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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 9.5% - 8.5% | 9.0% |
Perpetuity Growth Rate | 5.0% - 6.0% | 5.5% |
Fair Value | €188.53 - €301.62 | €228.94 |
Upside | 10.6% - 76.9% | 34.3% |
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 | 490 | 490 | 490 | 490 | 490 | 490 | |
% Growth | -8.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
EBITDA | 94 | 104 | 104 | 104 | 104 | 104 | |
% of Revenue | 19.2% | 21.2% | 21.2% | 21.2% | 21.2% | 21.2% |
Calculation of Free Cash Flow | |||||||
Projected Unlevered Cash Flow | |||||||
(EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
EBITDA | 104 | 104 | 104 | 104 | 104 | 104 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
D&A | (12) | (12) | (12) | (12) | (12) | (39) | |
EBIT | 92 | 92 | 92 | 92 | 92 | 65 | |
Pro forma Taxes | (24) | (24) | (24) | (24) | (24) | (17) | |
NOPAT | 59 | 68 | 68 | 68 | 68 | 68 | 48 |
Capital Expenditures | (50) | (35) | (39) | (41) | (41) | (41) | (41) |
NWC Investment | 9 | 0 | 0 | 0 | 0 | 0 | (5) |
(+) D&A | 14 | 12 | 12 | 12 | 12 | 12 | 39 |
Free Cash Flow | 32 | 45 | 41 | 39 | 39 | 39 | 40 |
% Growth | 43% | -9% | -6% | 0% | 0% | 4% |