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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal Revenue Multiple | 0.7x - 0.8x | 0.8x |
| Fair Value | €2.65 - €3.01 | €2.82 |
| Upside | 46.2% - 66.3% | 56.0% |
| Select Revenue and EBITDA Forecast | ||||||
| (EUR in millions) | Input Projections | |||||
| Fiscal Years Ending | Feb-25 | Feb-26 | Feb-27 | Feb-28 | Feb-29 | Feb-30 |
| Revenue | 1,666 | 1,685 | 1,720 | 1,747 | 1,794 | 1,830 |
| % Growth | 0.8% | 1.2% | 2.0% | 1.6% | 2.7% | 2.0% |
| EBITDA | 112 | 113 | 119 | 123 | 132 | 135 |
| % of Revenue | 6.7% | 6.7% | 6.9% | 7.0% | 7.4% | 7.4% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Feb-26 | Feb-27 | Feb-28 | Feb-29 | Feb-30 | |
| EBITDA | 113 | 119 | 123 | 132 | 135 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (34) | (33) | (32) | (35) | (36) | |
| EBIT | 79 | 86 | 90 | 97 | 99 | |
| Pro forma Taxes | (15) | (16) | (17) | (18) | (19) | |
| NOPAT | 62 | 64 | 69 | 73 | 79 | 80 |
| Capital Expenditures | (17) | (18) | (17) | (17) | (20) | (20) |
| NWC Investment | 1 | 1 | 1 | 1 | 2 | 2 |
| (+) D&A | 35 | 34 | 33 | 32 | 35 | 36 |
| Free Cash Flow | 81 | 80 | 87 | 90 | 96 | 97 |
| % Growth | -1% | 9% | 2% | 7% | 1% | |