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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Terminal EBITDA Multiple | 7.3x - 9.3x | 8.3x |
| Fair Value | €34.77 - €46.14 | €40.35 |
| Upside | -21.9% - 3.7% | -9.3% |
| 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 |
| Revenue | 10,754 | 11,615 | 12,321 | 13,136 | 14,089 | 15,025 |
| % Growth | 5.6% | 8.0% | 6.1% | 6.6% | 7.3% | 6.6% |
| EBITDA | 1,491 | 1,775 | 1,936 | 2,075 | 2,284 | 2,467 |
| % of Revenue | 13.9% | 15.3% | 15.7% | 15.8% | 16.2% | 16.4% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 1,775 | 1,936 | 2,075 | 2,284 | 2,467 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (447) | (493) | (516) | (516) | (521) | |
| EBIT | 1,328 | 1,443 | 1,559 | 1,768 | 1,946 | |
| Pro forma Taxes | (385) | (419) | (452) | (513) | (564) | |
| NOPAT | 836 | 943 | 1,025 | 1,107 | 1,255 | 1,382 |
| Capital Expenditures | (615) | (748) | (804) | (857) | (915) | (975) |
| NWC Investment | 18 | 28 | 23 | 26 | 31 | 30 |
| (+) D&A | 314 | 447 | 493 | 516 | 516 | 521 |
| Free Cash Flow | 552 | 669 | 736 | 791 | 887 | 958 |
| % Growth | 21% | 10% | 8% | 12% | 8% | |