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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Perpetuity Growth Rate | 4.8% - 5.8% | 5.3% |
| Fair Value | €37.94 - €60.02 | €46.77 |
| Upside | -14.3% - 35.6% | 5.7% |
| 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 | 1,855 | 1,943 | 2,089 | 2,239 | 2,345 | 2,417 | |
| % Growth | 10.5% | 4.8% | 7.5% | 7.2% | 4.7% | 3.1% | |
| EBITDA | 201 | 288 | 315 | 341 | 354 | 367 | |
| % of Revenue | 10.9% | 14.8% | 15.1% | 15.2% | 15.1% | 15.2% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 288 | 315 | 341 | 354 | 367 | 367 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (110) | (121) | (128) | (133) | (131) | (114) | |
| EBIT | 177 | 193 | 213 | 222 | 236 | 253 | |
| Pro forma Taxes | (48) | (52) | (58) | (60) | (64) | (68) | |
| NOPAT | 84 | 129 | 141 | 155 | 162 | 172 | 185 |
| Capital Expenditures | (107) | (118) | (122) | (129) | (120) | (120) | (120) |
| NWC Investment | (33) | (17) | (27) | (28) | (20) | (13) | (24) |
| (+) D&A | 86 | 110 | 121 | 128 | 133 | 131 | 114 |
| Free Cash Flow | 31 | 105 | 113 | 127 | 155 | 170 | 155 |
| % Growth | 245% | 8% | 12% | 22% | 10% | -9% | |