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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal Revenue Multiple | 2.8x - 3.1x | 2.9x |
| Fair Value | €10.14 - €11.35 | €10.74 |
| Upside | 44.9% - 62.2% | 53.4% |
| 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 | 265 | 280 | 298 | 294 | 302 | 310 |
| % Growth | -9.3% | 5.4% | 6.5% | -1.3% | 2.7% | 2.6% |
| EBITDA | 6 | 51 | 59 | 197 | 203 | 208 |
| % of Revenue | 2.3% | 18.2% | 19.8% | 67.0% | 67.2% | 67.2% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 51 | 59 | 197 | 203 | 208 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (30) | (28) | (172) | (177) | (181) | |
| EBIT | 21 | 31 | 25 | 26 | 27 | |
| Pro forma Taxes | (8) | (11) | (9) | (10) | (10) | |
| NOPAT | (13) | 14 | 19 | 16 | 16 | 17 |
| Capital Expenditures | #NUM! | (8) | (8) | (3) | (3) | (3) |
| NWC Investment | (5) | 3 | 4 | (1) | 2 | 2 |
| (+) D&A | 27 | 30 | 28 | 172 | 177 | 181 |
| Free Cash Flow | #NUM! | 38 | 43 | 184 | 192 | 197 |
| % Growth | NM | 14% | 329% | 4% | 3% | |