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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.3% - 10.3% | 10.8% |
| Terminal Revenue Multiple | 1.3x - 1.4x | 1.3x |
| Fair Value | €2.08 - €2.41 | €2.25 |
| Upside | 30.8% - 51.3% | 40.9% |
| Select Revenue and EBITDA Forecast | ||||||
| (EUR in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-23 | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 |
| Revenue | 23 | 11 | 11 | 11 | 11 | 11 |
| % Growth | 149.5% | -53.8% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | -1 | 1 | 1 | 1 | 1 | 1 |
| % of Revenue | -5.9% | 4.7% | 4.7% | 4.7% | 4.7% | 4.7% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | |
| EBITDA | 1 | 1 | 1 | 1 | 1 | |
| Other Income / (Exp) | 0 | 2 | 0 | 0 | 0 | |
| D&A | (0) | (0) | (0) | (0) | (0) | |
| EBIT | 0 | 3 | 0 | 0 | 0 | |
| Pro forma Taxes | (0) | (0) | (0) | (0) | (0) | |
| NOPAT | (2) | 0 | 2 | 0 | 0 | 0 |
| Capital Expenditures | (1) | (0) | (0) | (0) | (0) | (0) |
| NWC Investment | 3 | (3) | 0 | 0 | 0 | 0 |
| (+) D&A | 1 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 1 | (2) | 2 | 0 | 0 | 0 |
| % Growth | NM | NM | -95% | 0% | 0% | |