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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal Revenue Multiple | 1.3x - 1.5x | 1.4x |
| Fair Value | €58.19 - €68.60 | €63.22 |
| Upside | 58.1% - 86.4% | 71.8% |
| 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 | 455 | 315 | 389 | 439 | 493 | 547 | 606 | 667 | 731 | 756 | 771 |
| % Growth | 51.7% | -30.7% | 23.6% | 12.7% | 12.3% | 10.9% | 10.8% | 10.2% | 9.5% | 3.5% | 2.0% |
| EBITDA | 48 | 58 | 76 | 90 | 113 | 139 | 160 | 183 | 204 | 212 | 216 |
| % of Revenue | 10.5% | 18.5% | 19.4% | 20.5% | 23.0% | 25.5% | 26.5% | 27.5% | 28.0% | 28.0% | 28.0% |
| 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 | 58 | 76 | 90 | 113 | 139 | 160 | 183 | 204 | 212 | 216 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (17) | (17) | (19) | (26) | (33) | (37) | (41) | (45) | (46) | (47) | |
| EBIT | 41 | 58 | 71 | 88 | 106 | 123 | 143 | 160 | 165 | 169 | |
| Pro forma Taxes | (14) | (20) | (24) | (30) | (36) | (42) | (48) | (54) | (56) | (57) | |
| NOPAT | 29 | 27 | 38 | 47 | 58 | 70 | 81 | 94 | 105 | 109 | 111 |
| Capital Expenditures | (3) | (5) | (5) | (6) | (7) | (8) | (7) | (7) | (7) | (7) | (7) |
| NWC Investment | (219) | 197 | (105) | (70) | (76) | (76) | (83) | (87) | (89) | (36) | (21) |
| (+) D&A | 4 | 17 | 17 | 19 | 26 | 33 | 37 | 41 | 45 | 46 | 47 |
| Free Cash Flow | (189) | 237 | (54) | (10) | 0 | 20 | 28 | 41 | 53 | 112 | 130 |
| % Growth | NM | NM | NM | 15842% | 43% | 45% | 31% | 110% | 16% | ||