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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal Revenue Multiple | 1.2x - 1.3x | 1.2x |
| Fair Value | €17.64 - €19.85 | €18.73 |
| Upside | 30.4% - 46.7% | 38.4% |
| 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 | 270 | 265 | 288 | 333 | 359 | 391 |
| % Growth | 2.5% | -1.9% | 8.7% | 15.7% | 7.8% | 8.8% |
| EBITDA | 45 | 37 | 47 | 59 | 54 | 60 |
| % of Revenue | 16.8% | 13.8% | 16.5% | 17.7% | 15.2% | 15.3% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 37 | 47 | 59 | 54 | 60 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (9) | (10) | (12) | (3) | (4) | |
| EBIT | 27 | 37 | 47 | 51 | 56 | |
| Pro forma Taxes | (8) | (11) | (14) | (15) | (16) | |
| NOPAT | 28 | 19 | 27 | 33 | 36 | 39 |
| Capital Expenditures | (24) | (30) | (10) | (9) | (10) | (11) |
| NWC Investment | (2) | 1 | (6) | (12) | (7) | (8) |
| (+) D&A | 6 | 9 | 10 | 12 | 3 | 4 |
| Free Cash Flow | 8 | 0 | 20 | 24 | 23 | 24 |
| % Growth | -98% | 15869% | 17% | -5% | 7% | |