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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.3% - 7.2% | 7.8% |
| Terminal Revenue Multiple | 4.8x - 5.3x | 5.0x |
| Fair Value | €180.99 - €205.27 | €192.91 |
| Upside | -7.7% - 4.7% | -1.6% |
| 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 | 657 | 706 | 713 | 713 |
| % Growth | 9.9% | 6.2% | 4.7% | 7.5% | 1.0% | 0.0% |
| EBITDA | 106 | 115 | 122 | 166 | 172 | 172 |
| % of Revenue | 17.9% | 18.3% | 18.6% | 23.5% | 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 | |
| EBITDA | 115 | 122 | 166 | 172 | 172 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (14) | (14) | (46) | (46) | (46) | |
| EBIT | 100 | 108 | 120 | 126 | 126 | |
| Pro forma Taxes | (21) | (23) | (25) | (26) | (26) | |
| NOPAT | 76 | 79 | 85 | 95 | 99 | 99 |
| Capital Expenditures | (4) | (5) | (7) | (5) | (5) | (6) |
| NWC Investment | (11) | (8) | (6) | (10) | (1) | 0 |
| (+) D&A | 9 | 14 | 14 | 46 | 46 | 46 |
| Free Cash Flow | 70 | 81 | 86 | 125 | 139 | 140 |
| % Growth | 15% | 7% | 45% | 11% | 1% | |