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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Terminal EBITDA Multiple | 1.9x - 3.9x | 2.9x |
| Fair Value | €1.45 - €2.53 | €1.97 |
| Upside | 5.5% - 84.2% | 43.3% |
| 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 | 90 | 96 | 105 | 111 | 173 | 186 | 193 | 196 | 200 | 204 | 208 |
| % Growth | -2.8% | 6.2% | 9.3% | 5.9% | 55.9% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 5 | 8 | 10 | 12 | 20 | 21 | 22 | 22 | 23 | 23 | 24 |
| % of Revenue | 5.1% | 8.0% | 9.7% | 10.4% | 11.6% | 11.3% | 11.3% | 11.3% | 11.3% | 11.3% | 11.3% |
| 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 | |
| EBITDA | 8 | 10 | 12 | 20 | 21 | 22 | 22 | 23 | 23 | 24 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (4) | (4) | (4) | (12) | (13) | (14) | (14) | (14) | (15) | (15) | |
| EBIT | 4 | 7 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 9 | |
| Pro forma Taxes | (1) | (2) | (2) | (2) | (2) | (2) | (2) | (2) | (2) | (2) | |
| NOPAT | 2 | 3 | 5 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 |
| Capital Expenditures | (0) | (4) | (4) | (4) | (4) | (5) | (4) | (4) | (4) | (4) | (4) |
| NWC Investment | 1 | (2) | (4) | (3) | (26) | (6) | (3) | (2) | (2) | (2) | (2) |
| (+) D&A | 2 | 4 | 4 | 4 | 12 | 13 | 14 | 14 | 14 | 15 | 15 |
| Free Cash Flow | 5 | 0 | 0 | 3 | (13) | 9 | 13 | 14 | 14 | 15 | 15 |
| % Growth | -98% | 260% | 521% | NM | NM | 39% | 12% | 3% | 3% | NM | |