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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.5% - 10.5% | 11.0% |
| Terminal EBITDA Multiple | 6.2x - 8.2x | 7.2x |
| Fair Value | €29.17 - €46.21 | €37.54 |
| Upside | 15.1% - 82.3% | 48.1% |
| Select Revenue and EBITDA Forecast | ||||||
| (EUR in millions) | Input Projections | |||||
| Fiscal Years Ending | Sep-24 | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 |
| Revenue | 1,306 | 1,333 | 1,405 | 1,463 | 1,544 | 1,621 |
| % Growth | 7.5% | 2.1% | 5.4% | 4.1% | 5.5% | 5.0% |
| EBITDA | 196 | 221 | 235 | 266 | 283 | 283 |
| % of Revenue | 15.0% | 16.6% | 16.8% | 18.2% | 18.3% | 17.5% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 | |
| EBITDA | 221 | 235 | 266 | 283 | 283 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (70) | (69) | (74) | (47) | (45) | |
| EBIT | 151 | 167 | 192 | 236 | 238 | |
| Pro forma Taxes | (41) | (45) | (52) | (64) | (64) | |
| NOPAT | 92 | 110 | 122 | 140 | 172 | 174 |
| Capital Expenditures | (54) | (89) | (85) | (83) | (104) | (107) |
| NWC Investment | (15) | (5) | (12) | (10) | (13) | (13) |
| (+) D&A | 69 | 70 | 69 | 74 | 47 | 45 |
| Free Cash Flow | 93 | 87 | 93 | 121 | 102 | 99 |
| % Growth | -6% | 7% | 30% | -16% | -3% | |