Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 9.5% - 8.5% | 9.0% |
Perpetuity Growth Rate | 3.0% - 4.0% | 3.5% |
Fair Value | €34.79 - €48.60 | €40.44 |
Upside | 7.2% - 49.8% | 24.6% |
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 | 3,525 | 3,550 | 3,724 | 3,921 | 3,975 | 4,133 | |
% Growth | -0.5% | 0.7% | 4.9% | 5.3% | 1.4% | 4.0% | |
EBITDA | 521 | 532 | 581 | 612 | 643 | 664 | |
% of Revenue | 14.8% | 15.0% | 15.6% | 15.6% | 16.2% | 16.1% |
Calculation of Free Cash Flow | |||||||
Projected Unlevered Cash Flow | |||||||
(EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
EBITDA | 532 | 581 | 612 | 643 | 664 | 664 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
D&A | (99) | (100) | (98) | (64) | (56) | (92) | |
EBIT | 433 | 481 | 514 | 579 | 608 | 572 | |
Pro forma Taxes | (126) | (140) | (149) | (168) | (176) | (166) | |
NOPAT | 310 | 308 | 342 | 365 | 411 | 432 | 406 |
Capital Expenditures | (83) | (90) | (92) | (94) | (93) | (97) | (97) |
NWC Investment | 3 | (5) | (32) | (37) | (10) | (29) | (27) |
(+) D&A | 85 | 99 | 100 | 98 | 64 | 56 | 92 |
Free Cash Flow | 315 | 312 | 317 | 332 | 372 | 361 | 374 |
% Growth | -1% | 2% | 5% | 12% | -3% | 4% |