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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 10.8% - 9.8% | 10.3% |
Terminal Revenue Multiple | 0.1x - 0.2x | 0.1x |
Fair Value | €0.65 - €0.68 | €0.66 |
Upside | -43.9% - -41.1% | -42.5% |
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 | 10 | 11 | 11 | 11 | 11 | 12 |
% Growth | -0.7% | 2.8% | 2.0% | 2.0% | 2.0% | 2.0% |
EBITDA | 0 | 1 | 1 | 1 | 1 | 1 |
% of Revenue | 2.3% | 5.2% | 5.2% | 5.2% | 5.2% | 5.2% |
Calculation of Free Cash Flow | ||||||
Projected Unlevered Cash Flow | ||||||
(EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
EBITDA | 1 | 1 | 1 | 1 | 1 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
D&A | (0) | (0) | (0) | (0) | (0) | |
EBIT | 1 | 1 | 1 | 1 | 1 | |
Pro forma Taxes | (0) | (0) | (0) | (0) | (0) | |
NOPAT | 0 | 0 | 0 | 0 | 0 | 0 |
Capital Expenditures | (0) | (0) | (0) | (0) | (0) | (0) |
NWC Investment | 0 | (0) | (0) | (0) | (0) | (0) |
(+) D&A | 0 | 0 | 0 | 0 | 0 | 0 |
Free Cash Flow | 0 | 0 | 0 | 0 | 0 | 0 |
% Growth | 136% | 6% | -3% | 2% | 2% |