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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal EBITDA Multiple | 2.4x - 4.4x | 3.4x |
| Fair Value | €12.72 - €25.08 | €18.78 |
| Upside | -27.7% - 42.5% | 6.7% |
| 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 |
| Revenue | 514 | 507 | 549 | 595 | 648 | 693 |
| % Growth | -8.4% | -1.3% | 8.2% | 8.4% | 8.8% | 6.9% |
| EBITDA | 29 | 43 | 54 | 62 | 78 | 86 |
| % of Revenue | 5.6% | 8.6% | 9.8% | 10.5% | 12.1% | 12.4% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 43 | 54 | 62 | 78 | 86 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (17) | (19) | (18) | (33) | (37) | |
| EBIT | 27 | 35 | 45 | 45 | 49 | |
| Pro forma Taxes | (10) | (13) | (16) | (16) | (17) | |
| NOPAT | 7 | 17 | 22 | 29 | 29 | 31 |
| Capital Expenditures | (8) | (22) | (21) | (24) | (33) | (34) |
| NWC Investment | 14 | 2 | (13) | (14) | (16) | (14) |
| (+) D&A | 18 | 17 | 19 | 18 | 33 | 37 |
| Free Cash Flow | 31 | 14 | 7 | 8 | 14 | 21 |
| % Growth | -54% | -49% | 18% | 60% | 53% | |