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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 8.8% - 7.8% | 8.3% |
Terminal EBITDA Multiple | 7.8x - 9.8x | 8.8x |
Fair Value | €4.86 - €5.84 | €5.34 |
Upside | 19.1% - 43.1% | 30.9% |
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 | 140 | 140 | 140 | 140 | 140 | 140 |
% Growth | -12.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
EBITDA | 49 | 41 | 41 | 41 | 41 | 41 |
% of Revenue | 34.7% | 29.6% | 29.6% | 29.6% | 29.6% | 29.6% |
Calculation of Free Cash Flow | ||||||
Projected Unlevered Cash Flow | ||||||
(EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
EBITDA | 41 | 41 | 41 | 41 | 41 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
D&A | (14) | (14) | (14) | (14) | (14) | |
EBIT | 28 | 28 | 28 | 28 | 28 | |
Pro forma Taxes | (4) | (4) | (4) | (4) | (4) | |
NOPAT | 30 | 24 | 24 | 24 | 24 | 24 |
Capital Expenditures | (11) | (12) | (12) | (12) | (12) | (12) |
NWC Investment | 7 | 0 | 0 | 0 | 0 | 0 |
(+) D&A | 14 | 14 | 14 | 14 | 14 | 14 |
Free Cash Flow | 40 | 26 | 26 | 26 | 26 | 26 |
% Growth | -35% | 0% | 0% | 0% | 0% |