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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 | €12.07 - €16.23 | €13.39 |
| Upside | 74.9% - 135.2% | 94.0% |
| Select Revenue and EBITDA Forecast | |||||||
| (EUR in millions) | Input Projections | ||||||
| Fiscal Years Ending | Dec-23 | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | |
| Revenue | 49 | 51 | 55 | 67 | 165 | 189 | |
| % Growth | -9.5% | 3.6% | 8.3% | 21.6% | 145.8% | 15.0% | |
| EBITDA | 3 | 1 | 3 | 4 | 27 | 36 | |
| % of Revenue | 6.2% | 1.4% | 4.7% | 6.6% | 16.6% | 19.1% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (EUR in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Terminal | |
| EBITDA | 1 | 3 | 4 | 27 | 36 | 36 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | (0) | |
| D&A | (5) | (6) | (6) | (21) | (29) | (11) | |
| EBIT | (4) | (3) | (2) | 7 | 7 | 25 | |
| Pro forma Taxes | 0 | 0 | 0 | (2) | (2) | (9) | |
| NOPAT | (1) | (4) | (3) | (2) | 4 | 5 | 17 |
| Capital Expenditures | (7) | (5) | (3) | (3) | (10) | (11) | (11) |
| NWC Investment | 3 | (1) | (2) | (6) | (52) | (13) | 0 |
| (+) D&A | 5 | 5 | 6 | 6 | 21 | 29 | 11 |
| Free Cash Flow | (0) | (5) | (3) | (5) | (37) | 9 | 16 |
| % Growth | NM | NM | NM | NM | NM | 78% | |