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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | €3.38 - €4.04 | €3.62 |
| Upside | 15.0% - 37.5% | 23.2% |
| 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 | 919 | 907 | 856 | 897 | 930 | 961 | 992 | 1,012 | 1,032 | 1,053 | 1,074 | |
| % Growth | -9.8% | -1.3% | -5.6% | 4.8% | 3.7% | 3.4% | 3.2% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 48 | 72 | 96 | 124 | 138 | 150 | 163 | 166 | 170 | 173 | 176 | |
| % of Revenue | 5.3% | 7.9% | 11.2% | 13.8% | 14.9% | 15.6% | 16.4% | 16.4% | 16.4% | 16.4% | 16.4% | |
| Calculation of Free Cash Flow | ||||||||||||
| Projected Unlevered Cash Flow | ||||||||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | Terminal | |
| EBITDA | 72 | 96 | 124 | 138 | 150 | 163 | 166 | 170 | 173 | 176 | 176 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (74) | (74) | (71) | (71) | (73) | (76) | (77) | (79) | (80) | (82) | (87) | |
| EBIT | (2) | 22 | 53 | 67 | 77 | 87 | 89 | 91 | 93 | 94 | 89 | |
| Pro forma Taxes | 0 | (7) | (16) | (20) | (23) | (26) | (27) | (27) | (28) | (28) | (27) | |
| NOPAT | (9) | (2) | 16 | 37 | 47 | 54 | 61 | 62 | 64 | 65 | 66 | 63 |
| Capital Expenditures | (88) | (100) | (88) | (90) | (91) | (93) | (91) | (92) | (92) | (92) | (92) | (92) |
| NWC Investment | 56 | 7 | 29 | (23) | (18) | (18) | (17) | (11) | (11) | (12) | (12) | 0 |
| (+) D&A | 61 | 74 | 74 | 71 | 71 | 73 | 76 | 77 | 79 | 80 | 82 | 87 |
| Free Cash Flow | 20 | (21) | 30 | (5) | 9 | 17 | 28 | 37 | 39 | 42 | 45 | 58 |
| % Growth | NM | NM | NM | NM | 81% | 69% | 30% | 6% | 8% | 6% | 30% | |