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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal EBITDA Multiple | 7.1x - 9.1x | 8.1x |
| Fair Value | €6.76 - €7.92 | €7.32 |
| Upside | 40.2% - 64.4% | 51.9% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 43 | 46 | 49 | 53 | 56 | 59 | 61 | 63 | 70 | 72 | 73 |
| % Growth | 13.4% | 6.3% | 8.1% | 7.5% | 5.3% | 4.6% | 3.9% | 3.4% | 10.9% | 2.6% | 2.0% |
| EBITDA | -7 | 14 | 16 | 17 | 20 | 23 | 24 | 24 | 28 | 29 | 29 |
| % of Revenue | -15.7% | 29.9% | 33.3% | 32.7% | 35.5% | 38.9% | 38.9% | 38.9% | 39.9% | 39.9% | 39.9% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 14 | 16 | 17 | 20 | 23 | 24 | 24 | 28 | 29 | 29 | |
| Other Income / (Exp) | 0 | 0 | 4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2) | (2) | (2) | (3) | (6) | (6) | (6) | (7) | (7) | (7) | |
| EBIT | 12 | 15 | 20 | 17 | 17 | 18 | 18 | 21 | 21 | 22 | |
| Pro forma Taxes | (2) | (3) | (3) | (3) | (3) | (3) | (3) | (4) | (4) | (4) | |
| NOPAT | (9) | 10 | 12 | 16 | 14 | 14 | 15 | 15 | 17 | 18 | 18 |
| Capital Expenditures | (6) | (2) | (2) | (2) | (1) | (1) | (1) | (1) | (1) | (1) | (1) |
| NWC Investment | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 1 | 0 | 0 |
| (+) D&A | 4 | 2 | 2 | 2 | 3 | 6 | 6 | 6 | 7 | 7 | 7 |
| Free Cash Flow | (10) | 11 | 13 | 17 | 16 | 19 | 20 | 21 | 24 | 24 | 24 |
| % Growth | NM | 23% | 30% | -6% | 19% | 4% | 3% | 19% | -2% | 2% | |