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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal Revenue Multiple | 1.1x - 1.2x | 1.1x |
| Fair Value | €13.25 - €14.97 | €14.08 |
| Upside | 37.5% - 55.2% | 46.1% |
| 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 | 98 | 103 | 109 | 118 | 124 | 130 | 135 | 137 | 140 | 143 | 146 |
| % Growth | -3.1% | 4.4% | 6.7% | 7.5% | 5.5% | 4.5% | 3.9% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 16 | 18 | 21 | 21 | 22 | 23 | 24 | 25 | 25 | 26 | 26 |
| % of Revenue | 16.3% | 17.5% | 19.3% | 17.6% | 17.7% | 17.8% | 18.0% | 18.0% | 18.0% | 18.0% | 18.0% |
| 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 | 18 | 21 | 21 | 22 | 23 | 24 | 25 | 25 | 26 | 26 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (4) | (5) | (3) | (5) | (6) | (6) | (6) | (6) | (7) | (7) | |
| EBIT | 14 | 16 | 18 | 17 | 17 | 18 | 18 | 19 | 19 | 20 | |
| Pro forma Taxes | (4) | (5) | (6) | (5) | (5) | (6) | (6) | (6) | (6) | (6) | |
| NOPAT | 8 | 9 | 11 | 12 | 12 | 12 | 12 | 13 | 13 | 13 | 13 |
| Capital Expenditures | (2) | (5) | (5) | (5) | (5) | (5) | (5) | (5) | (5) | (5) | (5) |
| NWC Investment | 1 | (1) | (2) | (2) | (2) | (2) | (1) | (1) | (1) | (1) | (1) |
| (+) D&A | 4 | 4 | 5 | 3 | 5 | 6 | 6 | 6 | 6 | 7 | 7 |
| Free Cash Flow | 11 | 8 | 9 | 8 | 10 | 11 | 12 | 13 | 13 | 14 | 14 |
| % Growth | 17% | -18% | 28% | 11% | 10% | 8% | 3% | 3% | 3% | ||