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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Perpetuity Growth Rate | 3.3% - 4.3% | 3.8% |
| Fair Value | €43.17 - €58.17 | €49.34 |
| Upside | 13.0% - 52.3% | 29.2% |
| 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 | 1,405 | 1,325 | 1,387 | 1,470 | 1,521 | 1,552 | 1,583 | 1,614 | 1,647 | 1,680 | 1,713 | |
| % Growth | -8.3% | -5.7% | 4.6% | 6.0% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 73 | 77 | 88 | 100 | 104 | 106 | 108 | 110 | 112 | 114 | 117 | |
| % of Revenue | 5.2% | 5.8% | 6.4% | 6.8% | 6.8% | 6.8% | 6.8% | 6.8% | 6.8% | 6.8% | 6.8% | |
| 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 | Terminal | |
| EBITDA | 77 | 88 | 100 | 104 | 106 | 108 | 110 | 112 | 114 | 117 | 117 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (21) | (23) | (24) | (24) | (25) | (25) | (26) | (26) | (27) | (27) | (7) | |
| EBIT | 56 | 65 | 76 | 79 | 81 | 82 | 84 | 86 | 87 | 89 | 110 | |
| Pro forma Taxes | (15) | (17) | (20) | (21) | (21) | (21) | (22) | (22) | (23) | (23) | (29) | |
| NOPAT | 52 | 42 | 48 | 57 | 59 | 60 | 61 | 62 | 63 | 65 | 66 | 81 |
| Capital Expenditures | (8) | (8) | (7) | (6) | (7) | (7) | (7) | (7) | (7) | (7) | (7) | (7) |
| NWC Investment | 11 | 7 | (5) | (7) | (5) | (3) | (3) | (3) | (3) | (3) | (3) | (6) |
| (+) D&A | 3 | 21 | 23 | 24 | 24 | 25 | 25 | 26 | 26 | 27 | 27 | 7 |
| Free Cash Flow | 58 | 62 | 59 | 67 | 71 | 75 | 77 | 78 | 80 | 82 | 84 | 75 |
| % Growth | 5% | -5% | 14% | 7% | 5% | 3% | 2% | 2% | 2% | 2% | -10% | |