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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal EBITDA Multiple | 5.4x - 7.4x | 6.4x |
| Fair Value | €155.67 - €210.06 | €182.36 |
| Upside | -19.3% - 8.9% | -5.5% |
| 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 | 21,251 | 21,999 | 22,984 | 24,320 | 25,682 | 27,123 |
| % Growth | 0.0% | 3.5% | 4.5% | 5.8% | 5.6% | 5.6% |
| EBITDA | 3,921 | 4,768 | 5,141 | 5,485 | 5,863 | 6,162 |
| % of Revenue | 18.5% | 21.7% | 22.4% | 22.6% | 22.8% | 22.7% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 4,768 | 5,141 | 5,485 | 5,863 | 6,162 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,371) | (1,403) | (1,395) | (1,440) | (1,647) | |
| EBIT | 3,397 | 3,738 | 4,090 | 4,423 | 4,514 | |
| Pro forma Taxes | (883) | (972) | (1,063) | (1,150) | (1,174) | |
| NOPAT | 2,120 | 2,513 | 2,766 | 3,027 | 3,273 | 3,341 |
| Capital Expenditures | (1,323) | (1,238) | (1,246) | (1,469) | (1,577) | (1,399) |
| NWC Investment | 0 | (41) | (54) | (73) | (74) | (79) |
| (+) D&A | 1,056 | 1,371 | 1,403 | 1,395 | 1,440 | 1,647 |
| Free Cash Flow | 1,854 | 2,606 | 2,869 | 2,880 | 3,062 | 3,510 |
| % Growth | 41% | 10% | 0% | 6% | 15% | |