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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.5% - 10.5% | 11.0% |
| Terminal Revenue Multiple | 1.2x - 1.3x | 1.3x |
| Fair Value | €22.10 - €25.16 | €23.58 |
| Upside | 44.0% - 63.9% | 53.6% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (EUR in millions) | Input Projections | ||||||||||
| Fiscal Years Ending | Dec-23 | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 |
| Revenue | 201 | 204 | 212 | 228 | 236 | 241 | 246 | 251 | 256 | 261 | 266 |
| % Growth | -8.5% | 1.4% | 4.3% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 32 | 35 | 34 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 44 |
| % of Revenue | 15.7% | 17.2% | 16.1% | 16.7% | 16.7% | 16.7% | 16.7% | 16.7% | 16.7% | 16.7% | 16.7% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | ||
| EBITDA | 35 | 34 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 44 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (13) | (15) | (16) | (17) | (17) | (18) | (18) | (18) | (19) | (19) | |
| EBIT | 22 | 19 | 22 | 23 | 23 | 23 | 24 | 24 | 25 | 25 | |
| Pro forma Taxes | (5) | (5) | (5) | (5) | (6) | (6) | (6) | (6) | (6) | (6) | |
| NOPAT | 14 | 17 | 15 | 17 | 17 | 17 | 18 | 18 | 19 | 19 | 19 |
| Capital Expenditures | (14) | (30) | (25) | (15) | (23) | (24) | (21) | (21) | (22) | (21) | (21) |
| NWC Investment | 3 | (0) | (2) | (3) | (1) | (1) | (1) | (1) | (1) | (1) | (1) |
| (+) D&A | 13 | 13 | 15 | 16 | 17 | 17 | 18 | 18 | 18 | 19 | 19 |
| Free Cash Flow | 17 | (1) | 3 | 15 | 9 | 10 | 14 | 14 | 14 | 16 | 16 |
| % Growth | NM | 393% | -38% | 9% | 37% | 2% | 2% | 8% | 4% | ||