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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Terminal Revenue Multiple | 1.1x - 1.2x | 1.2x |
| Fair Value | €38.63 - €58.64 | €48.45 |
| Upside | -47.1% - -19.7% | -33.6% |
| 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 | 1,190 | 1,260 | 1,319 | 1,381 | 1,409 | 1,437 |
| % Growth | 9.3% | 5.8% | 4.7% | 4.7% | 2.0% | 2.0% |
| EBITDA | 183 | 269 | 293 | 320 | 194 | 198 |
| % of Revenue | 15.4% | 21.3% | 22.2% | 23.2% | 13.8% | 13.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 269 | 293 | 320 | 194 | 198 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (136) | (131) | (143) | (146) | (149) | |
| EBIT | 133 | 162 | 177 | 49 | 50 | |
| Pro forma Taxes | (41) | (50) | (55) | (15) | (15) | |
| NOPAT | 70 | 92 | 112 | 122 | 34 | 34 |
| Capital Expenditures | (85) | (116) | (127) | (124) | (126) | (129) |
| NWC Investment | (1) | (0) | (0) | (0) | (0) | (0) |
| (+) D&A | 82 | 136 | 131 | 143 | 146 | 149 |
| Free Cash Flow | 67 | 112 | 115 | 141 | 53 | 54 |
| % Growth | 68% | 3% | 22% | -62% | 2% | |