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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Perpetuity Growth Rate | 5.3% - 6.3% | 5.8% |
| Fair Value | €26.93 - €47.64 | €34.34 |
| Upside | -34.9% - 15.2% | -17.0% |
| 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 | 1,141 | 1,329 | 1,513 | 1,728 | 2,050 | 2,241 | 2,436 | 2,630 | 2,832 | 3,029 | 3,134 | |
| % Growth | 23.2% | 16.5% | 13.8% | 14.2% | 18.7% | 9.3% | 8.7% | 7.9% | 7.7% | 6.9% | 3.5% | |
| EBITDA | 188 | 271 | 322 | 380 | 476 | 351 | 372 | 394 | 418 | 462 | 478 | |
| % of Revenue | 16.5% | 20.4% | 21.3% | 22.0% | 23.2% | 15.7% | 15.3% | 15.0% | 14.8% | 15.3% | 15.3% | |
| 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 | Terminal | |
| EBITDA | 271 | 322 | 380 | 476 | 351 | 372 | 394 | 418 | 462 | 478 | 478 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (39) | (46) | (50) | (74) | (39) | (42) | (46) | (49) | (53) | (55) | (67) | |
| EBIT | 232 | 277 | 330 | 402 | 312 | 330 | 348 | 369 | 409 | 424 | 411 | |
| Pro forma Taxes | (83) | (100) | (119) | (145) | (112) | (119) | (125) | (133) | (147) | (153) | (148) | |
| NOPAT | 73 | 148 | 177 | 211 | 257 | 200 | 211 | 223 | 236 | 262 | 271 | 263 |
| Capital Expenditures | (31) | (40) | (48) | (53) | (69) | (77) | (66) | (71) | (71) | (69) | (71) | (71) |
| NWC Investment | (50) | (44) | (43) | (50) | (75) | (45) | (46) | (45) | (47) | (46) | (25) | (42) |
| (+) D&A | 74 | 39 | 46 | 50 | 74 | 39 | 42 | 46 | 49 | 53 | 55 | 67 |
| Free Cash Flow | 66 | 103 | 131 | 158 | 187 | 117 | 141 | 153 | 167 | 199 | 230 | 218 |
| % Growth | 57% | 27% | 20% | 18% | -37% | 21% | 8% | 9% | 20% | 16% | -6% | |