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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Perpetuity Growth Rate | 4.3% - 5.3% | 4.8% |
| Fair Value | €183.11 - €295 | €225.92 |
| Upside | -26.2% - 19.0% | -8.9% |
| 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 | |
| Revenue | 26,508 | 27,687 | 29,543 | 31,544 | 34,121 | 36,960 | |
| % Growth | 4.4% | 4.4% | 6.7% | 6.8% | 8.2% | 8.3% | |
| EBITDA | 5,562 | 6,996 | 7,676 | 8,387 | 10,014 | 9,397 | |
| % of Revenue | 21.0% | 25.3% | 26.0% | 26.6% | 29.3% | 25.4% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 6,996 | 7,676 | 8,387 | 10,014 | 9,397 | 9,397 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2,332) | (2,498) | (2,661) | (3,690) | (2,507) | (1,939) | |
| EBIT | 4,664 | 5,178 | 5,726 | 6,324 | 6,890 | 7,458 | |
| Pro forma Taxes | (1,119) | (1,243) | (1,374) | (1,518) | (1,654) | (1,790) | |
| NOPAT | 2,646 | 3,545 | 3,935 | 4,352 | 4,806 | 5,236 | 5,668 |
| Capital Expenditures | (1,522) | (1,576) | (1,651) | (1,750) | (1,877) | (2,041) | (2,041) |
| NWC Investment | (29) | (31) | (49) | (52) | (67) | (74) | (46) |
| (+) D&A | 2,081 | 2,332 | 2,498 | 2,661 | 3,690 | 2,507 | 1,939 |
| Free Cash Flow | 3,175 | 4,270 | 4,734 | 5,211 | 6,552 | 5,628 | 5,520 |
| % Growth | 34% | 11% | 10% | 26% | -14% | -2% | |