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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Perpetuity Growth Rate | 2.5% - 3.5% | 3.0% |
| Fair Value | $58.24 - $77.26 | $66.39 |
| Upside | -21.2% - 4.5% | -10.2% |
| 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 | 1,210 | 1,401 | 1,408 | 1,664 | 1,690 | 1,763 | |
| % Growth | -0.4% | 15.8% | 0.5% | 18.2% | 1.5% | 4.4% | |
| EBITDA | 138 | 198 | 212 | 224 | 232 | 243 | |
| % of Revenue | 11.4% | 14.2% | 15.0% | 13.5% | 13.7% | 13.8% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 198 | 212 | 224 | 232 | 243 | 243 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (75) | (63) | (60) | (66) | (70) | (95) | |
| EBIT | 123 | 149 | 164 | 166 | 173 | 148 | |
| Pro forma Taxes | (32) | (39) | (43) | (43) | (45) | (38) | |
| NOPAT | 71 | 91 | 110 | 121 | 123 | 128 | 109 |
| Capital Expenditures | (56) | (85) | (85) | (79) | (97) | (100) | (100) |
| NWC Investment | 1 | (24) | (1) | (32) | (3) | (9) | (7) |
| (+) D&A | 42 | 75 | 63 | 60 | 66 | 70 | 95 |
| Free Cash Flow | 58 | 57 | 87 | 70 | 88 | 88 | 98 |
| % Growth | -2% | 53% | -20% | 26% | 0% | 10% | |