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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.8% - 10.8% | 11.3% |
| Perpetuity Growth Rate | 3.8% - 4.8% | 4.3% |
| Fair Value | €9.86 - €15.05 | €12.08 |
| Upside | -42.7% - -12.5% | -29.8% |
| Select Revenue and EBITDA Forecast | |||||||
| (USD in millions) | Input Projections | ||||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| Revenue | 1,755 | 1,820 | 1,906 | 2,014 | 2,085 | 2,126 | |
| % Growth | -21.8% | 3.7% | 4.7% | 5.7% | 3.5% | 2.0% | |
| EBITDA | 131 | 166 | 187 | 233 | 241 | 246 | |
| % of Revenue | 7.4% | 9.1% | 9.8% | 11.6% | 11.6% | 11.6% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 166 | 187 | 233 | 241 | 246 | 246 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (26) | (25) | (25) | (26) | (27) | (39) | |
| EBIT | 141 | 162 | 208 | 215 | 220 | 207 | |
| Pro forma Taxes | (30) | (34) | (44) | (45) | (46) | (43) | |
| NOPAT | 82 | 111 | 128 | 164 | 170 | 173 | 163 |
| Capital Expenditures | (20) | (40) | (34) | (39) | (41) | (41) | (41) |
| NWC Investment | 50 | (7) | (9) | (11) | (7) | (4) | (9) |
| (+) D&A | 26 | 26 | 25 | 25 | 26 | 27 | 39 |
| Free Cash Flow | 139 | 90 | 110 | 139 | 148 | 154 | 152 |
| % Growth | -35% | 22% | 26% | 7% | 4% | -2% | |