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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.0% - 8.0% | 8.5% |
| Terminal EBITDA Multiple | 1.7x - 3.7x | 2.7x |
| Fair Value | €1.60 - €3.09 | €2.33 |
| Upside | -62.0% - -26.8% | -44.8% |
| 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 |
| Revenue | 23 | 28 | 35 | 41 | 37 | 41 |
| % Growth | 10.1% | 22.8% | 22.5% | 17.6% | -8.8% | 10.2% |
| EBITDA | 1 | 2 | 4 | 5 | 5 | 6 |
| % of Revenue | 2.2% | 8.1% | 11.8% | 13.4% | 12.7% | 13.4% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 2 | 4 | 5 | 5 | 6 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (4) | (4) | (4) | (3) | (3) | |
| EBIT | (1) | 1 | 2 | 2 | 3 | |
| Pro forma Taxes | 0 | (0) | (0) | (0) | (1) | |
| NOPAT | (3) | (1) | 0 | 2 | 1 | 2 |
| Capital Expenditures | (2) | (4) | (3) | (3) | (3) | (3) |
| NWC Investment | (0) | (0) | (0) | (0) | 0 | (0) |
| (+) D&A | 4 | 4 | 4 | 4 | 3 | 3 |
| Free Cash Flow | (1) | (2) | 1 | 2 | 2 | 2 |
| % Growth | NM | NM | 70% | -25% | 40% | |