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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 14.5% - 13.5% | 14.0% |
| Terminal Revenue Multiple | 2.8x - 3.1x | 3.0x |
| Fair Value | €29.28 - €36.30 | €32.73 |
| Upside | 33.3% - 65.3% | 49.0% |
| 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 | 1,215 | 1,394 | 1,552 | 1,694 | 1,759 | 1,856 |
| % Growth | 16.0% | 14.7% | 11.3% | 9.1% | 3.9% | 5.5% |
| EBITDA | 320 | 639 | 729 | 820 | 1,042 | 1,118 |
| % of Revenue | 26.3% | 45.9% | 47.0% | 48.4% | 59.3% | 60.3% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 639 | 729 | 820 | 1,042 | 1,118 | |
| Other Income / (Exp) | (0) | 0 | 0 | 0 | 0 | |
| D&A | (479) | (509) | (546) | (629) | (640) | |
| EBIT | 160 | 220 | 274 | 413 | 478 | |
| Pro forma Taxes | (48) | (66) | (82) | (124) | (143) | |
| NOPAT | 79 | 112 | 154 | 192 | 289 | 335 |
| Capital Expenditures | (328) | (243) | (252) | (294) | (303) | (317) |
| NWC Investment | 22 | 24 | 21 | 19 | 9 | 13 |
| (+) D&A | 208 | 479 | 509 | 546 | 629 | 640 |
| Free Cash Flow | (20) | 372 | 432 | 463 | 624 | 670 |
| % Growth | NM | 16% | 7% | 35% | 7% | |