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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Perpetuity Growth Rate | 3.8% - 4.8% | 4.3% |
| Fair Value | Mex$ 1,146 - Mex$ 1,751 | Mex$ 1,383 |
| Upside | -1.8% - 49.9% | 18.4% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| Revenue | 60,761 | 62,667 | 65,064 | 67,730 | 70,504 | 73,628 | 76,335 | 78,944 | 81,610 | 84,333 | 86,019 | |
| % Growth | 1.9% | 3.1% | 3.8% | 4.1% | 4.1% | 4.4% | 3.7% | 3.4% | 3.4% | 3.3% | 2.0% | |
| EBITDA | 12,281 | 13,442 | 14,001 | 14,831 | 15,150 | 15,134 | 15,529 | 16,027 | 16,544 | 17,081 | 17,423 | |
| % of Revenue | 20.2% | 21.4% | 21.5% | 21.9% | 21.5% | 20.6% | 20.3% | 20.3% | 20.3% | 20.3% | 20.3% | |
| Calculation of Free Cash Flow | ||||||||||||
| Projected Unlevered Cash Flow | ||||||||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | Terminal | |
| EBITDA | 13,442 | 14,001 | 14,831 | 15,150 | 15,134 | 15,529 | 16,027 | 16,544 | 17,081 | 17,423 | 17,423 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,821) | (1,776) | (1,913) | (1,965) | (2,443) | (2,533) | (2,619) | (2,708) | (2,798) | (2,854) | (2,559) | |
| EBIT | 11,621 | 12,225 | 12,917 | 13,185 | 12,691 | 12,996 | 13,408 | 13,836 | 14,283 | 14,568 | 14,863 | |
| Pro forma Taxes | (2,789) | (2,934) | (3,100) | (3,164) | (3,046) | (3,119) | (3,218) | (3,321) | (3,428) | (3,496) | (3,567) | |
| NOPAT | 8,548 | 8,832 | 9,291 | 9,817 | 10,020 | 9,645 | 9,877 | 10,190 | 10,515 | 10,855 | 11,072 | 11,296 |
| Capital Expenditures | (1,738) | (1,936) | (2,039) | (2,116) | (2,673) | (2,967) | (2,585) | (2,674) | (2,742) | (2,667) | (2,694) | (2,694) |
| NWC Investment | 106 | 174 | 219 | 244 | 254 | 286 | 247 | 239 | 244 | 249 | 154 | 334 |
| (+) D&A | 1,034 | 1,821 | 1,776 | 1,913 | 1,965 | 2,443 | 2,533 | 2,619 | 2,708 | 2,798 | 2,854 | 2,559 |
| Free Cash Flow | 7,949 | 8,891 | 9,246 | 9,858 | 9,566 | 9,407 | 10,072 | 10,374 | 10,725 | 11,235 | 11,386 | 11,495 |
| % Growth | 12% | 4% | 7% | -3% | -2% | 7% | 3% | 3% | 5% | 1% | 1% | |