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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.3% - 10.3% | 10.8% |
| Terminal EBITDA Multiple | 1.7x - 3.7x | 2.7x |
| Fair Value | €5.45 - €9.62 | €7.49 |
| Upside | -21.7% - 38.4% | 7.7% |
| 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 | 1,814 | 2,220 | 2,510 | 2,840 | 2,990 | 3,162 |
| % Growth | -12.1% | 22.4% | 13.1% | 13.1% | 5.3% | 5.8% |
| EBITDA | 100 | 196 | 268 | 334 | 382 | 435 |
| % of Revenue | 5.5% | 8.8% | 10.7% | 11.8% | 12.8% | 13.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 196 | 268 | 334 | 382 | 435 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (67) | (95) | (117) | (142) | (183) | |
| EBIT | 129 | 172 | 217 | 240 | 252 | |
| Pro forma Taxes | (21) | (28) | (35) | (38) | (40) | |
| NOPAT | 29 | 108 | 145 | 182 | 202 | 212 |
| Capital Expenditures | (64) | (95) | (100) | (106) | (126) | (130) |
| NWC Investment | 40 | (65) | (47) | (53) | (24) | (28) |
| (+) D&A | 65 | 67 | 95 | 117 | 142 | 183 |
| Free Cash Flow | 70 | 15 | 93 | 140 | 193 | 237 |
| % Growth | -79% | 536% | 50% | 38% | 23% | |