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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Perpetuity Growth Rate | 1.3% - 2.3% | 1.8% |
| Fair Value | €58.71 - €69.76 | €63.55 |
| Upside | 24.3% - 47.7% | 34.5% |
| 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 | 4,331 | 4,548 | 4,729 | 4,881 | 5,047 | 5,184 | 5,288 | 5,393 | 5,501 | 5,611 | 5,724 | |
| % Growth | 0.0% | 5.0% | 4.0% | 3.2% | 3.4% | 2.7% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 1,234 | 1,309 | 1,363 | 1,430 | 1,479 | 1,519 | 1,549 | 1,580 | 1,612 | 1,644 | 1,677 | |
| % of Revenue | 28.5% | 28.8% | 28.8% | 29.3% | 29.3% | 29.3% | 29.3% | 29.3% | 29.3% | 29.3% | 29.3% | |
| 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 | Terminal | |
| EBITDA | 1,309 | 1,363 | 1,430 | 1,479 | 1,519 | 1,549 | 1,580 | 1,612 | 1,644 | 1,677 | 1,677 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (284) | (287) | (322) | (695) | (765) | (780) | (796) | (812) | (828) | (844) | (524) | |
| EBIT | 1,024 | 1,076 | 1,108 | 784 | 754 | 769 | 784 | 800 | 816 | 832 | 1,153 | |
| Pro forma Taxes | (174) | (183) | (188) | (133) | (128) | (131) | (133) | (136) | (139) | (142) | (196) | |
| NOPAT | 817 | 850 | 893 | 920 | 651 | 626 | 638 | 651 | 664 | 677 | 691 | 957 |
| Capital Expenditures | (445) | (472) | (466) | (498) | (555) | (570) | (541) | (552) | (554) | (549) | (552) | (552) |
| NWC Investment | 0 | (56) | (47) | (39) | (43) | (35) | (27) | (27) | (28) | (28) | (29) | (26) |
| (+) D&A | 249 | 284 | 287 | 322 | 695 | 765 | 780 | 796 | 812 | 828 | 844 | 524 |
| Free Cash Flow | 621 | 608 | 668 | 704 | 748 | 785 | 851 | 868 | 894 | 928 | 955 | 903 |
| % Growth | -2% | 10% | 6% | 6% | 5% | 8% | 2% | 3% | 4% | 3% | -5% | |