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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.0% - 8.0% | 8.5% |
| Perpetuity Growth Rate | 1.7% - 2.8% | 2.3% |
| Fair Value | €214.87 - €288.90 | €245.99 |
| Upside | -5.3% - 27.3% | 8.4% |
| 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 | 20,577 | 21,895 | 23,443 | 25,218 | 27,284 | 30,845 | |
| % Growth | 11.7% | 6.4% | 7.1% | 7.6% | 8.2% | 13.0% | |
| EBITDA | 2,691 | 3,435 | 3,771 | 4,159 | 4,447 | 4,846 | |
| % of Revenue | 13.1% | 15.7% | 16.1% | 16.5% | 16.3% | 15.7% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 3,435 | 3,771 | 4,159 | 4,447 | 4,846 | 4,846 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (734) | (792) | (848) | (783) | (756) | (870) | |
| EBIT | 2,701 | 2,979 | 3,311 | 3,664 | 4,090 | 3,976 | |
| Pro forma Taxes | (459) | (506) | (563) | (623) | (695) | (676) | |
| NOPAT | 1,466 | 2,242 | 2,472 | 2,748 | 3,041 | 3,395 | 3,300 |
| Capital Expenditures | (540) | (710) | (748) | (785) | (842) | (916) | (916) |
| NWC Investment | 571 | 350 | 411 | 471 | 549 | 946 | 184 |
| (+) D&A | 925 | 734 | 792 | 848 | 783 | 756 | 870 |
| Free Cash Flow | 2,422 | 2,617 | 2,928 | 3,283 | 3,532 | 4,181 | 3,439 |
| % Growth | 8% | 12% | 12% | 8% | 18% | -18% | |