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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal Revenue Multiple | 0.8x - 0.8x | 0.8x |
| Fair Value | €261.23 - €315.96 | €288.16 |
| Upside | -23.6% - -7.6% | -15.7% |
| 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 | 4,634 | 4,634 | 4,634 | 4,634 | 4,634 | 4,634 |
| % Growth | -35.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 226 | 227 | 227 | 227 | 227 | 227 |
| % of Revenue | 4.9% | 4.9% | 4.9% | 4.9% | 4.9% | 4.9% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | |
| EBITDA | 227 | 227 | 227 | 227 | 227 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (105) | (105) | (105) | (105) | (105) | |
| EBIT | 122 | 122 | 122 | 122 | 122 | |
| Pro forma Taxes | (28) | (28) | (28) | (28) | (28) | |
| NOPAT | 88 | 94 | 94 | 94 | 94 | 94 |
| Capital Expenditures | (448) | (319) | (348) | (372) | (372) | (372) |
| NWC Investment | 69 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 112 | 105 | 105 | 105 | 105 | 105 |
| Free Cash Flow | (179) | (120) | (149) | (173) | (173) | (173) |
| % Growth | NM | NM | NM | NM | NM | |