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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.0% - 8.0% | 8.5% |
| Terminal Revenue Multiple | 0.8x - 0.9x | 0.9x |
| Fair Value | €5.14 - €5.92 | €5.52 |
| Upside | 21.9% - 40.2% | 30.8% |
| 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 | 23 | 28 | 35 | 41 | 37 | 41 | 44 | 46 | 46 | 47 | 48 |
| % Growth | 10.1% | 22.8% | 22.5% | 17.6% | -8.8% | 10.2% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% |
| EBITDA | 1 | 2 | 4 | 5 | 5 | 6 | 6 | 6 | 6 | 7 | 7 |
| % of Revenue | 2.2% | 8.1% | 11.8% | 13.4% | 12.7% | 13.4% | 13.9% | 13.9% | 13.9% | 13.9% | 13.9% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | ||
| EBITDA | 2 | 4 | 5 | 5 | 6 | 6 | 6 | 6 | 7 | 7 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (4) | (4) | (4) | (3) | (3) | (3) | (3) | (3) | (3) | (3) | |
| EBIT | (1) | 1 | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 4 | |
| Pro forma Taxes | 0 | (0) | (0) | (0) | (1) | (1) | (1) | (1) | (1) | (1) | |
| NOPAT | (3) | (1) | 0 | 2 | 1 | 2 | 3 | 3 | 3 | 3 | 3 |
| Capital Expenditures | (2) | (4) | (3) | (3) | (3) | (3) | (3) | (3) | (3) | (3) | (3) |
| NWC Investment | (0) | (0) | (0) | (0) | 0 | (0) | (0) | (0) | (0) | (0) | (0) |
| (+) D&A | 4 | 4 | 4 | 4 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Free Cash Flow | (1) | (2) | 1 | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 3 |
| % Growth | NM | 70% | -25% | 40% | 21% | 9% | 5% | 3% | 4% | ||