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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | €53.18 - €60.85 | €55.68 |
| Upside | 25.1% - 43.2% | 31.0% |
| 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 | 4,313 | 4,576 | 4,767 | 4,857 | 5,047 | 5,184 | |
| % Growth | -0.2% | 6.1% | 4.2% | 1.9% | 3.9% | 2.7% | |
| EBITDA | 1,276 | 1,370 | 1,396 | 1,430 | 1,486 | 1,526 | |
| % of Revenue | 29.6% | 29.9% | 29.3% | 29.4% | 29.4% | 29.4% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 1,370 | 1,396 | 1,430 | 1,486 | 1,526 | 1,526 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (339) | (295) | (313) | (702) | (772) | (542) | |
| EBIT | 1,031 | 1,102 | 1,117 | 784 | 754 | 985 | |
| Pro forma Taxes | (175) | (187) | (190) | (133) | (128) | (167) | |
| NOPAT | 833 | 856 | 914 | 927 | 651 | 626 | 817 |
| Capital Expenditures | (445) | (473) | (458) | (502) | (555) | (570) | (570) |
| NWC Investment | 2 | (68) | (49) | (23) | (49) | (35) | 0 |
| (+) D&A | 272 | 339 | 295 | 313 | 702 | 772 | 542 |
| Free Cash Flow | 662 | 654 | 702 | 715 | 749 | 793 | 789 |
| % Growth | -1% | 7% | 2% | 5% | 6% | 0% | |