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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 13.5% - 12.5% | 13.0% |
| Terminal EBITDA Multiple | 4.3x - 6.3x | 5.3x |
| Fair Value | €11.34 - €15.69 | €13.47 |
| Upside | 66.8% - 130.7% | 98.1% |
| 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 | 2,414 | 2,288 | 2,273 | 2,333 | 2,588 | 2,455 |
| % Growth | 3.0% | -5.2% | -0.7% | 2.6% | 10.9% | -5.2% |
| EBITDA | 323 | 431 | 428 | 455 | 490 | 474 |
| % of Revenue | 13.4% | 18.8% | 18.8% | 19.5% | 18.9% | 19.3% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 431 | 428 | 455 | 490 | 474 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (182) | (190) | (218) | (238) | (199) | |
| EBIT | 249 | 238 | 238 | 252 | 274 | |
| Pro forma Taxes | (35) | (33) | (33) | (35) | (38) | |
| NOPAT | 152 | 214 | 205 | 204 | 217 | 236 |
| Capital Expenditures | (75) | (120) | (120) | (110) | (101) | (102) |
| NWC Investment | (3) | 5 | 1 | (2) | (9) | 5 |
| (+) D&A | 146 | 182 | 190 | 218 | 238 | 199 |
| Free Cash Flow | 221 | 281 | 275 | 310 | 344 | 338 |
| % Growth | 27% | -2% | 13% | 11% | -2% | |