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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Perpetuity Growth Rate | 5.0% - 6.0% | 5.5% |
| Fair Value | €15.31 - €40 | €24.40 |
| Upside | -22.2% - 103.2% | 23.9% |
| 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 | 4,270 | 4,218 | 4,226 | 4,242 | 4,350 | 4,436 | 4,525 | 4,616 | 4,708 | 4,802 | 4,898 | |
| % Growth | -5.8% | -1.2% | 0.2% | 0.4% | 2.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 1,396 | 1,425 | 1,536 | 1,605 | 1,692 | 1,726 | 1,760 | 1,796 | 1,831 | 1,868 | 1,905 | |
| % of Revenue | 32.7% | 33.8% | 36.3% | 37.8% | 38.9% | 38.9% | 38.9% | 38.9% | 38.9% | 38.9% | 38.9% | |
| 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 | 1,425 | 1,536 | 1,605 | 1,692 | 1,726 | 1,760 | 1,796 | 1,831 | 1,868 | 1,905 | 1,905 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (736) | (829) | (872) | (919) | (937) | (956) | (975) | (995) | (1,015) | (1,035) | (932) | |
| EBIT | 689 | 707 | 733 | 773 | 788 | 804 | 820 | 837 | 853 | 871 | 974 | |
| Pro forma Taxes | (220) | (226) | (235) | (247) | (252) | (257) | (263) | (268) | (273) | (279) | (312) | |
| NOPAT | 467 | 469 | 481 | 498 | 526 | 536 | 547 | 558 | 569 | 580 | 592 | 662 |
| Capital Expenditures | (1,439) | (1,186) | (1,049) | (1,049) | (1,040) | (1,046) | (956) | (975) | (992) | (975) | (981) | (981) |
| NWC Investment | (18) | (4) | 1 | 1 | 8 | 6 | 6 | 6 | 6 | 7 | 7 | 19 |
| (+) D&A | 709 | 736 | 829 | 872 | 919 | 937 | 956 | 975 | 995 | 1,015 | 1,035 | 932 |
| Free Cash Flow | (281) | 15 | 262 | 323 | 413 | 434 | 553 | 564 | 578 | 627 | 653 | 632 |
| % Growth | NM | 1659% | 23% | 28% | 5% | 27% | 2% | 2% | 9% | 4% | -3% | |