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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.5% - 10.5% | 11.0% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | €29.25 - €34.70 | €31.10 |
| Upside | 21.9% - 44.6% | 29.6% |
| 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 | 1,616 | 1,868 | 2,026 | 2,038 | 1,934 | 1,975 | |
| % Growth | 53.0% | 15.6% | 8.5% | 0.6% | -5.1% | 2.1% | |
| EBITDA | 432 | 564 | 640 | 597 | 584 | 573 | |
| % of Revenue | 26.7% | 30.2% | 31.6% | 29.3% | 30.2% | 29.0% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 564 | 640 | 597 | 584 | 573 | 573 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (141) | (216) | (153) | (122) | (125) | (99) | |
| EBIT | 423 | 424 | 444 | 462 | 448 | 474 | |
| Pro forma Taxes | (85) | (85) | (89) | (92) | (90) | (95) | |
| NOPAT | 241 | 338 | 339 | 355 | 370 | 359 | 379 |
| Capital Expenditures | (244) | (214) | (150) | (110) | (107) | (104) | (104) |
| NWC Investment | (0) | (0) | (0) | (0) | 0 | (0) | 0 |
| (+) D&A | 131 | 141 | 216 | 153 | 122 | 125 | 99 |
| Free Cash Flow | 127 | 265 | 406 | 398 | 385 | 379 | 374 |
| % Growth | 108% | 53% | -2% | -3% | -1% | -1% | |