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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Perpetuity Growth Rate | 2.3% - 3.3% | 2.8% |
| Fair Value | €21.56 - €29.27 | €24.89 |
| Upside | 15.7% - 57.0% | 33.5% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| Revenue | 1,288 | 1,319 | 1,353 | 1,406 | 1,296 | 1,601 | 1,801 | 1,936 | 2,004 | 2,044 | 2,085 | |
| % Growth | 1.9% | 2.4% | 2.6% | 3.9% | -7.8% | 23.5% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | |
| EBITDA | 160 | 214 | 226 | 238 | 220 | 257 | 307 | 340 | 352 | 359 | 366 | |
| % of Revenue | 12.4% | 16.2% | 16.7% | 16.9% | 17.0% | 16.1% | 17.1% | 17.6% | 17.6% | 17.6% | 17.6% | |
| Calculation of Free Cash Flow | ||||||||||||
| Projected Unlevered Cash Flow | ||||||||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | Terminal | |
| EBITDA | 214 | 226 | 238 | 220 | 257 | 307 | 340 | 352 | 359 | 366 | 366 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (88) | (90) | (89) | (115) | (9) | (10) | (11) | (12) | (12) | (12) | (118) | |
| EBIT | 126 | 136 | 149 | 105 | 248 | 297 | 329 | 340 | 347 | 354 | 248 | |
| Pro forma Taxes | (20) | (22) | (24) | (17) | (40) | (48) | (53) | (54) | (56) | (57) | (40) | |
| NOPAT | 76 | 106 | 114 | 125 | 88 | 208 | 249 | 276 | 286 | 292 | 298 | 208 |
| Capital Expenditures | (84) | (85) | (85) | (90) | (122) | (137) | (116) | (125) | (126) | (123) | (125) | (125) |
| NWC Investment | (4) | (5) | (6) | (9) | 19 | (54) | (35) | (24) | (12) | (7) | (7) | (10) |
| (+) D&A | 69 | 88 | 90 | 89 | 115 | 9 | 10 | 11 | 12 | 12 | 12 | 118 |
| Free Cash Flow | 57 | 103 | 113 | 114 | 101 | 27 | 108 | 139 | 160 | 174 | 178 | 192 |
| % Growth | 81% | 10% | 1% | -12% | -73% | 301% | 28% | 15% | 9% | 2% | 8% | |