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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal Revenue Multiple | 5.1x - 5.6x | 5.4x |
| Fair Value | €26.16 - €29.21 | €27.64 |
| Upside | 2.2% - 14.1% | 8.0% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (EUR in millions) | Input Projections | ||||||||||
| Fiscal Years Ending | Sep-24 | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 | Sep-30 | Sep-31 | Sep-32 | Sep-33 | Sep-34 |
| Revenue | 17 | 7 | 10 | 10 | 10 | 10 | 10 | 11 | 11 | 11 | 11 |
| % Growth | -2.1% | -59.3% | 37.7% | 3.2% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 4 | 2 | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| % of Revenue | 24.2% | 28.0% | 35.5% | 35.5% | 35.5% | 35.5% | 35.5% | 35.5% | 35.5% | 35.5% | 35.5% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 | Sep-30 | Sep-31 | Sep-32 | Sep-33 | Sep-34 | ||
| EBITDA | 2 | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1) | (2) | (2) | (2) | (2) | (3) | (3) | (3) | (3) | (3) | |
| EBIT | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | |
| Pro forma Taxes | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | |
| NOPAT | 3 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Capital Expenditures | (0) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) |
| NWC Investment | 0 | 1 | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| (+) D&A | 0 | 1 | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 3 |
| Free Cash Flow | 3 | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| % Growth | 27% | 18% | 2% | 2% | 3% | 2% | 3% | 3% | 3% | ||