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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal EBITDA Multiple | 8.1x - 10.1x | 9.1x |
| Fair Value | €89.71 - €112.88 | €101.07 |
| Upside | 48.7% - 87.0% | 67.5% |
| 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 | 972 | 1,027 | 1,118 | 1,174 | 1,408 | 1,558 |
| % Growth | 6.6% | 5.7% | 8.8% | 5.0% | 20.0% | 10.6% |
| EBITDA | 113 | 146 | 163 | 173 | 183 | 187 |
| % of Revenue | 11.6% | 14.3% | 14.6% | 14.7% | 13.0% | 12.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 146 | 163 | 173 | 183 | 187 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (39) | (47) | (34) | (35) | (24) | |
| EBIT | 107 | 116 | 139 | 148 | 164 | |
| Pro forma Taxes | (31) | (34) | (40) | (43) | (47) | |
| NOPAT | 71 | 76 | 82 | 99 | 105 | 116 |
| Capital Expenditures | (7) | (6) | (7) | (13) | (30) | (30) |
| NWC Investment | (8) | (7) | (12) | (7) | (31) | (20) |
| (+) D&A | 13 | 39 | 47 | 34 | 35 | 24 |
| Free Cash Flow | 69 | 102 | 110 | 112 | 79 | 90 |
| % Growth | 48% | 8% | 1% | -29% | 13% | |