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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 10.0% - 9.0% | 9.5% |
Terminal EBITDA Multiple | 3.3x - 5.3x | 4.3x |
Fair Value | €18.89 - €26.30 | €22.52 |
Upside | 51.4% - 110.8% | 80.5% |
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 | 1,805 | 1,879 | 1,978 | 2,011 | 2,011 | 2,011 |
% Growth | 4.7% | 4.1% | 5.3% | 1.6% | 0.0% | 0.0% |
EBITDA | 266 | 429 | 455 | 443 | 443 | 443 |
% of Revenue | 14.7% | 22.8% | 23.0% | 22.0% | 22.0% | 22.0% |
Calculation of Free Cash Flow | ||||||
Projected Unlevered Cash Flow | ||||||
(EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
EBITDA | 429 | 455 | 443 | 443 | 443 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
D&A | (205) | (205) | (202) | (202) | (202) | |
EBIT | 224 | 249 | 241 | 241 | 241 | |
Pro forma Taxes | (49) | (55) | (53) | (53) | (53) | |
NOPAT | 177 | 174 | 194 | 188 | 188 | 188 |
Capital Expenditures | (119) | (55) | (42) | (72) | (72) | (72) |
NWC Investment | 25 | 23 | 30 | 10 | 0 | 0 |
(+) D&A | 39 | 205 | 205 | 202 | 202 | 202 |
Free Cash Flow | 122 | 347 | 388 | 328 | 318 | 318 |
% Growth | 185% | 12% | -16% | -3% | 0% |