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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | €208.80 - €240.07 | €219.11 |
| Upside | -1.2% - 13.6% | 3.6% |
| 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 | 33,301 | 36,558 | 38,256 | 39,582 | 42,747 | 44,243 | |
| % Growth | 20.0% | 9.8% | 4.6% | 3.5% | 8.0% | 3.5% | |
| EBITDA | 953 | 2,175 | 2,353 | 2,471 | 2,578 | 2,668 | |
| % of Revenue | 2.9% | 5.9% | 6.2% | 6.2% | 6.0% | 6.0% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 2,175 | 2,353 | 2,471 | 2,578 | 2,668 | 2,668 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (663) | (690) | (736) | (757) | (783) | (525) | |
| EBIT | 1,511 | 1,663 | 1,735 | 1,821 | 1,885 | 2,143 | |
| Pro forma Taxes | (393) | (432) | (451) | (473) | (490) | (557) | |
| NOPAT | 417 | 1,118 | 1,231 | 1,284 | 1,348 | 1,395 | 1,586 |
| Capital Expenditures | (474) | (520) | (521) | (622) | (515) | (553) | (553) |
| NWC Investment | 539 | 317 | 165 | 129 | 308 | 146 | 0 |
| (+) D&A | 389 | 663 | 690 | 736 | 757 | 783 | 525 |
| Free Cash Flow | 872 | 1,578 | 1,565 | 1,527 | 1,897 | 1,771 | 1,558 |
| % Growth | 81% | -1% | -2% | 24% | -7% | -12% | |