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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 12.0% - 11.0% | 11.5% |
| Terminal EBITDA Multiple | 1.7x - 3.7x | 2.7x |
| Fair Value | €2.30 - €3.68 | €2.97 |
| Upside | 53.3% - 145.6% | 97.8% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (USD 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 | 67 | 53 | 55 | 86 | 105 | 121 | 136 | 146 | 151 | 154 | 157 |
| % Growth | 206.2% | -21.8% | 4.9% | 56.2% | 21.5% | 15.0% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% |
| EBITDA | -14 | -8 | -7 | 7 | 6 | 17 | 21 | 23 | 24 | 25 | 25 |
| % of Revenue | -20.7% | -15.7% | -13.5% | 8.4% | 5.9% | 14.4% | 15.4% | 15.9% | 15.9% | 15.9% | 15.9% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (USD in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | |
| EBITDA | (8) | (7) | 7 | 6 | 17 | 21 | 23 | 24 | 25 | 25 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (3) | (6) | (13) | (14) | (3) | (4) | (4) | (4) | (4) | (4) | |
| EBIT | (11) | (14) | (6) | (8) | 14 | 17 | 19 | 20 | 20 | 21 | |
| Pro forma Taxes | 0 | 0 | 0 | 0 | (5) | (7) | (7) | (8) | (8) | (8) | |
| NOPAT | (10) | (11) | (14) | (6) | (8) | 9 | 10 | 12 | 12 | 12 | 13 |
| Capital Expenditures | (1) | (2) | (1) | (2) | (3) | (3) | (2) | (3) | (3) | (3) | (3) |
| NWC Investment | (9) | 3 | (0) | (6) | (4) | (3) | (3) | (2) | (1) | (1) | (1) |
| (+) D&A | 2 | 3 | 6 | 13 | 14 | 3 | 4 | 4 | 4 | 4 | 4 |
| Free Cash Flow | (17) | (7) | (9) | (0) | (0) | 6 | 9 | 11 | 13 | 13 | 14 |
| % Growth | NM | NM | NM | NM | NM | 53% | 25% | 13% | 7% | NM | |