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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.8% - 10.8% | 11.3% |
| Terminal Revenue Multiple | 0.9x - 1.0x | 1.0x |
| Fair Value | €2.64 - €2.94 | €2.79 |
| Upside | 62.0% - 80.6% | 71.1% |
| 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 | 39 | 37 | 39 | 40 | 43 | 47 |
| % Growth | 2.0% | -5.1% | 5.0% | 4.7% | 6.6% | 8.6% |
| EBITDA | 1 | 4 | 5 | 6 | 8 | 7 |
| % of Revenue | 2.0% | 10.1% | 12.5% | 15.1% | 17.4% | 14.9% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 4 | 5 | 6 | 8 | 7 | |
| Other Income / (Exp) | (0) | 0 | 0 | 0 | 3 | |
| D&A | (3) | (3) | (3) | (3) | (3) | |
| EBIT | 1 | 2 | 3 | 5 | 7 | |
| Pro forma Taxes | (0) | (0) | (0) | (1) | (1) | |
| NOPAT | 1 | 1 | 2 | 3 | 4 | 6 |
| Capital Expenditures | (0) | (2) | (2) | (2) | (2) | (2) |
| NWC Investment | 0 | (0) | 0 | 0 | 0 | 1 |
| (+) D&A | 0 | 3 | 3 | 3 | 3 | 3 |
| Free Cash Flow | 1 | 2 | 3 | 4 | 5 | 7 |
| % Growth | 111% | 88% | 33% | 29% | 40% | |