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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 12.8% - 11.8% | 12.3% |
| Terminal Revenue Multiple | 3.6x - 4.0x | 3.8x |
| Fair Value | €6.26 - €7.66 | €6.94 |
| Upside | 22.0% - 49.3% | 35.2% |
| 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 | 746 | 704 | 828 | 931 | 1,001 | 1,036 | 1,057 | 1,078 |
| % Growth | 7.3% | 5.0% | 4.3% | 4.5% | -5.6% | 17.5% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% |
| EBITDA | 199 | 247 | 258 | 270 | 262 | 284 | 329 | 359 | 371 | 379 | 386 |
| % of Revenue | 30.5% | 36.1% | 36.1% | 36.2% | 37.3% | 34.3% | 35.3% | 35.8% | 35.8% | 35.8% | 35.8% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | ||
| EBITDA | 247 | 258 | 270 | 262 | 284 | 329 | 359 | 371 | 379 | 386 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (78) | (80) | (78) | (44) | (111) | (124) | (134) | (138) | (141) | (144) | |
| EBIT | 169 | 178 | 192 | 219 | 174 | 205 | 225 | 233 | 238 | 242 | |
| Pro forma Taxes | (32) | (34) | (37) | (42) | (33) | (39) | (43) | (44) | (45) | (46) | |
| NOPAT | 129 | 137 | 144 | 156 | 177 | 141 | 166 | 182 | 189 | 192 | 196 |
| Capital Expenditures | (54) | (83) | (76) | (71) | (76) | (79) | (75) | (77) | (77) | (76) | (77) |
| NWC Investment | 3 | 2 | 2 | 2 | (3) | 9 | 7 | 5 | 2 | 1 | 2 |
| (+) D&A | 40 | 78 | 80 | 78 | 44 | 111 | 124 | 134 | 138 | 141 | 144 |
| Free Cash Flow | 118 | 135 | 149 | 164 | 142 | 181 | 222 | 244 | 253 | 259 | 265 |
| % Growth | 11% | 10% | -14% | 28% | 22% | 10% | 3% | 2% | 2% | ||