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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Terminal Revenue Multiple | 0.9x - 1.0x | 1.0x |
| Fair Value | €40.89 - €46.06 | €43.43 |
| Upside | 22.4% - 37.9% | 30.0% |
| 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 | 1,305 | 1,349 | 1,406 | 1,434 | 1,462 | 1,492 |
| % Growth | -2.5% | 3.3% | 4.2% | 2.0% | 2.0% | 2.0% |
| EBITDA | 114 | 113 | 120 | 123 | 125 | 128 |
| % of Revenue | 8.7% | 8.4% | 8.6% | 8.6% | 8.6% | 8.6% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 113 | 120 | 123 | 125 | 128 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (28) | (28) | (29) | (29) | (30) | |
| EBIT | 85 | 92 | 94 | 96 | 98 | |
| Pro forma Taxes | (18) | (19) | (20) | (20) | (21) | |
| NOPAT | 69 | 67 | 73 | 74 | 76 | 77 |
| Capital Expenditures | (21) | (34) | (40) | (41) | (42) | (42) |
| NWC Investment | 10 | (13) | (17) | (8) | (9) | (9) |
| (+) D&A | 27 | 28 | 28 | 29 | 29 | 30 |
| Free Cash Flow | 85 | 48 | 44 | 54 | 55 | 56 |
| % Growth | -43% | -9% | 22% | 2% | 2% | |