Assuming that the company uses its funds for expansion and makes one acquisition/market entry per year, slightly more than doubling its revenue by 2025:
Revenue 2035: €1,164.6 M
EBIT margin 2035: 8.0 %
WACC: 9 %
Terminal growth: 2 %
The value I get is…
€17.1
So, the conclusion is that the markets are frustratingly efficient:
The upside will come from synergy benefits, pricing power, and a decrease in the risk level.
If the acquisition strategy and expansions fail, however, we will probably end up somewhere around the ten-euro mark 