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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.5% - 10.5% | 11.0% |
| Perpetuity Growth Rate | 7.8% - 8.8% | 8.3% |
| Fair Value | €20.60 - €21.07 | €20.75 |
| Upside | 21.2% - 23.9% | 22.1% |
| 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 | 453 | 442 | 446 | 446 | 446 | 446 | |
| % Growth | -20.6% | -2.4% | 0.9% | 0.0% | 0.0% | 0.0% | |
| EBITDA | -79 | -67 | -66 | NA | NA | NA | |
| % of Revenue | -17.5% | -15.1% | -14.7% | NA | NA | NA | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | (67) | (66) | NA | NA | NA | NA | |
| Other Income / (Exp) | 0 | 0 | #NUM! | #NUM! | #NUM! | #NUM! | |
| D&A | (25) | (26) | (26) | (26) | (26) | (10) | |
| EBIT | (92) | (92) | #NUM! | #NUM! | #NUM! | #NUM! | |
| Pro forma Taxes | 0 | 0 | #NUM! | #NUM! | #NUM! | #NUM! | |
| NOPAT | (78) | (92) | (92) | 0 | 0 | 0 | 0 |
| Capital Expenditures | (7) | (10) | (11) | (11) | (11) | (11) | (11) |
| NWC Investment | (6) | (1) | 0 | 0 | 0 | 0 | 2 |
| (+) D&A | 13 | 25 | 26 | 26 | 26 | 26 | 10 |
| Free Cash Flow | (78) | (78) | (76) | 15 | 15 | 15 | 1 |
| % Growth | NM | NM | NM | 0% | 0% | -90% | |