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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 17.5% - 16.5% | 17.0% |
| Terminal EBITDA Multiple | 6.1x - 8.1x | 7.1x |
| Fair Value | €1.11 - €2.71 | €1.88 |
| Upside | -50.9% - 19.8% | -16.8% |
| 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 | 74 | 71 | 75 | 81 | 87 | 93 | 96 | 98 | 100 | 102 | 104 |
| % Growth | -15.7% | -4.6% | 5.9% | 8.0% | 8.0% | 6.0% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 6 | 7 | 7 | 8 | 9 | 10 | 10 | 10 | 10 | 10 | 11 |
| % of Revenue | 8.2% | 9.5% | 9.8% | 10.4% | 10.7% | 10.3% | 10.3% | 10.3% | 10.3% | 10.3% | 10.3% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 7 | 7 | 8 | 9 | 10 | 10 | 10 | 10 | 10 | 11 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (6) | (6) | (5) | (5) | (5) | (5) | (5) | (5) | (5) | (5) | |
| EBIT | 0 | 2 | 3 | 4 | 5 | 5 | 5 | 5 | 5 | 5 | |
| Pro forma Taxes | (0) | (0) | (0) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | |
| NOPAT | (0) | 0 | 1 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Capital Expenditures | (2) | (4) | (4) | (4) | (4) | (4) | (4) | (4) | (4) | (4) | (4) |
| NWC Investment | 3 | 1 | (1) | (1) | (2) | (1) | (1) | (0) | (0) | (0) | (0) |
| (+) D&A | 7 | 6 | 6 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| Free Cash Flow | 7 | 4 | 2 | 3 | 3 | 3 | 4 | 5 | 5 | 5 | 5 |
| % Growth | -49% | -38% | 17% | 12% | 9% | 30% | 10% | 3% | 5% | 3% | |