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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal EBITDA Multiple | 6.5x - 8.5x | 7.5x |
| Fair Value | €883.67 - €985.57 | €932.82 |
| Upside | 57.2% - 75.4% | 66.0% |
| 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 | 186 | 186 | 186 | 186 | 186 | 186 | 186 | 186 | 186 | 186 | 186 |
| % Growth | -4.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 |
| % of Revenue | 16.6% | 16.4% | 16.4% | 16.4% | 16.4% | 16.4% | 16.4% | 16.4% | 16.4% | 16.4% | 16.4% |
| 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 | |
| EBITDA | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2) | (2) | (2) | (2) | (2) | (2) | (2) | (2) | (2) | (2) | |
| EBIT | 28 | 28 | 28 | 28 | 28 | 28 | 28 | 28 | 28 | 28 | |
| Pro forma Taxes | (7) | (7) | (7) | (7) | (7) | (7) | (7) | (7) | (7) | (7) | |
| NOPAT | 21 | 21 | 21 | 21 | 21 | 21 | 21 | 21 | 21 | 21 | 21 |
| Capital Expenditures | (2) | (2) | (2) | (2) | (2) | (2) | (2) | (2) | (2) | (2) | (2) |
| NWC Investment | (1) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Free Cash Flow | 21 | 21 | 21 | 21 | 21 | 21 | 21 | 21 | 21 | 21 | 21 |
| % Growth | 4% | 0% | -1% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | |