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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal EBITDA Multiple | 6.5x - 8.5x | 7.5x |
| Fair Value | kr159.02 - kr198.91 | kr178.59 |
| Upside | 38.2% - 72.9% | 55.2% |
| 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 |
| Revenue | 17,295 | 19,078 | 20,826 | 22,347 | 23,159 | 26,097 |
| % Growth | 12.4% | 10.3% | 9.2% | 7.3% | 3.6% | 12.7% |
| EBITDA | 1,136 | 2,150 | 2,536 | 2,862 | 3,024 | 3,346 |
| % of Revenue | 6.6% | 11.3% | 12.2% | 12.8% | 13.1% | 12.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 2,150 | 2,536 | 2,862 | 3,024 | 3,346 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,066) | (1,070) | (1,030) | (1,136) | (1,310) | |
| EBIT | 1,084 | 1,467 | 1,832 | 1,888 | 2,036 | |
| Pro forma Taxes | (249) | (337) | (421) | (434) | (468) | |
| NOPAT | 569 | 835 | 1,129 | 1,411 | 1,454 | 1,568 |
| Capital Expenditures | (670) | (1,200) | (1,207) | (1,192) | (1,205) | (1,393) |
| NWC Investment | 298 | 278 | 272 | 237 | 126 | 457 |
| (+) D&A | 397 | 1,066 | 1,070 | 1,030 | 1,136 | 1,310 |
| Free Cash Flow | 594 | 978 | 1,264 | 1,486 | 1,511 | 1,943 |
| % Growth | 65% | 29% | 18% | 2% | 29% | |