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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 12.8% - 11.8% | 12.3% |
| Perpetuity Growth Rate | 7.0% - 8.0% | 7.5% |
| Fair Value | €14.04 - €41.99 | €25.09 |
| Upside | -51.3% - 45.5% | -13.0% |
| 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 | 2,664 | 2,729 | 2,854 | 2,907 | 2,979 | 3,059 | |
| % Growth | 5.7% | 2.5% | 4.6% | 1.9% | 2.5% | 2.7% | |
| EBITDA | 339 | 452 | 512 | 568 | 595 | 611 | |
| % of Revenue | 12.7% | 16.5% | 17.9% | 19.5% | 20.0% | 20.0% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 452 | 512 | 568 | 595 | 611 | 611 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (287) | (267) | (284) | (250) | (270) | (283) | |
| EBIT | 165 | 245 | 284 | 345 | 341 | 328 | |
| Pro forma Taxes | (59) | (88) | (102) | (124) | (123) | (118) | |
| NOPAT | 32 | 106 | 157 | 182 | 221 | 218 | 210 |
| Capital Expenditures | (156) | (188) | (237) | (223) | (260) | (298) | (298) |
| NWC Investment | (20) | (9) | (17) | (7) | (10) | (11) | (32) |
| (+) D&A | 289 | 287 | 267 | 284 | 250 | 270 | 283 |
| Free Cash Flow | 145 | 195 | 169 | 235 | 201 | 179 | 163 |
| % Growth | 35% | -13% | 39% | -15% | -11% | -9% | |