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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal EBITDA Multiple | 13.6x - 15.6x | 14.6x |
| Fair Value | €94.02 - €113.05 | €103.21 |
| Upside | 13.3% - 36.3% | 24.4% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 4,999 | 4,994 | 5,220 | 5,539 | 5,950 | 6,285 | 6,504 | 6,635 | 6,767 | 6,903 | 7,041 |
| % Growth | 5.7% | -0.1% | 4.5% | 6.1% | 7.4% | 5.6% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 972 | 1,075 | 1,146 | 1,233 | 1,310 | 1,377 | 1,425 | 1,454 | 1,483 | 1,512 | 1,543 |
| % of Revenue | 19.4% | 21.5% | 22.0% | 22.3% | 22.0% | 21.9% | 21.9% | 21.9% | 21.9% | 21.9% | 21.9% |
| 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 | |
| EBITDA | 1,075 | 1,146 | 1,233 | 1,310 | 1,377 | 1,425 | 1,454 | 1,483 | 1,512 | 1,543 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (302) | (297) | (301) | (350) | (357) | (369) | (377) | (384) | (392) | (400) | |
| EBIT | 773 | 850 | 932 | 960 | 1,020 | 1,056 | 1,077 | 1,098 | 1,120 | 1,143 | |
| Pro forma Taxes | (209) | (229) | (252) | (259) | (275) | (285) | (291) | (297) | (302) | (309) | |
| NOPAT | 518 | 564 | 620 | 680 | 701 | 745 | 771 | 786 | 802 | 818 | 834 |
| Capital Expenditures | (227) | (260) | (265) | (278) | (288) | (297) | (288) | (291) | (292) | (290) | (291) |
| NWC Investment | (79) | 1 | (67) | (94) | (121) | (99) | (65) | (38) | (39) | (40) | (41) |
| (+) D&A | 262 | 302 | 297 | 301 | 350 | 357 | 369 | 377 | 384 | 392 | 400 |
| Free Cash Flow | 474 | 608 | 586 | 609 | 641 | 706 | 788 | 834 | 855 | 880 | 903 |
| % Growth | 28% | -4% | 4% | 5% | 10% | 12% | 6% | 3% | 3% | 3% | |