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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Perpetuity Growth Rate | 5.5% - 6.5% | 6.0% |
| Fair Value | €15.64 - €28.29 | €20.48 |
| Upside | -5.8% - 70.4% | 23.3% |
| 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 | 1,288 | 1,302 | 1,334 | 1,387 | 1,296 | 1,601 | |
| % Growth | 1.9% | 1.0% | 2.5% | 4.0% | -6.6% | 23.5% | |
| EBITDA | 160 | 208 | 222 | 234 | 190 | 257 | |
| % of Revenue | 12.4% | 16.0% | 16.6% | 16.8% | 14.7% | 16.1% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 208 | 222 | 234 | 190 | 257 | 257 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (84) | (97) | (96) | (86) | (9) | (130) | |
| EBIT | 124 | 125 | 138 | 105 | 248 | 127 | |
| Pro forma Taxes | (20) | (20) | (22) | (17) | (40) | (20) | |
| NOPAT | 76 | 104 | 105 | 116 | 88 | 208 | 107 |
| Capital Expenditures | (84) | (83) | (85) | (88) | (122) | (137) | (137) |
| NWC Investment | (5) | (3) | (6) | (10) | 17 | (58) | (18) |
| (+) D&A | 69 | 84 | 97 | 96 | 86 | 9 | 130 |
| Free Cash Flow | 57 | 103 | 110 | 113 | 69 | 23 | 82 |
| % Growth | 81% | 7% | 3% | -39% | -67% | 261% | |