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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal Revenue Multiple | 2.6x - 2.9x | 2.8x |
| Fair Value | €7.16 - €8.05 | €7.60 |
| Upside | 25.5% - 41.0% | 33.1% |
| 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 | 5,432 | 5,940 | 6,499 | 6,959 | 7,465 | 7,969 |
| % Growth | 14.9% | 9.4% | 9.4% | 7.1% | 7.3% | 6.8% |
| EBITDA | 1,514 | 2,233 | 2,430 | 2,675 | 2,631 | 2,860 |
| % of Revenue | 27.9% | 37.6% | 37.4% | 38.4% | 35.2% | 35.9% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 2,233 | 2,430 | 2,675 | 2,631 | 2,860 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (811) | (877) | (952) | (824) | (882) | |
| EBIT | 1,422 | 1,553 | 1,723 | 1,807 | 1,978 | |
| Pro forma Taxes | (441) | (481) | (534) | (560) | (613) | |
| NOPAT | 882 | 981 | 1,072 | 1,189 | 1,247 | 1,365 |
| Capital Expenditures | (460) | (549) | (508) | (475) | (560) | (560) |
| NWC Investment | (69) | (50) | (55) | (45) | (50) | (49) |
| (+) D&A | 236 | 811 | 877 | 952 | 824 | 882 |
| Free Cash Flow | 589 | 1,194 | 1,386 | 1,621 | 1,461 | 1,637 |
| % Growth | 103% | 16% | 17% | -10% | 12% | |