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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 12.5% - 11.5% | 12.0% |
| Terminal EBITDA Multiple | 37.9x - 39.9x | 38.9x |
| Fair Value | €10.03 - €11.15 | €10.57 |
| Upside | -37.8% - -30.9% | -34.5% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 179 | 213 | 244 | 262 | 271 | 277 | 282 | 288 | 293 | 299 | 305 |
| % Growth | 8.2% | 18.7% | 14.3% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 5 | 12 | 20 | 24 | 25 | 26 | 26 | 27 | 27 | 28 | 28 |
| % of Revenue | 3.0% | 5.7% | 8.2% | 9.2% | 9.2% | 9.2% | 9.2% | 9.2% | 9.2% | 9.2% | 9.2% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 12 | 20 | 24 | 25 | 26 | 26 | 27 | 27 | 28 | 28 | |
| Other Income / (Exp) | 34 | 37 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (7) | (8) | (9) | (9) | (9) | (9) | (10) | (10) | (10) | (10) | |
| EBIT | 39 | 49 | 15 | 16 | 16 | 17 | 17 | 17 | 18 | 18 | |
| Pro forma Taxes | (15) | (18) | (6) | (6) | (6) | (6) | (6) | (6) | (7) | (7) | |
| NOPAT | 1 | 25 | 31 | 10 | 10 | 10 | 10 | 11 | 11 | 11 | 11 |
| Capital Expenditures | (18) | (20) | (23) | (24) | (25) | (26) | (25) | (25) | (25) | (25) | (25) |
| NWC Investment | (2) | (4) | (4) | (2) | (1) | (1) | (1) | (1) | (1) | (1) | (1) |
| (+) D&A | 5 | 7 | 8 | 9 | 9 | 9 | 9 | 10 | 10 | 10 | 10 |
| Free Cash Flow | (14) | 8 | 13 | (8) | (7) | (7) | (6) | (6) | (5) | (5) | (4) |
| % Growth | NM | 62% | NM | NM | NM | NM | NM | NM | NM | NM | |