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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal EBITDA Multiple | 7.0x - 9.0x | 8.0x |
| Fair Value | €6.33 - €8.07 | €7.18 |
| Upside | 13.1% - 44.1% | 28.3% |
| 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 |
| Revenue | 838 | 871 | 892 | 890 | 870 | 870 |
| % Growth | 11.4% | 4.0% | 2.4% | -0.2% | -2.2% | 0.0% |
| EBITDA | 188 | 220 | 241 | 229 | 224 | 224 |
| % of Revenue | 22.5% | 25.2% | 27.0% | 25.7% | 25.7% | 25.7% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 220 | 241 | 229 | 224 | 224 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (63) | (63) | (59) | (52) | (52) | |
| EBIT | 157 | 178 | 170 | 172 | 172 | |
| Pro forma Taxes | (30) | (34) | (32) | (33) | (33) | |
| NOPAT | 113 | 127 | 144 | 138 | 139 | 139 |
| Capital Expenditures | (30) | (44) | (41) | (39) | (57) | (57) |
| NWC Investment | (6) | (2) | (1) | 0 | 1 | 0 |
| (+) D&A | 49 | 63 | 63 | 59 | 52 | 52 |
| Free Cash Flow | 126 | 143 | 165 | 158 | 136 | 134 |
| % Growth | 14% | 15% | -4% | -14% | -1% | |