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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.5% - 10.5% | 11.0% |
| Perpetuity Growth Rate | 2.3% - 3.3% | 2.8% |
| Fair Value | €5.41 - €7.50 | €6.33 |
| Upside | 9.7% - 52.2% | 28.5% |
| 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 | 652 | 685 | 714 | 740 | 704 | 828 | 931 | 1,001 | 1,036 | 1,057 | 1,078 | |
| % Growth | 7.3% | 5.0% | 4.3% | 3.6% | -4.8% | 17.5% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | |
| EBITDA | 199 | 244 | 256 | 265 | 262 | 284 | 329 | 359 | 371 | 379 | 386 | |
| % of Revenue | 30.5% | 35.7% | 35.8% | 35.8% | 37.3% | 34.3% | 35.3% | 35.8% | 35.8% | 35.8% | 35.8% | |
| 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 | 244 | 256 | 265 | 262 | 284 | 329 | 359 | 371 | 379 | 386 | 386 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (77) | (81) | (77) | (44) | (111) | (124) | (134) | (138) | (141) | (144) | (73) | |
| EBIT | 168 | 175 | 189 | 219 | 174 | 205 | 225 | 233 | 238 | 242 | 314 | |
| Pro forma Taxes | (32) | (33) | (36) | (42) | (33) | (39) | (43) | (44) | (45) | (46) | (60) | |
| NOPAT | 129 | 136 | 142 | 153 | 177 | 141 | 166 | 182 | 189 | 192 | 196 | 254 |
| Capital Expenditures | (54) | (70) | (75) | (70) | (76) | (79) | (75) | (77) | (77) | (76) | (76) | (76) |
| NWC Investment | 3 | 2 | 2 | 2 | (3) | 9 | 7 | 5 | 2 | 1 | 2 | 2 |
| (+) D&A | 40 | 77 | 81 | 77 | 44 | 111 | 124 | 134 | 138 | 141 | 144 | 73 |
| Free Cash Flow | 118 | 145 | 150 | 162 | 142 | 181 | 223 | 245 | 253 | 259 | 265 | 252 |
| % Growth | 23% | 3% | 8% | -12% | 28% | 23% | 10% | 3% | 2% | 2% | -5% | |