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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal EBITDA Multiple | 1.9x - 3.9x | 2.9x |
| Fair Value | €3.33 - €8.96 | €6.09 |
| Upside | -24.9% - 102.2% | 37.4% |
| Select Revenue and EBITDA Forecast | ||||||
| (EUR in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
| Revenue | 1,803 | 1,641 | 1,713 | 1,840 | 1,891 | 1,965 |
| % Growth | -2.4% | -9.0% | 4.4% | 7.4% | 2.8% | 3.9% |
| EBITDA | 105 | 166 | 197 | 237 | 244 | 253 |
| % of Revenue | 5.8% | 10.1% | 11.5% | 12.9% | 12.9% | 12.9% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 166 | 197 | 237 | 244 | 253 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (89) | (100) | (112) | (129) | (134) | |
| EBIT | 77 | 97 | 126 | 115 | 119 | |
| Pro forma Taxes | (32) | (40) | (51) | (47) | (49) | |
| NOPAT | 7 | 46 | 57 | 74 | 68 | 70 |
| Capital Expenditures | (108) | (107) | (95) | (92) | (85) | (88) |
| NWC Investment | 7 | 25 | (11) | (20) | (8) | (12) |
| (+) D&A | 94 | 89 | 100 | 112 | 129 | 134 |
| Free Cash Flow | (1) | 52 | 51 | 74 | 103 | 105 |
| % Growth | NM | -4% | 46% | 40% | 1% | |