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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.3% - 7.2% | 7.8% |
| Terminal Revenue Multiple | 7.6x - 8.4x | 8.0x |
| Fair Value | €128.09 - €145.13 | €136.45 |
| Upside | -9.7% - 2.3% | -3.8% |
| 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 | 1,627 | 1,750 | 1,819 | 1,932 | 1,923 | 2,074 |
| % Growth | 10.3% | 7.5% | 4.0% | 6.2% | -0.5% | 7.9% |
| EBITDA | 925 | 1,069 | 1,099 | 1,198 | 1,179 | 1,269 |
| % of Revenue | 56.9% | 61.1% | 60.4% | 62.0% | 61.3% | 61.2% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 1,069 | 1,099 | 1,198 | 1,179 | 1,269 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (79) | (67) | (86) | (131) | (400) | |
| EBIT | 989 | 1,032 | 1,112 | 1,048 | 869 | |
| Pro forma Taxes | (257) | (268) | (289) | (272) | (226) | |
| NOPAT | 620 | 732 | 764 | 823 | 776 | 643 |
| Capital Expenditures | (18) | (86) | (88) | (90) | (101) | (112) |
| NWC Investment | 28 | 23 | 13 | 21 | (2) | 28 |
| (+) D&A | 87 | 79 | 67 | 86 | 131 | 400 |
| Free Cash Flow | 718 | 748 | 756 | 840 | 804 | 959 |
| % Growth | 4% | 1% | 11% | -4% | 19% | |