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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal Revenue Multiple | 1.6x - 1.7x | 1.6x |
| Fair Value | kr118.90 - kr135.36 | kr127.01 |
| Upside | 15.4% - 31.4% | 23.3% |
| 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 |
| Revenue | 163 | 96 | 116 | 167 | 209 | 268 |
| % Growth | 4.1% | -41.2% | 21.3% | 44.4% | 25.0% | 28.0% |
| EBITDA | 22 | 4 | 26 | 60 | 82 | 101 |
| % of Revenue | 13.3% | 4.5% | 22.7% | 36.0% | 39.4% | 37.6% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | |
| EBITDA | 4 | 26 | 60 | 82 | 101 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (11) | (11) | (11) | (11) | (40) | |
| EBIT | (7) | 15 | 49 | 71 | 60 | |
| Pro forma Taxes | 0 | (3) | (9) | (13) | (11) | |
| NOPAT | 11 | (7) | 13 | 40 | 58 | 49 |
| Capital Expenditures | (26) | (14) | (11) | (12) | (12) | (8) |
| NWC Investment | (3) | 32 | (10) | (24) | (20) | (28) |
| (+) D&A | 8 | 11 | 11 | 11 | 11 | 40 |
| Free Cash Flow | (10) | 22 | 3 | 15 | 38 | 54 |
| % Growth | NM | -88% | 472% | 153% | 44% | |