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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 8.5% - 7.5% | 8.0% |
Terminal EBITDA Multiple | 4.7x - 6.7x | 5.7x |
Fair Value | €9.74 - €12.17 | €10.93 |
Upside | 33.4% - 66.7% | 49.7% |
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 | 114 | 114 | 114 | 114 | 114 | 114 |
% Growth | -0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
EBITDA | 13 | 14 | 14 | 14 | 14 | 14 |
% of Revenue | 11.3% | 12.6% | 12.6% | 12.6% | 12.6% | 12.6% |
Calculation of Free Cash Flow | ||||||
Projected Unlevered Cash Flow | ||||||
(EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
EBITDA | 14 | 14 | 14 | 14 | 14 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
D&A | (5) | (5) | (5) | (5) | (5) | |
EBIT | 10 | 10 | 10 | 10 | 10 | |
Pro forma Taxes | (3) | (3) | (3) | (3) | (3) | |
NOPAT | 6 | 7 | 7 | 7 | 7 | 7 |
Capital Expenditures | (4) | (5) | (5) | (5) | (5) | (5) |
NWC Investment | 0 | 0 | 0 | 0 | 0 | 0 |
(+) D&A | 5 | 5 | 5 | 5 | 5 | 5 |
Free Cash Flow | 7 | 7 | 7 | 7 | 7 | 7 |
% Growth | 3% | 0% | 0% | 0% | 0% |