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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal Revenue Multiple | 2.6x - 2.8x | 2.7x |
| Fair Value | €1.37 - €1.56 | €1.46 |
| Upside | 19.3% - 35.7% | 27.4% |
| 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 | 7 | 8 | 8 | 9 | 9 | 9 |
| % Growth | 18.3% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% |
| EBITDA | 1 | 2 | 2 | 2 | 2 | 2 |
| % of Revenue | 20.5% | 20.4% | 21.4% | 21.4% | 21.4% | 21.4% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 2 | 2 | 2 | 2 | 2 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (0) | (0) | (0) | (0) | (0) | |
| EBIT | 1 | 1 | 2 | 2 | 2 | |
| Pro forma Taxes | (0) | (0) | (0) | (0) | (0) | |
| NOPAT | 1 | 1 | 1 | 1 | 1 | 1 |
| Capital Expenditures | (0) | (0) | (0) | (0) | (0) | (0) |
| NWC Investment | (0) | (0) | (0) | (0) | (0) | (0) |
| (+) D&A | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 1 | 1 | 1 | 1 | 1 | 1 |
| % Growth | 17% | 16% | 5% | 3% | 2% | |