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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal Revenue Multiple | 0.7x - 0.8x | 0.7x |
| Fair Value | $44.95 - $50.25 | $47.52 |
| Upside | 78.5% - 99.6% | 88.7% |
| 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 | 2,648 | 2,762 | 2,908 | 2,974 | 3,369 | 3,454 | 3,523 | 3,594 | 3,665 | 3,739 | 3,813 |
| % Growth | -9.6% | 4.3% | 5.3% | 2.3% | 13.3% | 2.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 259 | 312 | 332 | 339 | 468 | 480 | 490 | 500 | 510 | 520 | 530 |
| % of Revenue | 9.8% | 11.3% | 11.4% | 11.4% | 13.9% | 13.9% | 13.9% | 13.9% | 13.9% | 13.9% | 13.9% |
| 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 | 312 | 332 | 339 | 468 | 480 | 490 | 500 | 510 | 520 | 530 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (211) | (214) | (212) | (240) | (246) | (251) | (256) | (262) | (267) | (272) | |
| EBIT | 101 | 119 | 127 | 228 | 234 | 238 | 243 | 248 | 253 | 258 | |
| Pro forma Taxes | (15) | (18) | (19) | (34) | (35) | (36) | (36) | (37) | (38) | (39) | |
| NOPAT | 38 | 86 | 101 | 108 | 194 | 199 | 203 | 207 | 211 | 215 | 219 |
| Capital Expenditures | (180) | (163) | (163) | (160) | (160) | (175) | (165) | (167) | (169) | (167) | (167) |
| NWC Investment | 60 | (24) | (31) | (14) | (84) | (18) | (15) | (15) | (15) | (16) | (16) |
| (+) D&A | 214 | 211 | 214 | 212 | 240 | 246 | 251 | 256 | 262 | 267 | 272 |
| Free Cash Flow | 133 | 109 | 121 | 146 | 190 | 252 | 274 | 281 | 288 | 299 | 308 |
| % Growth | 11% | 21% | 30% | 33% | 9% | 3% | 2% | 4% | 3% | ||