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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal EBITDA Multiple | 5.6x - 7.6x | 6.6x |
| Fair Value | €1.15 - €1.66 | €1.40 |
| Upside | 20.1% - 73.3% | 46.3% |
| 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 |
| Revenue | 76 | 69 | 89 | 95 | 103 | 113 |
| % Growth | -17.2% | -9.8% | 29.8% | 7.0% | 7.7% | 10.0% |
| EBITDA | 5 | 4 | 5 | 6 | 7 | 7 |
| % of Revenue | 6.5% | 5.2% | 5.4% | 5.9% | 6.3% | 6.6% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | |
| EBITDA | 4 | 5 | 6 | 7 | 7 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (5) | (5) | (6) | (5) | (4) | |
| EBIT | (1) | (1) | (0) | 2 | 3 | |
| Pro forma Taxes | 0 | 0 | 0 | (0) | (1) | |
| NOPAT | 0 | (1) | (1) | (0) | 1 | 2 |
| Capital Expenditures | (2) | (1) | (3) | (2) | (1) | (1) |
| NWC Investment | 3 | 1 | (4) | (1) | (1) | (2) |
| (+) D&A | 5 | 5 | 5 | 6 | 5 | 4 |
| Free Cash Flow | 6 | 4 | (2) | 3 | 4 | 3 |
| % Growth | -36% | NM | NM | 24% | -3% | |