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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal EBITDA Multiple | -238.9x - -236.9x | -237.9x |
| Fair Value | €0.47 - €0.48 | €0.48 |
| Upside | 62.8% - 65.9% | 64.4% |
| 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 | 8 | 18 | 2 | 2 | 2 | 2 |
| % Growth | 127.6% | 121.2% | -87.0% | 0.0% | -9.1% | -16.7% |
| EBITDA | 4 | 14 | 0 | 0 | 0 | 0 |
| % of Revenue | 52.5% | 77.8% | 15.2% | 15.2% | 6.7% | -12.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 14 | 0 | 0 | 0 | (0) | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (5) | (1) | (1) | (1) | (0) | |
| EBIT | 9 | (0) | (0) | (0) | (1) | |
| Pro forma Taxes | (1) | 0 | 0 | 0 | 0 | |
| NOPAT | 2 | 8 | (0) | (0) | (0) | (1) |
| Capital Expenditures | #NUM! | 0 | 0 | 0 | 0 | 0 |
| NWC Investment | (0) | (1) | 1 | 0 | 0 | 0 |
| (+) D&A | 2 | 5 | 1 | 1 | 1 | 0 |
| Free Cash Flow | #NUM! | 12 | 2 | 0 | 0 | (0) |
| % Growth | NM | -87% | -77% | -55% | NM | |