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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal EBITDA Multiple | 3.3x - 5.3x | 4.3x |
| Fair Value | €39.82 - €48.79 | €44.14 |
| Upside | 11.5% - 36.6% | 23.6% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (USD in millions) | Input Projections | ||||||||||
| Fiscal Years Ending | Sep-24 | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 | Sep-30 | Sep-31 | Sep-32 | Sep-33 | Sep-34 |
| Revenue | 167 | 181 | 208 | 311 | 373 | 419 | 451 | 467 | 476 | 486 | 495 |
| % Growth | -38.0% | 8.5% | 15.0% | 49.4% | 20.0% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% |
| EBITDA | -16 | 9 | 21 | 55 | 85 | 106 | 116 | 120 | 123 | 125 | 128 |
| % of Revenue | -9.5% | 5.1% | 10.3% | 17.8% | 22.8% | 25.3% | 25.8% | 25.8% | 25.8% | 25.8% | 25.8% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (USD in millions) | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 | Sep-30 | Sep-31 | Sep-32 | Sep-33 | Sep-34 | |
| EBITDA | 9 | 21 | 55 | 85 | 106 | 116 | 120 | 123 | 125 | 128 | |
| Other Income / (Exp) | 0 | 0 | 36 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (13) | (14) | (21) | (25) | (28) | (30) | (31) | (32) | (33) | (33) | |
| EBIT | (4) | 7 | 71 | 60 | 78 | 86 | 89 | 91 | 93 | 94 | |
| Pro forma Taxes | 0 | (2) | (16) | (13) | (17) | (19) | (20) | (20) | (20) | (21) | |
| NOPAT | (18) | (4) | 6 | 55 | 47 | 61 | 67 | 69 | 71 | 72 | 74 |
| Capital Expenditures | (10) | (3) | (3) | (3) | (3) | (4) | (3) | (3) | (3) | (3) | (3) |
| NWC Investment | 48 | (7) | (13) | (48) | (29) | (22) | (15) | (7) | (4) | (4) | (5) |
| (+) D&A | 7 | 13 | 14 | 21 | 25 | 28 | 30 | 31 | 32 | 33 | 33 |
| Free Cash Flow | 28 | 0 | 4 | 25 | 39 | 63 | 79 | 90 | 95 | 97 | 99 |
| % Growth | -100% | 7862% | 475% | 57% | 61% | 25% | 13% | 6% | 2% | 2% | |