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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | €63.50 - €71.19 | €66.05 |
| Upside | 27.3% - 42.7% | 32.4% |
| 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 | 4,140 | 2,985 | 3,023 | 3,165 | 3,230 | 3,392 | |
| % Growth | 6.7% | -27.9% | 1.3% | 4.7% | 2.1% | 5.0% | |
| EBITDA | 1,048 | 1,223 | 1,264 | 1,312 | 1,481 | 1,597 | |
| % of Revenue | 25.3% | 41.0% | 41.8% | 41.4% | 45.9% | 47.1% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 1,223 | 1,264 | 1,312 | 1,481 | 1,597 | 1,597 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (35) | (30) | (6) | (62) | (66) | (63) | |
| EBIT | 1,188 | 1,234 | 1,306 | 1,419 | 1,531 | 1,534 | |
| Pro forma Taxes | (344) | (358) | (379) | (412) | (444) | (445) | |
| NOPAT | 744 | 843 | 876 | 927 | 1,007 | 1,087 | 1,089 |
| Capital Expenditures | #NUM! | (3) | (4) | (4) | (63) | (67) | (67) |
| NWC Investment | 173 | (766) | 26 | 94 | 43 | 107 | 0 |
| (+) D&A | 0 | 35 | 30 | 6 | 62 | 66 | 63 |
| Free Cash Flow | #NUM! | 109 | 928 | 1,023 | 1,049 | 1,194 | 1,086 |
| % Growth | NM | 751% | 10% | 3% | 14% | -9% | |