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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal EBITDA Multiple | 6.1x - 8.1x | 7.1x |
| Fair Value | €16.30 - €19.95 | €18.09 |
| Upside | 22.7% - 50.2% | 36.2% |
| 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 | 1,688 | 1,750 | 1,846 | 1,935 | 1,961 | 2,000 |
| % Growth | -0.4% | 3.7% | 5.5% | 4.8% | 1.4% | 2.0% |
| EBITDA | 341 | 414 | 437 | 461 | 360 | 367 |
| % of Revenue | 20.2% | 23.7% | 23.7% | 23.8% | 18.4% | 18.4% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 414 | 437 | 461 | 360 | 367 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (142) | (142) | (145) | (94) | (100) | |
| EBIT | 272 | 295 | 316 | 266 | 267 | |
| Pro forma Taxes | (68) | (74) | (79) | (67) | (67) | |
| NOPAT | 178 | 204 | 221 | 237 | 200 | 200 |
| Capital Expenditures | (115) | (98) | (99) | (114) | (116) | (117) |
| NWC Investment | (0) | 2 | 3 | 3 | 1 | 1 |
| (+) D&A | 104 | 142 | 142 | 145 | 94 | 100 |
| Free Cash Flow | 166 | 250 | 268 | 271 | 178 | 185 |
| % Growth | 51% | 7% | 1% | -34% | 3% | |