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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.0% - 8.0% | 8.5% |
| Terminal Revenue Multiple | 2.9x - 3.2x | 3.1x |
| Fair Value | €104.48 - €119.56 | €111.88 |
| Upside | 10.0% - 25.8% | 17.7% |
| 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 | 4,999 | 5,257 | 5,589 | 5,938 | 6,263 | 6,902 |
| % Growth | 5.7% | 5.2% | 6.3% | 6.3% | 5.5% | 10.2% |
| EBITDA | 971 | 1,119 | 1,202 | 1,301 | 1,366 | 1,429 |
| % of Revenue | 19.4% | 21.3% | 21.5% | 21.9% | 21.8% | 20.7% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 1,119 | 1,202 | 1,301 | 1,366 | 1,429 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (314) | (320) | (313) | (389) | (366) | |
| EBIT | 805 | 882 | 988 | 977 | 1,063 | |
| Pro forma Taxes | (217) | (238) | (267) | (264) | (287) | |
| NOPAT | 518 | 588 | 644 | 721 | 713 | 776 |
| Capital Expenditures | (227) | (264) | (279) | (296) | (297) | (306) |
| NWC Investment | (81) | (78) | (101) | (106) | (98) | (193) |
| (+) D&A | 262 | 314 | 320 | 313 | 389 | 366 |
| Free Cash Flow | 471 | 559 | 585 | 633 | 707 | 643 |
| % Growth | 19% | 5% | 8% | 12% | -9% | |