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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal Revenue Multiple | 3.7x - 4.1x | 3.9x |
| Fair Value | €13.79 - €14.90 | €14.34 |
| Upside | -2.3% - 5.6% | 1.6% |
| 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 | 518 | 531 | 555 | 534 | 497 |
| % Growth | 4.5% | 11.4% | 2.6% | 4.4% | -3.8% | -6.9% |
| EBITDA | 125 | 214 | 216 | 223 | 207 | 184 |
| % of Revenue | 26.9% | 41.3% | 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 | |
| EBITDA | 214 | 216 | 223 | 207 | 184 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (44) | (55) | (54) | (31) | (10) | |
| EBIT | 170 | 161 | 169 | 176 | 174 | |
| Pro forma Taxes | (29) | (27) | (29) | (30) | (30) | |
| NOPAT | 78 | 141 | 134 | 140 | 146 | 145 |
| Capital Expenditures | (10) | (83) | (70) | (68) | (65) | (65) |
| NWC Investment | 7 | 18 | 5 | 8 | (7) | (12) |
| (+) D&A | 32 | 44 | 55 | 54 | 31 | 10 |
| Free Cash Flow | 106 | 120 | 123 | 134 | 105 | 77 |
| % Growth | 13% | 3% | 9% | -22% | -27% | |