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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal EBITDA Multiple | 8.5x - 10.5x | 9.5x |
| Fair Value | €31.30 - €38.25 | €34.72 |
| Upside | 28.3% - 56.8% | 42.3% |
| 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 | 101 | 114 | 123 | 133 | 144 | 149 |
| % Growth | 17.8% | 12.9% | 8.0% | 7.9% | 8.1% | 3.5% |
| EBITDA | 33 | 37 | 40 | 44 | 47 | 48 |
| % of Revenue | 33.0% | 32.0% | 32.2% | 33.1% | 32.6% | 32.6% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | |
| EBITDA | 37 | 40 | 44 | 47 | 48 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2) | (6) | (6) | (2) | (2) | |
| EBIT | 35 | 34 | 38 | 45 | 46 | |
| Pro forma Taxes | (9) | (9) | (10) | (11) | (12) | |
| NOPAT | 19 | 26 | 26 | 29 | 34 | 35 |
| Capital Expenditures | (0) | (2) | (2) | (2) | (2) | (2) |
| NWC Investment | (1) | (1) | (0) | (0) | (0) | (0) |
| (+) D&A | 9 | 2 | 6 | 6 | 2 | 2 |
| Free Cash Flow | 26 | 25 | 29 | 32 | 33 | 34 |
| % Growth | -5% | 14% | 11% | 3% | 4% | |