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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal EBITDA Multiple | 6.6x - 8.6x | 7.6x |
| Fair Value | €49.23 - €65.09 | €57.01 |
| Upside | -20.6% - 5.0% | -8.1% |
| 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 | 582 | 582 | 582 | 582 | 582 | 582 |
| % Growth | -3.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 56 | 60 | 60 | 60 | 60 | 60 |
| % of Revenue | 9.7% | 10.2% | 10.2% | 10.2% | 10.2% | 10.2% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 60 | 60 | 60 | 60 | 60 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (21) | (21) | (21) | (21) | (21) | |
| EBIT | 39 | 39 | 39 | 39 | 39 | |
| Pro forma Taxes | (11) | (11) | (11) | (11) | (11) | |
| NOPAT | 24 | 28 | 28 | 28 | 28 | 28 |
| Capital Expenditures | (35) | (34) | (34) | (34) | (34) | (34) |
| NWC Investment | 6 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 23 | 21 | 21 | 21 | 21 | 21 |
| Free Cash Flow | 17 | 14 | 14 | 14 | 14 | 14 |
| % Growth | -18% | 0% | -3% | 0% | 0% | |