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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal Revenue Multiple | 0.7x - 0.8x | 0.8x |
| Fair Value | €50.20 - €55.41 | €52.72 |
| Upside | 60.9% - 77.6% | 69.0% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 218 | 217 | 225 | 229 | 234 | 239 | 243 | 248 | 253 | 258 | 263 |
| % Growth | 9.1% | -0.3% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 17 | 26 | 26 | 27 | 28 | 28 | 29 | 29 | 30 | 30 | 31 |
| % of Revenue | 8.0% | 11.8% | 11.8% | 11.8% | 11.8% | 11.8% | 11.8% | 11.8% | 11.8% | 11.8% | 11.8% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | ||
| EBITDA | 26 | 26 | 27 | 28 | 28 | 29 | 29 | 30 | 30 | 31 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (6) | (6) | (6) | (6) | (7) | (7) | (7) | (7) | (7) | (7) | |
| EBIT | 20 | 20 | 21 | 21 | 22 | 22 | 22 | 23 | 23 | 24 | |
| Pro forma Taxes | (6) | (6) | (6) | (6) | (6) | (6) | (6) | (7) | (7) | (7) | |
| NOPAT | 12 | 14 | 14 | 15 | 15 | 15 | 16 | 16 | 16 | 17 | 17 |
| Capital Expenditures | #NUM! | (3) | (4) | (4) | (4) | (4) | (4) | (4) | (4) | (4) | (4) |
| NWC Investment | 2 | (0) | 1 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 |
| (+) D&A | 1 | 6 | 6 | 6 | 6 | 7 | 7 | 7 | 7 | 7 | 7 |
| Free Cash Flow | #NUM! | 16 | 18 | 18 | 18 | 19 | 19 | 20 | 20 | 21 | 21 |
| % Growth | 9% | 0% | 2% | 2% | 3% | 2% | 2% | 2% | 2% | ||