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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Perpetuity Growth Rate | 0.5% - 1.5% | 1.0% |
| Fair Value | €188.79 - €232.01 | €207.71 |
| Upside | 45.2% - 78.5% | 59.8% |
| 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 | 4,101 | 4,178 | 4,269 | 4,378 | 4,540 | 4,666 | |
| % Growth | 24.8% | 1.9% | 2.2% | 2.6% | 3.7% | 2.8% | |
| EBITDA | 700 | 790 | 810 | 855 | 891 | 924 | |
| % of Revenue | 17.1% | 18.9% | 19.0% | 19.5% | 19.6% | 19.8% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 790 | 810 | 855 | 891 | 924 | 924 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (413) | (408) | (430) | (458) | (484) | (390) | |
| EBIT | 378 | 403 | 425 | 433 | 440 | 535 | |
| Pro forma Taxes | (79) | (85) | (89) | (91) | (92) | (112) | |
| NOPAT | 283 | 298 | 318 | 336 | 342 | 348 | 422 |
| Capital Expenditures | (285) | (312) | (442) | (448) | (426) | (410) | (410) |
| NWC Investment | 147 | 14 | 16 | 20 | 29 | 23 | 8 |
| (+) D&A | 342 | 413 | 408 | 430 | 458 | 484 | 390 |
| Free Cash Flow | 487 | 413 | 300 | 337 | 403 | 445 | 410 |
| % Growth | -15% | -27% | 12% | 19% | 10% | -8% | |