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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Perpetuity Growth Rate | 1.5% - 2.5% | 2.0% |
| Fair Value | €11.23 - €13.19 | €12.07 |
| Upside | -17.6% - -3.3% | -11.5% |
| Select Revenue and EBITDA Forecast | |||||||
| (PLN in millions) | Input Projections | ||||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| Revenue | 465 | 515 | 531 | 555 | 534 | 497 | |
| % Growth | 4.5% | 10.9% | 3.1% | 4.4% | -3.8% | -6.9% | |
| EBITDA | 125 | 207 | 216 | 223 | 207 | 184 | |
| % of Revenue | 26.9% | 40.1% | 40.6% | 40.2% | 38.7% | 37.0% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (PLN in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 207 | 216 | 223 | 207 | 184 | 184 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (47) | (55) | (54) | (31) | (10) | (62) | |
| EBIT | 160 | 161 | 169 | 176 | 174 | 122 | |
| Pro forma Taxes | (27) | (27) | (29) | (30) | (30) | (21) | |
| NOPAT | 78 | 133 | 134 | 140 | 146 | 145 | 101 |
| Capital Expenditures | (10) | (83) | (70) | (68) | (65) | (65) | (65) |
| NWC Investment | 4 | 10 | 3 | 5 | (4) | (7) | 2 |
| (+) D&A | 32 | 47 | 55 | 54 | 31 | 10 | 62 |
| Free Cash Flow | 103 | 107 | 122 | 131 | 108 | 82 | 100 |
| % Growth | 4% | 14% | 8% | -18% | -24% | 22% | |