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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal EBITDA Multiple | 6.7x - 8.7x | 7.7x |
| Fair Value | €39.25 - €48.92 | €43.91 |
| Upside | 16.5% - 45.2% | 30.3% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 290 | 326 | 366 | 396 | 371 | 382 | 389 | 397 | 405 | 413 | 421 |
| % Growth | 26.1% | 12.6% | 12.0% | 8.3% | -6.4% | 3.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 35 | 42 | 49 | 57 | 53 | 55 | 56 | 57 | 58 | 59 | 61 |
| % of Revenue | 12.2% | 13.0% | 13.5% | 14.4% | 14.4% | 14.4% | 14.4% | 14.4% | 14.4% | 14.4% | 14.4% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 42 | 49 | 57 | 53 | 55 | 56 | 57 | 58 | 59 | 61 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (5) | (6) | (6) | (5) | (6) | (6) | (6) | (6) | (6) | (6) | |
| EBIT | 37 | 43 | 51 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | |
| Pro forma Taxes | (11) | (13) | (15) | (14) | (15) | (15) | (15) | (16) | (16) | (16) | |
| NOPAT | 22 | 26 | 30 | 36 | 34 | 35 | 35 | 36 | 37 | 37 | 38 |
| Capital Expenditures | (3) | (4) | (5) | (5) | (3) | (3) | (3) | (3) | (3) | (3) | (3) |
| NWC Investment | (19) | (12) | (12) | (10) | 8 | (3) | (2) | (2) | (2) | (3) | (3) |
| (+) D&A | 5 | 5 | 6 | 6 | 5 | 6 | 6 | 6 | 6 | 6 | 6 |
| Free Cash Flow | 4 | 16 | 19 | 28 | 45 | 34 | 36 | 37 | 38 | 38 | 39 |
| % Growth | 258% | 25% | 42% | 61% | -23% | 5% | 2% | 2% | 2% | 2% | |