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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Terminal EBITDA Multiple | 5.6x - 7.6x | 6.6x |
| Fair Value | €26.04 - €32.18 | €29.05 |
| Upside | -12.1% - 8.6% | -2.0% |
| Select Revenue and EBITDA Forecast | ||||||
| (EUR in millions) | Input Projections | |||||
| Fiscal Years Ending | Sep-24 | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 |
| Revenue | 12,986 | 1,802 | 1,822 | 1,849 | 1,870 | 2,010 |
| % Growth | 4.5% | -86.1% | 1.1% | 1.5% | 1.1% | 7.5% |
| EBITDA | 411 | 484 | 483 | 497 | 498 | 493 |
| % of Revenue | 3.2% | 26.8% | 26.5% | 26.9% | 26.6% | 24.5% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 | |
| EBITDA | 484 | 483 | 497 | 498 | 493 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (173) | (172) | (175) | (131) | (125) | |
| EBIT | 311 | 311 | 322 | 367 | 368 | |
| Pro forma Taxes | (81) | (81) | (84) | (95) | (96) | |
| NOPAT | 237 | 230 | 230 | 238 | 272 | 272 |
| Capital Expenditures | (39) | (47) | (48) | (49) | (45) | (56) |
| NWC Investment | 72 | (1,448) | 3 | 3 | 3 | 18 |
| (+) D&A | 92 | 173 | 172 | 175 | 131 | 125 |
| Free Cash Flow | 362 | (1,092) | 357 | 368 | 361 | 359 |
| % Growth | NM | NM | 3% | -2% | 0% | |