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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Terminal Revenue Multiple | 1.2x - 1.3x | 1.3x |
| Fair Value | €177.48 - €195.76 | €186.45 |
| Upside | 9.5% - 20.8% | 15.0% |
| 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 | 69,230 | 75,115 | 83,196 | 91,875 | 99,290 | 111,099 |
| % Growth | 5.8% | 8.5% | 10.8% | 10.4% | 8.1% | 11.9% |
| EBITDA | 6,871 | 9,989 | 11,468 | 13,286 | 14,110 | 15,503 |
| % of Revenue | 9.9% | 13.3% | 13.8% | 14.5% | 14.2% | 14.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 9,989 | 11,468 | 13,286 | 14,110 | 15,503 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2,893) | (3,050) | (3,393) | (3,122) | (1,597) | |
| EBIT | 7,095 | 8,418 | 9,893 | 10,988 | 13,907 | |
| Pro forma Taxes | (1,490) | (1,768) | (2,077) | (2,307) | (2,920) | |
| NOPAT | 3,795 | 5,605 | 6,650 | 7,815 | 8,681 | 10,986 |
| Capital Expenditures | (3,669) | (3,727) | (3,906) | (3,820) | (4,296) | (4,647) |
| NWC Investment | 198 | 308 | 423 | 454 | 388 | 618 |
| (+) D&A | 2,067 | 2,893 | 3,050 | 3,393 | 3,122 | 1,597 |
| Free Cash Flow | 2,391 | 5,079 | 6,217 | 7,842 | 7,895 | 8,553 |
| % Growth | 112% | 22% | 26% | 1% | 8% | |