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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Terminal EBITDA Multiple | 6.3x - 8.3x | 7.3x |
| Fair Value | €34.06 - €44.76 | €39.21 |
| Upside | 58.8% - 108.7% | 82.8% |
| 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 | 377 | 389 | 414 | 451 | 477 | 511 | 543 | 575 | 595 | 607 | 619 |
| % Growth | 3.0% | 3.2% | 6.5% | 9.0% | 5.6% | 7.3% | 6.3% | 5.7% | 3.5% | 2.0% | 2.0% |
| EBITDA | 71 | 71 | 77 | 83 | 92 | 104 | 114 | 123 | 127 | 130 | 132 |
| % of Revenue | 18.9% | 18.1% | 18.6% | 18.4% | 19.4% | 20.4% | 20.9% | 21.4% | 21.4% | 21.4% | 21.4% |
| 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 | 71 | 77 | 83 | 92 | 104 | 114 | 123 | 127 | 130 | 132 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (39) | (39) | (39) | (40) | (52) | (55) | (58) | (60) | (62) | (63) | |
| EBIT | 32 | 38 | 44 | 53 | 52 | 58 | 65 | 67 | 68 | 69 | |
| Pro forma Taxes | (7) | (8) | (9) | (11) | (11) | (12) | (14) | (14) | (14) | (15) | |
| NOPAT | 22 | 25 | 30 | 35 | 42 | 41 | 46 | 51 | 53 | 54 | 55 |
| Capital Expenditures | (29) | (36) | (36) | (37) | (36) | (38) | (37) | (37) | (37) | (37) | (37) |
| NWC Investment | (2) | (3) | (5) | (8) | (5) | (7) | (7) | (6) | (4) | (2) | (3) |
| (+) D&A | 44 | 39 | 39 | 39 | 40 | 52 | 55 | 58 | 60 | 62 | 63 |
| Free Cash Flow | 34 | 25 | 28 | 29 | 40 | 49 | 58 | 66 | 72 | 76 | 78 |
| % Growth | -25% | 10% | 4% | 38% | 21% | 19% | 14% | 9% | 6% | 3% | |