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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.8% - 10.8% | 11.3% |
| Terminal Revenue Multiple | 3.8x - 4.2x | 4.0x |
| Fair Value | €32.41 - €36.56 | €34.42 |
| Upside | 5.2% - 18.7% | 11.8% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 764 | 766 | 830 | 928 | 997 | 1,095 | 1,133 | 1,156 | 1,179 | 1,203 | 1,227 |
| % Growth | 15.2% | 0.4% | 8.3% | 11.8% | 7.5% | 9.8% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 77 | 129 | 154 | 195 | 220 | 253 | 261 | 267 | 272 | 277 | 283 |
| % of Revenue | 10.1% | 16.8% | 18.6% | 21.1% | 22.1% | 23.1% | 23.1% | 23.1% | 23.1% | 23.1% | 23.1% |
| 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 | 129 | 154 | 195 | 220 | 253 | 261 | 267 | 272 | 277 | 283 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (29) | (22) | (58) | (62) | (68) | (71) | (72) | (74) | (75) | (77) | |
| EBIT | 100 | 132 | 138 | 158 | 184 | 191 | 194 | 198 | 202 | 206 | |
| Pro forma Taxes | (11) | (15) | (15) | (17) | (20) | (21) | (21) | (22) | (22) | (23) | |
| NOPAT | 39 | 89 | 118 | 122 | 140 | 164 | 170 | 173 | 177 | 180 | 184 |
| Capital Expenditures | (38) | (43) | (38) | (42) | (46) | (50) | (46) | (47) | (48) | (47) | (47) |
| NWC Investment | (18) | (1) | (11) | (18) | (13) | (18) | (7) | (4) | (4) | (4) | (4) |
| (+) D&A | 33 | 29 | 22 | 58 | 62 | 68 | 71 | 72 | 74 | 75 | 77 |
| Free Cash Flow | 16 | 74 | 90 | 120 | 144 | 165 | 187 | 194 | 198 | 204 | 209 |
| % Growth | 21% | 33% | 20% | 14% | 14% | 4% | 2% | 3% | 2% | ||