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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal Revenue Multiple | 2.3x - 2.6x | 2.4x |
| Fair Value | kr270.95 - kr306.74 | kr288.27 |
| Upside | -6.2% - 6.2% | -0.2% |
| 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 | 3,855 | 3,983 | 4,149 | 4,359 | 4,706 | 4,760 | 4,760 | 4,760 | 4,760 | 4,760 | 4,760 |
| % Growth | 6.5% | 3.3% | 4.2% | 5.1% | 8.0% | 1.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 895 | 938 | 983 | 1,034 | 1,238 | 981 | 981 | 981 | 981 | 981 | 981 |
| % of Revenue | 23.2% | 23.6% | 23.7% | 23.7% | 26.3% | 20.6% | 20.6% | 20.6% | 20.6% | 20.6% | 20.6% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | ||
| EBITDA | 938 | 983 | 1,034 | 1,238 | 981 | 981 | 981 | 981 | 981 | 981 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (273) | (283) | (324) | (342) | (326) | (326) | (326) | (326) | (326) | (326) | |
| EBIT | 665 | 700 | 710 | 896 | 655 | 655 | 655 | 655 | 655 | 655 | |
| Pro forma Taxes | (153) | (161) | (163) | (206) | (151) | (151) | (151) | (151) | (151) | (151) | |
| NOPAT | 521 | 512 | 539 | 546 | 690 | 504 | 504 | 504 | 504 | 504 | 504 |
| Capital Expenditures | (376) | (450) | (501) | (512) | (270) | (483) | (422) | (392) | (392) | (392) | (392) |
| NWC Investment | (19) | (10) | (13) | (17) | (28) | (4) | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 219 | 273 | 283 | 324 | 342 | 326 | 326 | 326 | 326 | 326 | 326 |
| Free Cash Flow | 345 | 325 | 308 | 342 | 734 | 343 | 409 | 439 | 439 | 439 | 439 |
| % Growth | -5% | 11% | 115% | -53% | 19% | 7% | 0% | 0% | 0% | ||