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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Perpetuity Growth Rate | 1.5% - 2.5% | 2.0% |
| Fair Value | €12.12 - €16.85 | €14.09 |
| Upside | 27.4% - 77.1% | 48.2% |
| 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 | 5,315 | 5,515 | 5,665 | 5,841 | 5,524 | 5,524 | |
| % Growth | 3.0% | 3.8% | 2.7% | 3.1% | -5.4% | 0.0% | |
| EBITDA | 1,621 | 2,077 | 2,161 | 2,206 | 1,906 | 1,906 | |
| % of Revenue | 30.5% | 37.7% | 38.1% | 37.8% | 34.5% | 34.5% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 2,077 | 2,161 | 2,206 | 1,906 | 1,906 | 1,906 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,141) | (1,151) | (1,261) | (991) | (968) | (998) | |
| EBIT | 935 | 1,010 | 945 | 915 | 938 | 908 | |
| Pro forma Taxes | (215) | (232) | (217) | (210) | (216) | (209) | |
| NOPAT | 718 | 720 | 778 | 728 | 704 | 722 | 699 |
| Capital Expenditures | (890) | (968) | (978) | (998) | (1,050) | (1,050) | (1,050) |
| NWC Investment | 7 | 9 | 7 | 8 | (14) | 0 | 5 |
| (+) D&A | 688 | 1,141 | 1,151 | 1,261 | 991 | 968 | 998 |
| Free Cash Flow | 523 | 902 | 957 | 999 | 631 | 640 | 652 |
| % Growth | 73% | 6% | 4% | -37% | 1% | 2% | |