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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal EBITDA Multiple | 4.4x - 6.4x | 5.4x |
| Fair Value | €351.20 - €414.82 | €382.35 |
| Upside | 47.6% - 74.3% | 60.7% |
| 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 | 1,442 | 1,422 | 1,450 | 1,479 | 1,509 | 1,539 |
| % Growth | 14.7% | -1.4% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 88 | 119 | 114 | 109 | 111 | 113 |
| % of Revenue | 6.1% | 8.4% | 7.9% | 7.4% | 7.4% | 7.4% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 119 | 114 | 109 | 111 | 113 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (37) | (37) | (37) | (44) | (45) | |
| EBIT | 82 | 77 | 72 | 67 | 68 | |
| Pro forma Taxes | (21) | (19) | (18) | (17) | (17) | |
| NOPAT | 62 | 62 | 58 | 54 | 50 | 51 |
| Capital Expenditures | (4) | (10) | (10) | (10) | (10) | (10) |
| NWC Investment | 9 | (1) | 1 | 1 | 2 | 2 |
| (+) D&A | 5 | 37 | 37 | 37 | 44 | 45 |
| Free Cash Flow | 72 | 88 | 86 | 82 | 86 | 88 |
| % Growth | 22% | -1% | -5% | 4% | 2% | |