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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Perpetuity Growth Rate | 6.0% - 7.0% | 6.5% |
| Fair Value | €9.26 - €86.03 | €22.05 |
| Upside | -35.4% - 499.9% | 53.8% |
| 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 | 44,739 | 48,757 | 49,889 | 51,673 | 51,850 | 53,475 | |
| % Growth | -9.3% | 9.0% | 2.3% | 3.6% | 0.3% | 3.1% | |
| EBITDA | 16,563 | 16,293 | 17,408 | 18,160 | 18,196 | 19,211 | |
| % of Revenue | 37.0% | 33.4% | 34.9% | 35.1% | 35.1% | 35.9% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 16,293 | 17,408 | 18,160 | 18,196 | 19,211 | 19,211 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (5,901) | (6,348) | (6,539) | (6,872) | (7,317) | (13,139) | |
| EBIT | 10,392 | 11,060 | 11,621 | 11,324 | 11,894 | 6,072 | |
| Pro forma Taxes | (2,494) | (2,654) | (2,789) | (2,718) | (2,855) | (1,457) | |
| NOPAT | 8,498 | 7,898 | 8,406 | 8,832 | 8,606 | 9,039 | 4,615 |
| Capital Expenditures | (8,209) | (12,660) | (12,598) | (12,481) | (12,501) | (13,830) | (13,830) |
| NWC Investment | 38 | (33) | (9) | (15) | (1) | (13) | (28) |
| (+) D&A | 5,381 | 5,901 | 6,348 | 6,539 | 6,872 | 7,317 | 13,139 |
| Free Cash Flow | 5,708 | 1,106 | 2,147 | 2,875 | 2,976 | 2,513 | 3,895 |
| % Growth | -81% | 94% | 34% | 3% | -16% | 55% | |