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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | €7.67 - €9.04 | €8.13 |
| Upside | 70.5% - 101.0% | 80.6% |
| 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 | 693 | 699 | 733 | 823 | 885 | 916 | |
| % Growth | -11.5% | 0.9% | 4.8% | 12.4% | 7.5% | 3.5% | |
| EBITDA | 62 | 88 | 97 | 96 | 112 | 116 | |
| % of Revenue | 9.0% | 12.6% | 13.3% | 11.6% | 12.6% | 12.6% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 88 | 97 | 96 | 112 | 116 | 116 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (50) | (51) | (50) | (54) | (56) | (26) | |
| EBIT | 38 | 46 | 46 | 58 | 60 | 89 | |
| Pro forma Taxes | (6) | (7) | (7) | (9) | (9) | (13) | |
| NOPAT | 6 | 32 | 39 | 39 | 49 | 51 | 76 |
| Capital Expenditures | (38) | (25) | (25) | (25) | (27) | (28) | (28) |
| NWC Investment | 37 | (3) | (14) | (37) | (25) | (13) | 0 |
| (+) D&A | 55 | 50 | 51 | 50 | 54 | 56 | 26 |
| Free Cash Flow | 60 | 55 | 51 | 27 | 51 | 66 | 75 |
| % Growth | -10% | -6% | -48% | 91% | 30% | 13% | |