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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 13.5% - 12.5% | 13.0% |
| Perpetuity Growth Rate | 6.5% - 7.5% | 7.0% |
| Fair Value | €7.24 - €14.76 | €10.38 |
| Upside | -23.4% - 56.2% | 9.8% |
| Select Revenue and EBITDA Forecast | |||||||
| (USD in millions) | Input Projections | ||||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| Revenue | 1,981 | 2,027 | 2,058 | 2,077 | 2,108 | 2,140 | |
| % Growth | -2.2% | 2.3% | 1.5% | 0.9% | 1.5% | 1.5% | |
| EBITDA | 185 | 223 | 243 | 258 | 264 | 267 | |
| % of Revenue | 9.3% | 11.0% | 11.8% | 12.4% | 12.5% | 12.5% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 223 | 243 | 258 | 264 | 267 | 267 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (87) | (94) | (88) | (100) | (100) | (69) | |
| EBIT | 136 | 150 | 170 | 164 | 167 | 198 | |
| Pro forma Taxes | (38) | (42) | (48) | (46) | (47) | (55) | |
| NOPAT | 32 | 98 | 108 | 122 | 118 | 120 | 142 |
| Capital Expenditures | (55) | (41) | (42) | (54) | (72) | (73) | (73) |
| NWC Investment | 7 | (7) | (5) | (3) | (5) | (5) | (24) |
| (+) D&A | 141 | 87 | 94 | 88 | 100 | 100 | 69 |
| Free Cash Flow | 125 | 137 | 154 | 153 | 141 | 142 | 115 |
| % Growth | 10% | 13% | -1% | -8% | 1% | -19% | |