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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 13.5% - 12.5% | 13.0% |
Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
Fair Value | €1.66 - €1.86 | €1.73 |
Upside | 17.1% - 30.7% | 21.8% |
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 | 161 | 181 | 202 | 210 | 219 | 332 | |
% Growth | 18.2% | 12.6% | 11.2% | 4.1% | 4.5% | 51.5% | |
EBITDA | 9 | 15 | 12 | 14 | 19 | 20 | |
% of Revenue | 5.5% | 8.3% | 5.9% | 6.4% | 8.7% | 6.0% |
Calculation of Free Cash Flow | |||||||
Projected Unlevered Cash Flow | |||||||
(EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
EBITDA | 15 | 12 | 14 | 19 | 20 | 20 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
D&A | (7) | (7) | (7) | (14) | (12) | (4) | |
EBIT | 8 | 5 | 7 | 6 | 8 | 16 | |
Pro forma Taxes | (2) | (1) | (2) | (2) | (2) | (5) | |
NOPAT | 0 | 6 | 4 | 5 | 4 | 6 | 12 |
Capital Expenditures | (8) | (6) | (2) | (2) | (3) | (4) | (4) |
NWC Investment | (3) | (2) | (2) | (1) | (1) | (13) | 0 |
(+) D&A | 8 | 7 | 7 | 7 | 14 | 12 | 4 |
Free Cash Flow | (2) | 5 | 6 | 9 | 13 | 1 | 12 |
% Growth | NM | 34% | 40% | 43% | -96% | 2142% |