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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | €7 - €8.11 | €7.37 |
| Upside | 20.9% - 40.1% | 27.4% |
| 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 | 2,001 | 1,993 | 1,973 | 2,002 | 2,023 | 2,045 | |
| % Growth | -1.4% | -0.4% | -1.0% | 1.5% | 1.0% | 1.1% | |
| EBITDA | 1,003 | 1,020 | 1,015 | 1,033 | 1,351 | 1,020 | |
| % of Revenue | 50.1% | 51.2% | 51.4% | 51.6% | 66.8% | 49.9% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 1,020 | 1,015 | 1,033 | 1,351 | 1,020 | 1,020 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (841) | (858) | (839) | (1,062) | (692) | (612) | |
| EBIT | 179 | 157 | 194 | 289 | 328 | 408 | |
| Pro forma Taxes | (25) | (22) | (27) | (40) | (46) | (57) | |
| NOPAT | 191 | 154 | 135 | 167 | 249 | 282 | 351 |
| Capital Expenditures | (280) | (450) | (375) | (440) | (622) | (644) | (644) |
| NWC Investment | (23) | (7) | (15) | 23 | 16 | 17 | 0 |
| (+) D&A | 781 | 841 | 858 | 839 | 1,062 | 692 | 612 |
| Free Cash Flow | 669 | 538 | 603 | 588 | 705 | 347 | 319 |
| % Growth | -20% | 12% | -2% | 20% | -51% | -8% | |