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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 10.0% - 9.0% | 9.5% |
Terminal EBITDA Multiple | 1.3x - 3.3x | 2.3x |
Fair Value | €0.39 - €0.65 | €0.52 |
Upside | -12.9% - 43.8% | 14.9% |
Select Revenue and EBITDA Forecast | ||||||
(USD in millions) | Input Projections | |||||
Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
Revenue | 6 | 28 | 34 | 36 | 46 | 65 |
% Growth | NA | 339.8% | 18.2% | 6.2% | 28.8% | 42.0% |
EBITDA | -3 | 13 | 18 | 17 | 22 | 29 |
% of Revenue | -48.0% | 45.5% | 52.1% | 48.9% | 47.8% | 43.9% |
Calculation of Free Cash Flow | ||||||
Projected Unlevered Cash Flow | ||||||
(USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
EBITDA | 13 | 18 | 17 | 22 | 29 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
D&A | (2) | (2) | (2) | (9) | (12) | |
EBIT | 11 | 16 | 16 | 13 | 16 | |
Pro forma Taxes | (1) | (2) | (2) | (2) | (2) | |
NOPAT | (3) | 10 | 14 | 14 | 12 | 15 |
Capital Expenditures | (4) | (3) | (2) | (3) | (4) | (2) |
NWC Investment | NA | (8) | (2) | (1) | (4) | (7) |
(+) D&A | 0 | 2 | 2 | 2 | 9 | 12 |
Free Cash Flow | (6) | 1 | 12 | 12 | 12 | 17 |
% Growth | NM | 1425% | 4% | 2% | 38% |