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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.3% - 7.2% | 7.8% |
| Perpetuity Growth Rate | 3.8% - 4.8% | 4.3% |
| Fair Value | €164.16 - €287.30 | €208.16 |
| Upside | -26.7% - 28.3% | -7.1% |
| Select Revenue and EBITDA Forecast | |||||||
| (USD in millions) | Input Projections | ||||||
| Fiscal Years Ending | Aug-24 | Aug-25 | Aug-26 | Aug-27 | Aug-28 | Aug-29 | |
| Revenue | 591 | 627 | 670 | 734 | 713 | 713 | |
| % Growth | 9.9% | 6.2% | 6.9% | 9.5% | -2.9% | 0.0% | |
| EBITDA | 106 | 115 | 122 | 166 | 172 | 172 | |
| % of Revenue | 17.9% | 18.3% | 18.2% | 22.6% | 24.1% | 24.1% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Aug-25 | Aug-26 | Aug-27 | Aug-28 | Aug-29 | Terminal | |
| EBITDA | 115 | 122 | 166 | 172 | 172 | 172 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (14) | (12) | (43) | (42) | (42) | (5) | |
| EBIT | 100 | 110 | 123 | 130 | 130 | 167 | |
| Pro forma Taxes | (21) | (23) | (26) | (27) | (27) | (35) | |
| NOPAT | 76 | 79 | 87 | 97 | 103 | 103 | 132 |
| Capital Expenditures | (4) | (5) | (7) | (5) | (5) | (6) | (6) |
| NWC Investment | (11) | (8) | (9) | (13) | 4 | 0 | (6) |
| (+) D&A | 9 | 14 | 12 | 43 | 42 | 42 | 5 |
| Free Cash Flow | 70 | 81 | 83 | 122 | 144 | 139 | 125 |
| % Growth | 15% | 3% | 46% | 18% | -3% | -10% | |