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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal EBITDA Multiple | 10.6x - 12.6x | 11.6x |
| Fair Value | €11.81 - €14.08 | €12.93 |
| Upside | 27.0% - 51.4% | 39.0% |
| Select Revenue and EBITDA Forecast | ||||||
| (USD in millions) | Input Projections | |||||
| Fiscal Years Ending | Jun-24 | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 |
| Revenue | 269 | 304 | 350 | 405 | 455 | 489 |
| % Growth | 10.2% | 13.2% | 15.2% | 15.6% | 12.5% | 7.5% |
| EBITDA | 28 | 47 | 61 | 79 | 100 | 112 |
| % of Revenue | 10.3% | 15.5% | 17.3% | 19.4% | 21.9% | 22.9% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | |
| EBITDA | 47 | 61 | 79 | 100 | 112 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (21) | (21) | (24) | (27) | (29) | |
| EBIT | 26 | 39 | 55 | 73 | 84 | |
| Pro forma Taxes | (4) | (6) | (8) | (11) | (13) | |
| NOPAT | 13 | 22 | 33 | 47 | 62 | 71 |
| Capital Expenditures | (15) | (16) | (17) | (20) | (22) | (24) |
| NWC Investment | (1) | (2) | (2) | (3) | (3) | (2) |
| (+) D&A | 12 | 21 | 21 | 24 | 27 | 29 |
| Free Cash Flow | 9 | 25 | 35 | 48 | 64 | 74 |
| % Growth | 181% | 38% | 36% | 34% | 16% | |