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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.0% - 10.0% | 10.5% |
| Terminal Revenue Multiple | 0.4x - 0.5x | 0.5x |
| Fair Value | €8.55 - €9.93 | €9.23 |
| Upside | 83.8% - 113.6% | 98.4% |
| 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 | 1,737 | 1,803 | 1,778 | 1,921 | 1,985 |
| % Growth | -2.4% | -3.7% | 3.9% | -1.4% | 8.1% | 3.3% |
| EBITDA | 105 | 200 | 222 | 216 | 252 | 261 |
| % of Revenue | 5.8% | 11.5% | 12.3% | 12.1% | 13.1% | 13.1% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 200 | 222 | 216 | 252 | 261 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (112) | (123) | (111) | (137) | (142) | |
| EBIT | 87 | 99 | 104 | 115 | 119 | |
| Pro forma Taxes | (36) | (40) | (43) | (47) | (49) | |
| NOPAT | 7 | 52 | 58 | 62 | 68 | 70 |
| Capital Expenditures | (108) | (108) | (112) | (100) | (117) | (119) |
| NWC Investment | 7 | 10 | (11) | 4 | (23) | (10) |
| (+) D&A | 94 | 112 | 123 | 111 | 137 | 142 |
| Free Cash Flow | (1) | 66 | 59 | 77 | 65 | 83 |
| % Growth | NM | -11% | 31% | -15% | 26% | |