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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.0% - 8.0% | 8.5% |
| Terminal Revenue Multiple | 0.7x - 0.8x | 0.8x |
| Fair Value | €71.15 - €79.36 | €75.18 |
| Upside | -14.0% - -4.0% | -9.1% |
| 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 | 8,025 | 8,348 | 7,902 | 8,392 | 10,868 | 11,465 |
| % Growth | 0.9% | 4.0% | -5.3% | 6.2% | 29.5% | 5.5% |
| EBITDA | 736 | 1,083 | 1,085 | 1,215 | 1,308 | 1,293 |
| % of Revenue | 9.2% | 13.0% | 13.7% | 14.5% | 12.0% | 11.3% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 1,083 | 1,085 | 1,215 | 1,308 | 1,293 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (701) | (553) | (587) | (508) | (467) | |
| EBIT | 382 | 532 | 628 | 800 | 826 | |
| Pro forma Taxes | (61) | (85) | (100) | (128) | (132) | |
| NOPAT | 242 | 321 | 447 | 527 | 672 | 694 |
| Capital Expenditures | (456) | (542) | (593) | (671) | (706) | (717) |
| NWC Investment | (1) | (5) | 6 | (7) | (34) | (8) |
| (+) D&A | 448 | 701 | 553 | 587 | 508 | 467 |
| Free Cash Flow | 233 | 475 | 414 | 436 | 440 | 436 |
| % Growth | 104% | -13% | 5% | 1% | -1% | |