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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal EBITDA Multiple | 4.4x - 6.4x | 5.4x |
| Fair Value | €60.87 - €73.76 | €67.07 |
| Upside | 45.1% - 75.9% | 59.9% |
| 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 | 4,313 | 4,666 | 4,830 | 4,547 | 5,047 | 5,184 | 5,288 | 5,393 | 5,501 | 5,611 | 5,724 |
| % Growth | -0.2% | 8.2% | 3.5% | -5.9% | 11.0% | 2.7% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 1,276 | 1,376 | 1,402 | 1,417 | 1,699 | 1,745 | 1,780 | 1,816 | 1,852 | 1,889 | 1,927 |
| % of Revenue | 29.6% | 29.5% | 29.0% | 31.2% | 33.7% | 33.7% | 33.7% | 33.7% | 33.7% | 33.7% | 33.7% |
| 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 | 1,376 | 1,402 | 1,417 | 1,699 | 1,745 | 1,780 | 1,816 | 1,852 | 1,889 | 1,927 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (287) | (301) | (572) | (915) | (991) | (1,011) | (1,031) | (1,052) | (1,073) | (1,094) | |
| EBIT | 1,089 | 1,101 | 845 | 784 | 754 | 769 | 784 | 800 | 816 | 832 | |
| Pro forma Taxes | (185) | (187) | (144) | (133) | (128) | (131) | (133) | (136) | (139) | (142) | |
| NOPAT | 833 | 904 | 914 | 701 | 651 | 626 | 638 | 651 | 664 | 677 | 691 |
| Capital Expenditures | (445) | (422) | (438) | (540) | (555) | (570) | (555) | (560) | (562) | (559) | (560) |
| NWC Investment | 2 | (91) | (43) | 73 | (129) | (35) | (27) | (27) | (28) | (28) | (29) |
| (+) D&A | 272 | 287 | 301 | 572 | 915 | 991 | 1,011 | 1,031 | 1,052 | 1,073 | 1,094 |
| Free Cash Flow | 662 | 677 | 735 | 807 | 882 | 1,012 | 1,067 | 1,095 | 1,126 | 1,163 | 1,196 |
| % Growth | 2% | 8% | 10% | 9% | 15% | 6% | 3% | 3% | 3% | 3% | |