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 | 11.3% - 10.3% | 10.8% |
Terminal EBITDA Multiple | 8.8x - 10.8x | 9.8x |
Fair Value | €34.22 - €42.42 | €38.18 |
Upside | -7.0% - 15.3% | 3.8% |
Select Revenue and EBITDA Forecast | |||||||||||
(EUR in millions) | Input Projections | ||||||||||
Fiscal Years Ending | Sep-24 | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 | Sep-30 | Sep-31 | Sep-32 | Sep-33 | Sep-34 |
Revenue | 14,955 | 14,684 | 16,357 | 18,150 | 19,558 | 21,281 | 22,025 | 22,466 | 22,915 | 23,373 | 23,841 |
% Growth | -8.3% | -1.8% | 11.4% | 11.0% | 7.8% | 8.8% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% |
EBITDA | 4,745 | 3,503 | 4,806 | 5,966 | 6,750 | 7,977 | 8,256 | 8,421 | 8,589 | 8,761 | 8,936 |
% of Revenue | 31.7% | 23.9% | 29.4% | 32.9% | 34.5% | 37.5% | 37.5% | 37.5% | 37.5% | 37.5% | 37.5% |
Calculation of Free Cash Flow | |||||||||||
Projected Unlevered Cash Flow | |||||||||||
(EUR in millions) | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 | Sep-30 | Sep-31 | Sep-32 | Sep-33 | Sep-34 | |
EBITDA | 3,503 | 4,806 | 5,966 | 6,750 | 7,977 | 8,256 | 8,421 | 8,589 | 8,761 | 8,936 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
D&A | (1,742) | (2,219) | (2,484) | (2,270) | (2,831) | (2,930) | (2,989) | (3,048) | (3,109) | (3,172) | |
EBIT | 1,761 | 2,586 | 3,482 | 4,480 | 5,146 | 5,326 | 5,432 | 5,541 | 5,652 | 5,765 | |
Pro forma Taxes | (282) | (414) | (557) | (717) | (823) | (852) | (869) | (887) | (904) | (922) | |
NOPAT | 2,489 | 1,479 | 2,173 | 2,925 | 3,763 | 4,322 | 4,473 | 4,563 | 4,654 | 4,747 | 4,842 |
Capital Expenditures | (2,432) | (2,300) | (2,488) | (2,746) | (2,992) | (3,074) | (2,937) | (2,996) | (3,002) | (2,979) | (2,992) |
NWC Investment | 313 | 63 | (386) | (414) | (325) | (398) | (172) | (102) | (104) | (106) | (108) |
(+) D&A | 1,782 | 1,742 | 2,219 | 2,484 | 2,270 | 2,831 | 2,930 | 2,989 | 3,048 | 3,109 | 3,172 |
Free Cash Flow | 2,152 | 984 | 1,518 | 2,249 | 2,716 | 3,681 | 4,294 | 4,454 | 4,597 | 4,772 | 4,914 |
% Growth | -54% | 54% | 48% | 21% | 36% | 17% | 4% | 3% | 4% | 3% |