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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal EBITDA Multiple | 4.5x - 6.5x | 5.5x |
| Fair Value | €17.19 - €21.57 | €19.34 |
| Upside | 47.9% - 85.6% | 66.4% |
| 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 | 498 | 561 | 599 | 620 | 650 | 677 |
| % Growth | 6.7% | 12.6% | 6.7% | 3.5% | 4.8% | 4.2% |
| EBITDA | 32 | 42 | 57 | 63 | 76 | 86 |
| % of Revenue | 6.4% | 7.6% | 9.5% | 10.2% | 11.7% | 12.7% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 42 | 57 | 63 | 76 | 86 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (12) | (16) | (12) | (15) | (41) | |
| EBIT | 31 | 41 | 51 | 61 | 45 | |
| Pro forma Taxes | (6) | (9) | (11) | (13) | (9) | |
| NOPAT | 22 | 24 | 32 | 40 | 48 | 36 |
| Capital Expenditures | (4) | (12) | (12) | (13) | (14) | (14) |
| NWC Investment | 4 | 8 | 5 | 3 | 4 | 3 |
| (+) D&A | 4 | 12 | 16 | 12 | 15 | 41 |
| Free Cash Flow | 25 | 32 | 40 | 42 | 53 | 66 |
| % Growth | 26% | 26% | 5% | 26% | 23% | |