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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Perpetuity Growth Rate | 6.0% - 7.0% | 6.5% |
| Fair Value | €15.26 - €25 | €18.52 |
| Upside | 0.1% - 64.0% | 21.5% |
| Select Revenue and EBITDA Forecast | ||||||||||||
| (USD in millions) | Input Projections | |||||||||||
| Fiscal Years Ending | Jan-25 | Jan-26 | Jan-27 | Jan-28 | Jan-29 | Jan-30 | Jan-31 | Jan-32 | Jan-33 | Jan-34 | Jan-35 | |
| Revenue | 821 | 999 | 1,202 | 1,422 | 1,872 | 2,227 | 2,506 | 2,694 | 2,788 | 2,844 | 2,901 | |
| % Growth | 32.2% | 21.6% | 20.4% | 18.3% | 31.7% | 19.0% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | |
| EBITDA | -299 | 51 | 105 | -4 | 72 | 181 | 229 | 260 | 269 | 274 | 280 | |
| % of Revenue | -36.4% | 5.1% | 8.7% | -0.3% | 3.8% | 8.1% | 9.1% | 9.6% | 9.6% | 9.6% | 9.6% | |
| Calculation of Free Cash Flow | ||||||||||||
| Projected Unlevered Cash Flow | ||||||||||||
| (USD in millions) | Jan-26 | Jan-27 | Jan-28 | Jan-29 | Jan-30 | Jan-31 | Jan-32 | Jan-33 | Jan-34 | Jan-35 | Terminal | |
| EBITDA | 51 | 105 | (4) | 72 | 181 | 229 | 260 | 269 | 274 | 280 | 280 | |
| Other Income / (Exp) | 0 | 0 | 177 | 139 | 141 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (16) | (6) | (7) | (9) | (11) | (12) | (13) | (13) | (13) | (14) | (18) | |
| EBIT | 35 | 99 | 166 | 202 | 312 | 217 | 247 | 255 | 261 | 266 | 262 | |
| Pro forma Taxes | (5) | (14) | (23) | (28) | (44) | (30) | (35) | (36) | (36) | (37) | (37) | |
| NOPAT | (283) | 30 | 86 | 143 | 174 | 268 | 187 | 212 | 220 | 224 | 229 | 225 |
| Capital Expenditures | (2) | (2) | (4) | (10) | (19) | (22) | (17) | (18) | (19) | (18) | (19) | (19) |
| NWC Investment | 71 | 63 | 72 | 78 | 160 | 126 | 99 | 67 | 33 | 20 | 20 | 67 |
| (+) D&A | 30 | 16 | 6 | 7 | 9 | 11 | 12 | 13 | 13 | 13 | 14 | 18 |
| Free Cash Flow | (184) | 106 | 160 | 217 | 324 | 383 | 280 | 273 | 247 | 239 | 244 | 291 |
| % Growth | NM | 51% | 36% | 49% | 18% | -27% | -2% | -10% | -3% | 2% | 19% | |