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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 13.8% - 12.8% | 13.3% |
| Terminal EBITDA Multiple | 11.5x - 13.5x | 12.5x |
| Fair Value | €14 - €22.84 | €18.34 |
| Upside | -52.2% - -22.1% | -37.4% |
| 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 | 5,321 | 3,364 | 7,051 | 7,199 | 7,343 | 7,490 |
| % Growth | 12.6% | -36.8% | 109.6% | 2.1% | 2.0% | 2.0% |
| EBITDA | -316 | 153 | 124 | 125 | 127 | 130 |
| % of Revenue | -5.9% | 4.5% | 1.8% | 1.7% | 1.7% | 1.7% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 153 | 124 | 125 | 127 | 130 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (50) | (313) | (208) | (212) | (216) | |
| EBIT | 103 | (189) | (83) | (85) | (86) | |
| Pro forma Taxes | (18) | 0 | 0 | 0 | 0 | |
| NOPAT | (456) | 86 | (189) | (83) | (85) | (86) |
| Capital Expenditures | (131) | (131) | (131) | (131) | (134) | (136) |
| NWC Investment | 35 | (114) | 215 | 9 | 8 | 9 |
| (+) D&A | 233 | 50 | 313 | 208 | 212 | 216 |
| Free Cash Flow | (318) | (110) | 208 | 3 | 2 | 2 |
| % Growth | NM | NM | -99% | -15% | 2% | |