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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.8% - 10.8% | 11.3% |
| Terminal EBITDA Multiple | 6.7x - 8.7x | 7.7x |
| Fair Value | €45.69 - €56.22 | €50.85 |
| Upside | 55.9% - 91.9% | 73.6% |
| 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 | 446 | 480 | 501 | 542 | 588 | 640 |
| % Growth | 46.6% | 7.7% | 4.2% | 8.1% | 8.5% | 9.0% |
| EBITDA | 88 | 88 | 98 | 103 | 127 | 140 |
| % of Revenue | 19.7% | 18.3% | 19.5% | 19.1% | 21.6% | 21.9% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 88 | 98 | 103 | 127 | 140 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (9) | (10) | (10) | (21) | (18) | |
| EBIT | 79 | 88 | 93 | 106 | 122 | |
| Pro forma Taxes | (26) | (29) | (31) | (35) | (40) | |
| NOPAT | 56 | 53 | 59 | 62 | 71 | 82 |
| Capital Expenditures | (7) | (29) | (12) | (11) | (19) | (14) |
| NWC Investment | (39) | (9) | (6) | (11) | (13) | (14) |
| (+) D&A | 5 | 9 | 10 | 10 | 21 | 18 |
| Free Cash Flow | 15 | 24 | 51 | 51 | 61 | 71 |
| % Growth | 56% | 117% | -2% | 20% | 18% | |