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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Perpetuity Growth Rate | 3.8% - 4.8% | 4.3% |
| Fair Value | €34.68 - €46.41 | €39.46 |
| Upside | 4.5% - 39.8% | 18.8% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| Revenue | 3,525 | 3,642 | 3,803 | 3,938 | 3,690 | 3,794 | 3,870 | 3,947 | 4,026 | 4,107 | 4,189 | |
| % Growth | -0.5% | 3.3% | 4.4% | 3.6% | -6.3% | 2.8% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 521 | 556 | 583 | 609 | 623 | 646 | 659 | 672 | 686 | 699 | 713 | |
| % of Revenue | 14.8% | 15.3% | 15.3% | 15.5% | 16.9% | 17.0% | 17.0% | 17.0% | 17.0% | 17.0% | 17.0% | |
| 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 | 556 | 583 | 609 | 623 | 646 | 659 | 672 | 686 | 699 | 713 | 713 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (97) | (99) | (99) | (113) | (124) | (127) | (129) | (132) | (135) | (137) | (89) | |
| EBIT | 459 | 484 | 510 | 510 | 522 | 532 | 543 | 554 | 565 | 576 | 624 | |
| Pro forma Taxes | (133) | (140) | (148) | (148) | (151) | (154) | (157) | (161) | (164) | (167) | (181) | |
| NOPAT | 310 | 326 | 344 | 362 | 362 | 370 | 378 | 385 | 393 | 401 | 409 | 443 |
| Capital Expenditures | (83) | (102) | (90) | (90) | (92) | (96) | (93) | (93) | (94) | (93) | (93) | (93) |
| NWC Investment | 3 | (22) | (30) | (26) | 47 | (20) | (14) | (15) | (15) | (15) | (15) | (34) |
| (+) D&A | 85 | 97 | 99 | 99 | 113 | 124 | 127 | 129 | 132 | 135 | 137 | 89 |
| Free Cash Flow | 315 | 299 | 322 | 346 | 430 | 379 | 398 | 407 | 416 | 427 | 437 | 405 |
| % Growth | -5% | 8% | 7% | 24% | -12% | 5% | 2% | 2% | 3% | 2% | -7% | |