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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Perpetuity Growth Rate | 2.8% - 3.8% | 3.3% |
| Fair Value | €55.89 - €72.51 | €63 |
| Upside | -16.6% - 8.2% | -6.0% |
| 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 | 1,210 | 1,401 | 1,408 | 1,664 | 1,690 | 1,763 | 1,837 | 1,911 | 1,984 | 2,056 | 2,097 | |
| % Growth | -0.4% | 15.8% | 0.5% | 18.2% | 1.5% | 4.4% | 4.2% | 4.0% | 3.8% | 3.6% | 2.0% | |
| EBITDA | 138 | 198 | 212 | 224 | 232 | 243 | 238 | 247 | 257 | 267 | 273 | |
| % of Revenue | 11.4% | 14.2% | 15.0% | 13.5% | 13.7% | 13.8% | 12.9% | 12.9% | 13.0% | 13.0% | 13.0% | |
| 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 | 198 | 212 | 224 | 232 | 243 | 238 | 247 | 257 | 267 | 273 | 273 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (75) | (63) | (60) | (66) | (70) | (73) | (76) | (79) | (81) | (83) | (91) | |
| EBIT | 123 | 149 | 164 | 166 | 173 | 165 | 172 | 179 | 186 | 190 | 182 | |
| Pro forma Taxes | (32) | (39) | (43) | (43) | (45) | (43) | (45) | (46) | (48) | (49) | (47) | |
| NOPAT | 71 | 91 | 110 | 121 | 123 | 128 | 122 | 127 | 132 | 138 | 140 | 135 |
| Capital Expenditures | (56) | (85) | (85) | (79) | (97) | (100) | (92) | (96) | (96) | (94) | (95) | (95) |
| NWC Investment | 1 | (24) | (1) | (32) | (3) | (9) | (9) | (9) | (9) | (9) | (5) | (9) |
| (+) D&A | 42 | 75 | 63 | 60 | 66 | 70 | 73 | 76 | 79 | 81 | 83 | 91 |
| Free Cash Flow | 58 | 57 | 87 | 70 | 88 | 88 | 94 | 98 | 106 | 115 | 123 | 121 |
| % Growth | -2% | 53% | -20% | 26% | 0% | 6% | 4% | 8% | 9% | 6% | -1% | |