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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal EBITDA Multiple | 7.6x - 9.6x | 8.6x |
| Fair Value | €249.94 - €300.28 | €274.70 |
| Upside | 42.8% - 71.6% | 57.0% |
| 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 | 533 | 573 | 593 | 605 | 617 | 629 |
| % Growth | 12.1% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% |
| EBITDA | 122 | 135 | 140 | 143 | 146 | 149 |
| % of Revenue | 23.0% | 23.6% | 23.6% | 23.6% | 23.6% | 23.6% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | |
| EBITDA | 135 | 140 | 143 | 146 | 149 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (13) | (14) | (14) | (14) | (14) | |
| EBIT | 122 | 127 | 129 | 132 | 134 | |
| Pro forma Taxes | (33) | (34) | (35) | (36) | (36) | |
| NOPAT | 81 | 89 | 92 | 94 | 96 | 98 |
| Capital Expenditures | (32) | (23) | (24) | (26) | (27) | (27) |
| NWC Investment | (12) | (9) | (4) | (3) | (3) | (3) |
| (+) D&A | 11 | 13 | 14 | 14 | 14 | 14 |
| Free Cash Flow | 48 | 71 | 78 | 80 | 81 | 83 |
| % Growth | 48% | 10% | 2% | 2% | 2% | |