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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Terminal Revenue Multiple | 1.3x - 1.4x | 1.4x |
| Fair Value | €197.05 - €220.38 | €208.34 |
| Upside | 21.6% - 36.0% | 28.5% |
| 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 | 69,230 | 75,115 | 83,196 | 91,875 | 99,290 | 111,099 | 119,431 | 123,612 | 126,084 | 128,605 | 131,178 |
| % Growth | 5.8% | 8.5% | 10.8% | 10.4% | 8.1% | 11.9% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% |
| EBITDA | 6,871 | 9,989 | 11,468 | 13,286 | 14,110 | 15,503 | 17,263 | 17,867 | 18,224 | 18,589 | 18,961 |
| % of Revenue | 9.9% | 13.3% | 13.8% | 14.5% | 14.2% | 14.0% | 14.5% | 14.5% | 14.5% | 14.5% | 14.5% |
| 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 | 9,989 | 11,468 | 13,286 | 14,110 | 15,503 | 17,263 | 17,867 | 18,224 | 18,589 | 18,961 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2,893) | (3,050) | (3,393) | (3,122) | (1,597) | (1,716) | (1,776) | (1,812) | (1,848) | (1,885) | |
| EBIT | 7,095 | 8,418 | 9,893 | 10,988 | 13,907 | 15,547 | 16,091 | 16,413 | 16,741 | 17,076 | |
| Pro forma Taxes | (1,490) | (1,768) | (2,077) | (2,307) | (2,920) | (3,265) | (3,379) | (3,447) | (3,516) | (3,586) | |
| NOPAT | 3,795 | 5,605 | 6,650 | 7,815 | 8,681 | 10,986 | 12,282 | 12,712 | 12,966 | 13,225 | 13,490 |
| Capital Expenditures | (3,669) | (3,727) | (3,906) | (3,820) | (4,296) | (4,647) | (4,254) | (4,399) | (4,433) | (4,362) | (4,398) |
| NWC Investment | 198 | 308 | 423 | 454 | 388 | 618 | 436 | 219 | 129 | 132 | 135 |
| (+) D&A | 2,067 | 2,893 | 3,050 | 3,393 | 3,122 | 1,597 | 1,716 | 1,776 | 1,812 | 1,848 | 1,885 |
| Free Cash Flow | 2,391 | 5,079 | 6,217 | 7,842 | 7,895 | 8,553 | 10,180 | 10,308 | 10,474 | 10,843 | 11,111 |
| % Growth | 22% | 26% | 1% | 8% | 19% | 1% | 2% | 4% | 2% | ||