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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.8% - 10.8% | 11.3% |
| Terminal Revenue Multiple | 0.7x - 0.8x | 0.8x |
| Fair Value | €58.62 - €64.33 | €61.42 |
| Upside | 87.9% - 106.2% | 96.9% |
| 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 | 163 | 170 | 180 | 191 | 203 | 215 |
| % Growth | 14.1% | 4.8% | 5.8% | 6.0% | 6.1% | 5.9% |
| EBITDA | 10 | 21 | 23 | 27 | 30 | 34 |
| % of Revenue | 5.9% | 12.5% | 13.0% | 14.0% | 15.0% | 16.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 21 | 23 | 27 | 30 | 34 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (14) | (16) | (19) | (22) | (25) | |
| EBIT | 7 | 8 | 8 | 9 | 9 | |
| Pro forma Taxes | (1) | (1) | (1) | (1) | (1) | |
| NOPAT | 4 | 6 | 6 | 7 | 7 | 8 |
| Capital Expenditures | (1) | (2) | (2) | (2) | (2) | (2) |
| NWC Investment | (8) | (3) | (4) | (4) | (5) | (5) |
| (+) D&A | 5 | 14 | 16 | 19 | 22 | 25 |
| Free Cash Flow | (0) | 16 | 17 | 19 | 22 | 26 |
| % Growth | NM | 7% | 16% | 16% | 16% | |