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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal Revenue Multiple | 2.5x - 2.8x | 2.6x |
| Fair Value | €926.56 - €1,065 | €993.80 |
| Upside | 13.8% - 30.9% | 22.1% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (EUR in millions) | Input Projections | ||||||||||
| Fiscal Years Ending | Dec-23 | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 |
| Revenue | 721 | 808 | 846 | 890 | 936 | 982 | 1,016 | 1,037 | 1,057 | 1,079 | 1,100 |
| % Growth | 2.6% | 12.0% | 4.8% | 5.2% | 5.2% | 4.9% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 133 | 154 | 163 | 170 | 180 | 186 | 193 | 196 | 200 | 204 | 208 |
| % of Revenue | 18.4% | 19.1% | 19.3% | 19.0% | 19.2% | 18.9% | 18.9% | 18.9% | 18.9% | 18.9% | 18.9% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | ||
| EBITDA | 154 | 163 | 170 | 180 | 186 | 193 | 196 | 200 | 204 | 208 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (25) | (27) | (25) | (28) | (29) | (30) | (31) | (31) | (32) | (32) | |
| EBIT | 129 | 136 | 145 | 152 | 157 | 162 | 166 | 169 | 172 | 176 | |
| Pro forma Taxes | (32) | (34) | (36) | (38) | (39) | (41) | (41) | (42) | (43) | (44) | |
| NOPAT | 83 | 97 | 102 | 109 | 114 | 118 | 122 | 124 | 127 | 129 | 132 |
| Capital Expenditures | (17) | (25) | (21) | (26) | (23) | (24) | (24) | (24) | (24) | (24) | (24) |
| NWC Investment | (8) | (36) | (16) | (18) | (19) | (19) | (14) | (8) | (9) | (9) | (9) |
| (+) D&A | 23 | 25 | 27 | 25 | 28 | 29 | 30 | 31 | 31 | 32 | 32 |
| Free Cash Flow | 80 | 61 | 93 | 89 | 100 | 104 | 113 | 123 | 125 | 128 | 131 |
| % Growth | 53% | -4% | 12% | 4% | 9% | 8% | 2% | 2% | 2% | ||