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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Terminal Revenue Multiple | 2.0x - 2.2x | 2.1x |
| Fair Value | €2.62 - €2.73 | €2.67 |
| Upside | 64.7% - 71.9% | 68.2% |
| 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 | 5 | 6 | 6 | 7 | 7 | 7 | 7 | 7 | 8 | 8 | 8 |
| % Growth | 41.7% | 24.7% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | -4 | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA |
| % of Revenue | -79.7% | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | ||
| EBITDA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | |
| Other Income / (Exp) | #NUM! | #NUM! | #NUM! | #NUM! | #NUM! | #NUM! | #NUM! | #NUM! | #NUM! | #NUM! | |
| D&A | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | |
| EBIT | #NUM! | #NUM! | #NUM! | #NUM! | #NUM! | #NUM! | #NUM! | #NUM! | #NUM! | #NUM! | |
| Pro forma Taxes | #NUM! | #NUM! | #NUM! | #NUM! | #NUM! | #NUM! | #NUM! | #NUM! | #NUM! | #NUM! | |
| NOPAT | (3) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| NWC Investment | (2) | (1) | (1) | (1) | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| (+) D&A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | (5) | (1) | (1) | (1) | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| % Growth | NM | NM | NM | NM | NM | NM | NM | NM | NM | ||