Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal EBITDA Multiple | 0.8x - 2.8x | 1.8x |
| Fair Value | €42.28 - €95.18 | €67.74 |
| Upside | 15.8% - 160.8% | 85.6% |
| 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 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 |
| Revenue | 96 | 76 | 424 | 628 | 753 | 859 | 923 | 956 | 975 | 994 | 1,014 |
| % Growth | 165.1% | -20.4% | 457.2% | 48.0% | 20.0% | 14.0% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% |
| EBITDA | 15 | 96 | 74 | 195 | 244 | 299 | 327 | 338 | 345 | 352 | 359 |
| % of Revenue | 15.6% | 125.5% | 17.5% | 31.0% | 32.4% | 34.9% | 35.4% | 35.4% | 35.4% | 35.4% | 35.4% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (EUR in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | |
| EBITDA | 96 | 74 | 195 | 244 | 299 | 327 | 338 | 345 | 352 | 359 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (0) | (10) | (98) | (77) | (142) | (153) | (158) | (161) | (165) | (168) | |
| EBIT | 95 | 64 | 97 | 167 | 157 | 174 | 180 | 183 | 187 | 191 | |
| Pro forma Taxes | (31) | (21) | (32) | (55) | (52) | (57) | (59) | (61) | (62) | (63) | |
| NOPAT | 10 | 64 | 43 | 65 | 112 | 105 | 116 | 120 | 123 | 125 | 128 |
| Capital Expenditures | #NUM! | (5) | (440) | (1) | (149) | (197) | (115) | (120) | (122) | (119) | (120) |
| NWC Investment | (13) | 4 | (74) | (43) | (27) | (22) | (14) | (7) | (4) | (4) | (4) |
| (+) D&A | 0 | 0 | 10 | 98 | 77 | 142 | 153 | 158 | 161 | 165 | 168 |
| Free Cash Flow | #NUM! | 63 | (461) | 118 | 13 | 29 | 140 | 152 | 158 | 167 | 171 |
| % Growth | NM | NM | NM | -89% | 116% | 391% | 9% | 4% | 5% | 3% | |