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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal Revenue Multiple | 0.8x - 0.9x | 0.8x |
| Fair Value | $63.05 - $71.25 | $67.07 |
| Upside | -7.3% - 4.8% | -1.4% |
| 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 |
| Revenue | 1,210 | 1,401 | 1,408 | 1,664 | 1,690 | 1,763 |
| % Growth | -0.4% | 15.8% | 0.5% | 18.2% | 1.5% | 4.4% |
| EBITDA | 138 | 198 | 212 | 224 | 232 | 243 |
| % of Revenue | 11.4% | 14.2% | 15.0% | 13.5% | 13.7% | 13.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 198 | 212 | 224 | 232 | 243 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (75) | (63) | (60) | (66) | (70) | |
| EBIT | 123 | 149 | 164 | 166 | 173 | |
| Pro forma Taxes | (32) | (39) | (43) | (43) | (45) | |
| NOPAT | 71 | 91 | 110 | 121 | 123 | 128 |
| Capital Expenditures | (56) | (85) | (85) | (79) | (97) | (100) |
| NWC Investment | 1 | (24) | (1) | (32) | (3) | (9) |
| (+) D&A | 42 | 75 | 63 | 60 | 66 | 70 |
| Free Cash Flow | 58 | 57 | 87 | 70 | 88 | 88 |
| % Growth | -2% | 53% | -20% | 26% | 0% | |