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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | €1.77 - €3.71 | €2.43 |
| Upside | 10.9% - 131.8% | 52.1% |
| 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 | 3 | 4 | 4 | 17 | 125 | 125 | 125 | 125 | 125 | 125 | 125 | |
| % Growth | -15.3% | 53.7% | -2.3% | 304.7% | 615.5% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| EBITDA | -5 | -6 | -9 | -2 | 38 | 41 | 41 | 41 | 41 | 41 | 41 | |
| % of Revenue | -182.6% | -136.4% | -209.3% | -13.2% | 30.4% | 32.9% | 32.9% | 32.9% | 32.9% | 32.9% | 32.9% | |
| 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 | Terminal | |
| EBITDA | (6) | (9) | (2) | 38 | 41 | 41 | 41 | 41 | 41 | 41 | 41 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2) | (4) | (4) | (14) | (14) | (14) | (14) | (14) | (14) | (14) | (1) | |
| EBIT | (8) | (13) | (7) | 24 | 27 | 27 | 27 | 27 | 27 | 27 | 40 | |
| Pro forma Taxes | 0 | 0 | 0 | (3) | (4) | (4) | (4) | (4) | (4) | (4) | (6) | |
| NOPAT | (5) | (8) | (13) | (7) | 21 | 23 | 23 | 23 | 23 | 23 | 23 | 35 |
| Capital Expenditures | (0) | (3) | (30) | (80) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) |
| NWC Investment | 1 | (3) | 0 | (26) | (216) | (1) | 0 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 1 | 2 | 4 | 4 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 1 |
| Free Cash Flow | (4) | (12) | (39) | (109) | (182) | 36 | 36 | 36 | 36 | 36 | 36 | 35 |
| % Growth | NM | NM | NM | NM | NM | 2% | 0% | 0% | 0% | 0% | -5% | |