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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.0% - 10.0% | 10.5% |
| Perpetuity Growth Rate | 1.0% - 2.0% | 1.5% |
| Fair Value | €7.29 - €9.69 | €8.36 |
| Upside | 50.5% - 100.2% | 72.6% |
| 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 | 1,803 | 1,786 | 1,812 | 1,803 | 1,849 | 1,921 | |
| % Growth | -2.4% | -0.9% | 1.4% | -0.4% | 2.5% | 3.9% | |
| EBITDA | 105 | 178 | 203 | 240 | 246 | 256 | |
| % of Revenue | 5.8% | 9.9% | 11.2% | 13.3% | 13.3% | 13.3% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 178 | 203 | 240 | 246 | 256 | 256 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (116) | (115) | (126) | (135) | (141) | (111) | |
| EBIT | 61 | 88 | 114 | 111 | 115 | 145 | |
| Pro forma Taxes | (25) | (36) | (47) | (46) | (47) | (59) | |
| NOPAT | 7 | 36 | 52 | 67 | 65 | 68 | 85 |
| Capital Expenditures | (108) | (96) | (110) | (114) | (115) | (117) | (117) |
| NWC Investment | 7 | 3 | (4) | 1 | (7) | (11) | (5) |
| (+) D&A | 94 | 116 | 115 | 126 | 135 | 141 | 111 |
| Free Cash Flow | (1) | 59 | 53 | 80 | 79 | 80 | 75 |
| % Growth | NM | -11% | 52% | -2% | 2% | -7% | |