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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.0% - 10.0% | 10.5% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | €30.09 - €34.86 | €31.68 |
| Upside | -19.5% - -6.8% | -15.3% |
| 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 | |
| Revenue | 342 | 347 | 367 | 552 | 596 | 644 | |
| % Growth | -4.6% | 1.5% | 5.7% | 50.3% | 8.0% | 8.1% | |
| EBITDA | 22 | 53 | 58 | 127 | 149 | 161 | |
| % of Revenue | 6.5% | 15.1% | 15.8% | 23.0% | 25.0% | 25.0% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 53 | 58 | 127 | 149 | 161 | 161 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (12) | (12) | (17) | (19) | (20) | (19) | |
| EBIT | 40 | 46 | 110 | 130 | 141 | 142 | |
| Pro forma Taxes | (16) | (18) | (43) | (51) | (55) | (55) | |
| NOPAT | 4 | 25 | 28 | 67 | 79 | 86 | 87 |
| Capital Expenditures | (6) | (5) | (20) | (20) | (20) | (20) | (20) |
| NWC Investment | 2 | (1) | (3) | (25) | (6) | (6) | 0 |
| (+) D&A | 16 | 12 | 12 | 17 | 19 | 20 | 19 |
| Free Cash Flow | 16 | 31 | 17 | 40 | 72 | 80 | 86 |
| % Growth | 94% | -45% | 130% | 83% | 10% | 7% | |