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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal EBITDA Multiple | 6.4x - 8.4x | 7.4x |
| Fair Value | €11.19 - €14.14 | €12.64 |
| Upside | 5.2% - 32.9% | 18.8% |
| 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 | 610 | 653 | 697 | 795 | 855 | 885 |
| % Growth | 15.3% | 7.1% | 6.6% | 14.1% | 7.5% | 3.5% |
| EBITDA | 43 | 62 | 71 | 89 | 104 | 107 |
| % of Revenue | 7.0% | 9.5% | 10.2% | 11.1% | 12.1% | 12.1% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 62 | 71 | 89 | 104 | 107 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (28) | (27) | (37) | (40) | (41) | |
| EBIT | 34 | 44 | 52 | 64 | 66 | |
| Pro forma Taxes | (13) | (17) | (20) | (24) | (25) | |
| NOPAT | 7 | 21 | 28 | 32 | 40 | 41 |
| Capital Expenditures | (31) | (34) | (34) | (26) | (35) | (35) |
| NWC Investment | (7) | (4) | (4) | (8) | (5) | (2) |
| (+) D&A | 31 | 28 | 27 | 37 | 40 | 41 |
| Free Cash Flow | 1 | 12 | 16 | 35 | 39 | 45 |
| % Growth | 1840% | 37% | 114% | 13% | 13% | |