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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 10.0% - 9.0% | 9.5% |
Perpetuity Growth Rate | 4.3% - 5.3% | 4.8% |
Fair Value | €10.10 - €14.52 | €11.86 |
Upside | -13.4% - 24.4% | 1.6% |
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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
Revenue | 4,863 | 5,033 | 5,344 | 5,704 | 5,744 | 6,041 | 6,252 | 6,377 | 6,505 | 6,635 | 6,768 | |
% Growth | -9.8% | 3.5% | 6.2% | 6.7% | 0.7% | 5.2% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | |
EBITDA | 886 | 946 | 1,049 | 1,123 | 1,196 | 1,067 | 1,104 | 1,126 | 1,149 | 1,172 | 1,195 | |
% of Revenue | 18.2% | 18.8% | 19.6% | 19.7% | 20.8% | 17.7% | 17.7% | 17.7% | 17.7% | 17.7% | 17.7% |
Calculation of Free Cash Flow | ||||||||||||
Projected Unlevered Cash Flow | ||||||||||||
(EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | Terminal | |
EBITDA | 946 | 1,049 | 1,123 | 1,196 | 1,067 | 1,104 | 1,126 | 1,149 | 1,172 | 1,195 | 1,195 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 207 | 0 | 0 | 0 | 0 | 0 | 0 | |
D&A | (122) | (141) | (145) | (183) | (192) | (199) | (203) | (207) | (211) | (216) | (160) | |
EBIT | 824 | 908 | 978 | 1,013 | 1,082 | 905 | 923 | 942 | 961 | 980 | 1,036 | |
Pro forma Taxes | (206) | (227) | (244) | (253) | (271) | (226) | (231) | (235) | (240) | (245) | (259) | |
NOPAT | 571 | 618 | 681 | 733 | 760 | 812 | 679 | 692 | 706 | 720 | 735 | 777 |
Capital Expenditures | (188) | (151) | (155) | (160) | (170) | (169) | (166) | (168) | (168) | (168) | (168) | (168) |
NWC Investment | 131 | (42) | (77) | (89) | (10) | (74) | (52) | (31) | (32) | (32) | (33) | (80) |
(+) D&A | 124 | 122 | 141 | 145 | 183 | 192 | 199 | 203 | 207 | 211 | 216 | 160 |
Free Cash Flow | 638 | 547 | 590 | 629 | 763 | 761 | 659 | 696 | 714 | 732 | 750 | 689 |
% Growth | -14% | 8% | 7% | 21% | 0% | -13% | 6% | 3% | 3% | 2% | -8% |