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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Perpetuity Growth Rate | 2.5% - 3.5% | 3.0% |
| Fair Value | €20.21 - €25.81 | €22.45 |
| Upside | 7.5% - 37.3% | 19.4% |
| Select Revenue and EBITDA Forecast | |||||||
| (USD in millions) | Input Projections | ||||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| Revenue | 46 | 80 | 124 | 167 | 42 | 254 | |
| % Growth | 223.4% | 75.0% | 55.0% | 35.0% | -75.1% | 511.8% | |
| EBITDA | -176 | 50 | 50 | 53 | 13 | 106 | |
| % of Revenue | -386.7% | 62.7% | 40.9% | 31.5% | 31.5% | 41.5% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 50 | 50 | 53 | 13 | 106 | 106 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (308) | (290) | (276) | (183) | (61) | (0) | |
| EBIT | (258) | (239) | (223) | (169) | 45 | 106 | |
| Pro forma Taxes | 0 | 0 | 0 | 0 | (6) | (15) | |
| NOPAT | (152) | (258) | (239) | (223) | (169) | 39 | 91 |
| Capital Expenditures | (1) | (0) | (0) | (0) | (0) | (0) | (0) |
| NWC Investment | 57 | 62 | 79 | 78 | (227) | 385 | 14 |
| (+) D&A | 0 | 308 | 290 | 276 | 183 | 61 | 0 |
| Free Cash Flow | (95) | 112 | 130 | 131 | (214) | 485 | 105 |
| % Growth | NM | 16% | 1% | NM | NM | -78% | |