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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal EBITDA Multiple | 8.5x - 10.5x | 9.5x |
| Fair Value | €57.30 - €69.69 | €63.38 |
| Upside | 14.4% - 39.1% | 26.5% |
| 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 | 217 | 237 | 253 | 265 | 283 | 304 |
| % Growth | -1.4% | 9.5% | 6.5% | 5.0% | 6.6% | 7.5% |
| EBITDA | 48 | 68 | 79 | 92 | 101 | 111 |
| % of Revenue | 22.3% | 28.7% | 31.4% | 34.5% | 35.5% | 36.5% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 68 | 79 | 92 | 101 | 111 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (16) | (20) | (27) | (23) | (29) | |
| EBIT | 52 | 60 | 64 | 78 | 82 | |
| Pro forma Taxes | (10) | (12) | (13) | (16) | (16) | |
| NOPAT | 36 | 42 | 48 | 51 | 62 | 66 |
| Capital Expenditures | (12) | (15) | (15) | (15) | (14) | (15) |
| NWC Investment | 0 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 4 | 16 | 20 | 27 | 23 | 29 |
| Free Cash Flow | 28 | 43 | 53 | 64 | 71 | 80 |
| % Growth | 54% | 23% | 21% | 11% | 12% | |