue | 18.5% | 16.2% | 17.2% | 17.2% | 17.2% | 17.2% | 17.2% | 17.2% | 17.2% | 17.2% | 17.2% |
| 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 | |
| EBITDA | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | |
| EBIT | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | |
| Pro forma Taxes | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | |
| NOPAT | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Capital Expenditures | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| NWC Investment | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| (+) D&A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| % Growth | -6% | 17% | 6% | 3% | 2% | 3% | 2% | 2% | 2% | 2% | |