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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal EBITDA Multiple | 7.7x - 9.7x | 8.7x |
| Fair Value | €2.14 - €2.69 | €2.41 |
| Upside | 31.3% - 65.2% | 48.0% |
| Select Revenue and EBITDA Forecast | ||||||
| (EUR in millions) | Input Projections | |||||
| Fiscal Years Ending | Feb-24 | Feb-25 | Feb-26 | Feb-27 | Feb-28 | Feb-29 |
| Revenue | 1,653 | 1,663 | 1,707 | 1,743 | 1,778 | 1,813 |
| % Growth | -2.0% | 0.6% | 2.7% | 2.1% | 2.0% | 2.0% |
| EBITDA | 80 | 111 | 113 | 120 | 122 | 125 |
| % of Revenue | 4.8% | 6.7% | 6.6% | 6.9% | 6.9% | 6.9% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Feb-25 | Feb-26 | Feb-27 | Feb-28 | Feb-29 | |
| EBITDA | 111 | 113 | 120 | 122 | 125 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (34) | (34) | (33) | (34) | (35) | |
| EBIT | 77 | 80 | 86 | 88 | 90 | |
| Pro forma Taxes | (15) | (15) | (16) | (17) | (17) | |
| NOPAT | 37 | 62 | 65 | 70 | 71 | 73 |
| Capital Expenditures | (18) | (15) | (15) | (15) | (16) | (16) |
| NWC Investment | (1) | 0 | 2 | 1 | 1 | 1 |
| (+) D&A | 34 | 34 | 34 | 33 | 34 | 35 |
| Free Cash Flow | 52 | 82 | 85 | 89 | 91 | 93 |
| % Growth | 58% | 4% | 5% | 2% | 2% | |