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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal Revenue Multiple | 0.5x - 0.6x | 0.6x |
| Fair Value | €182.17 - €221.58 | €201.51 |
| Upside | -25.3% - -9.2% | -17.4% |
| 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 | 2,426 | 2,474 | 2,524 | 2,574 | 2,626 | 2,678 |
| % Growth | 2.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 171 | 133 | 136 | 138 | 141 | 144 |
| % of Revenue | 7.1% | 5.4% | 5.4% | 5.4% | 5.4% | 5.4% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 133 | 136 | 138 | 141 | 144 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (67) | (68) | (70) | (71) | (73) | |
| EBIT | 66 | 67 | 69 | 70 | 71 | |
| Pro forma Taxes | (18) | (18) | (19) | (19) | (19) | |
| NOPAT | 79 | 48 | 49 | 50 | 51 | 52 |
| Capital Expenditures | (139) | (132) | (134) | (137) | (140) | (143) |
| NWC Investment | (14) | (12) | (12) | (12) | (12) | (12) |
| (+) D&A | 63 | 67 | 68 | 70 | 71 | 73 |
| Free Cash Flow | (10) | (28) | (29) | (29) | (30) | (30) |
| % Growth | NM | NM | NM | NM | NM | |