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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal Revenue Multiple | 3.0x - 3.4x | 3.2x |
| Fair Value | €54.37 - €60.72 | €57.50 |
| Upside | 58.5% - 77.0% | 67.6% |
| 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 |
| Revenue | 220 | 217 | 233 | 245 | 285 | 302 |
| % Growth | 2.7% | -1.4% | 7.4% | 5.1% | 16.5% | 6.0% |
| EBITDA | 59 | 60 | 71 | 72 | 91 | 100 |
| % of Revenue | 26.6% | 27.9% | 30.3% | 29.5% | 32.0% | 33.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | |
| EBITDA | 60 | 71 | 72 | 91 | 100 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (15) | (21) | (16) | (15) | (19) | |
| EBIT | 46 | 50 | 57 | 76 | 81 | |
| Pro forma Taxes | (10) | (11) | (12) | (17) | (18) | |
| NOPAT | 43 | 36 | 39 | 44 | 59 | 63 |
| Capital Expenditures | (18) | (14) | (15) | (15) | (13) | (14) |
| NWC Investment | (0) | 0 | (0) | (0) | (1) | (0) |
| (+) D&A | 3 | 15 | 21 | 16 | 15 | 19 |
| Free Cash Flow | 28 | 37 | 45 | 45 | 61 | 68 |
| % Growth | 31% | 22% | 0% | 36% | 11% | |