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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Terminal EBITDA Multiple | 1.4x - 3.4x | 2.4x |
| Fair Value | €4.85 - €7.26 | €6.03 |
| Upside | 26.2% - 89.2% | 57.1% |
| 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 | 30 | 36 | 40 | 43 | 45 | 46 |
| % Growth | 29.1% | 20.0% | 12.5% | 7.5% | 3.5% | 2.0% |
| EBITDA | 3 | 4 | 6 | 7 | 7 | 7 |
| % of Revenue | 10.4% | 12.3% | 14.8% | 15.8% | 15.8% | 15.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 4 | 6 | 7 | 7 | 7 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (0) | (0) | (0) | (0) | (0) | |
| EBIT | 4 | 6 | 7 | 7 | 7 | |
| Pro forma Taxes | (1) | (1) | (1) | (1) | (1) | |
| NOPAT | 2 | 3 | 5 | 5 | 6 | 6 |
| Capital Expenditures | (0) | (0) | (0) | (0) | (0) | (0) |
| NWC Investment | (3) | (2) | (2) | (1) | (1) | (0) |
| (+) D&A | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 0 | 1 | 3 | 5 | 5 | 6 |
| % Growth | 1182% | 129% | 39% | 17% | 7% | |