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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 11.3% - 10.3% | 10.8% |
Perpetuity Growth Rate | 0.2% - 1.3% | 0.8% |
Fair Value | €9.24 - €11.87 | €10.43 |
Upside | -16.0% - 7.8% | -5.3% |
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 | 5,416 | 6,306 | 6,812 | 7,200 | 7,452 | 7,601 | 7,753 | 7,908 | 8,066 | 8,228 | 8,392 | |
% Growth | -18.1% | 16.4% | 8.0% | 5.7% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
EBITDA | 355 | 551 | 732 | 806 | 838 | 882 | 900 | 918 | 936 | 955 | 974 | |
% of Revenue | 6.5% | 8.7% | 10.8% | 11.2% | 11.2% | 11.6% | 11.6% | 11.6% | 11.6% | 11.6% | 11.6% |
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 | 551 | 732 | 806 | 838 | 882 | 900 | 918 | 936 | 955 | 974 | 974 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
D&A | (194) | (228) | (231) | (133) | (148) | (151) | (154) | (157) | (160) | (164) | (192) | |
EBIT | 357 | 505 | 574 | 705 | 734 | 749 | 764 | 779 | 794 | 810 | 782 | |
Pro forma Taxes | (118) | (167) | (190) | (233) | (242) | (247) | (252) | (257) | (262) | (267) | (258) | |
NOPAT | 137 | 239 | 338 | 385 | 472 | 492 | 502 | 512 | 522 | 532 | 543 | 524 |
Capital Expenditures | (202) | (299) | (280) | (250) | (200) | (200) | (204) | (201) | (202) | (202) | (202) | (202) |
NWC Investment | 342 | (254) | (145) | (111) | (72) | (43) | (43) | (44) | (45) | (46) | (47) | (18) |
(+) D&A | 150 | 194 | 228 | 231 | 133 | 148 | 151 | 154 | 157 | 160 | 164 | 192 |
Free Cash Flow | 427 | (120) | 141 | 256 | 334 | 397 | 405 | 420 | 432 | 444 | 458 | 496 |
% Growth | NM | NM | 81% | 30% | 19% | 2% | 4% | 3% | 3% | 3% | 8% |