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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 8.8% - 7.8% | 8.3% |
Perpetuity Growth Rate | 2.8% - 3.8% | 3.3% |
Fair Value | €53.23 - €81.19 | €64.42 |
Upside | 1.0% - 54.1% | 22.2% |
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 | 60,761 | 59,779 | 61,523 | 64,162 | 66,864 | 69,386 | |
% Growth | 1.9% | -1.6% | 2.9% | 4.3% | 4.2% | 3.8% | |
EBITDA | 12,281 | 12,831 | 13,370 | 14,030 | 14,665 | 15,218 | |
% of Revenue | 20.2% | 21.5% | 21.7% | 21.9% | 21.9% | 21.9% |
Calculation of Free Cash Flow | |||||||
Projected Unlevered Cash Flow | |||||||
(EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
EBITDA | 12,831 | 13,370 | 14,030 | 14,665 | 15,218 | 15,218 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
D&A | (1,706) | (1,725) | (1,865) | (1,902) | (2,729) | (2,020) | |
EBIT | 11,125 | 11,645 | 12,166 | 12,762 | 12,489 | 13,198 | |
Pro forma Taxes | (2,670) | (2,795) | (2,920) | (3,063) | (2,997) | (3,168) | |
NOPAT | 8,548 | 8,455 | 8,850 | 9,246 | 9,699 | 9,492 | 10,031 |
Capital Expenditures | (1,738) | (1,834) | (1,928) | (2,032) | (2,038) | (2,126) | (2,126) |
NWC Investment | 106 | (90) | 159 | 241 | 247 | 231 | 206 |
(+) D&A | 1,034 | 1,706 | 1,725 | 1,865 | 1,902 | 2,729 | 2,020 |
Free Cash Flow | 7,949 | 8,237 | 8,807 | 9,319 | 9,811 | 10,325 | 10,131 |
% Growth | 4% | 7% | 6% | 5% | 5% | -2% |