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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Terminal Revenue Multiple | 2.8x - 3.0x | 2.9x |
| Fair Value | €55.40 - €64.66 | €59.88 |
| Upside | 6.3% - 24.1% | 14.9% |
| 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 | 60,761 | 59,053 | 60,834 | 63,350 | 66,487 | 66,090 | 68,327 | 71,012 | 73,639 | 76,344 | 79,127 |
| % Growth | 1.9% | -2.8% | 3.0% | 4.1% | 5.0% | -0.6% | 3.4% | 3.9% | 3.7% | 3.7% | 3.6% |
| EBITDA | 12,281 | 12,880 | 13,386 | 14,047 | 14,859 | 15,218 | 15,457 | 14,974 | 15,621 | 16,303 | 17,019 |
| % of Revenue | 20.2% | 21.8% | 22.0% | 22.2% | 22.3% | 23.0% | 22.6% | 21.1% | 21.2% | 21.4% | 21.5% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | ||
| EBITDA | 12,880 | 13,386 | 14,047 | 14,859 | 15,218 | 15,457 | 14,974 | 15,621 | 16,303 | 17,019 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,713) | (1,730) | (1,790) | (1,990) | (2,832) | (2,928) | (3,043) | (3,155) | (3,271) | (3,391) | |
| EBIT | 11,167 | 11,656 | 12,258 | 12,869 | 12,386 | 12,529 | 11,931 | 12,466 | 13,032 | 13,628 | |
| Pro forma Taxes | (2,680) | (2,797) | (2,942) | (3,088) | (2,973) | (3,007) | (2,863) | (2,992) | (3,128) | (3,271) | |
| NOPAT | 8,548 | 8,487 | 8,858 | 9,316 | 9,780 | 9,413 | 9,522 | 9,068 | 9,474 | 9,904 | 10,358 |
| Capital Expenditures | (1,738) | (1,823) | (1,904) | (1,961) | (2,038) | (2,126) | (2,042) | (2,069) | (2,079) | (2,063) | (2,070) |
| NWC Investment | 101 | (148) | 155 | 219 | 273 | (34) | 194 | 233 | 228 | 235 | 242 |
| (+) D&A | 1,034 | 1,713 | 1,730 | 1,790 | 1,990 | 2,832 | 2,928 | 3,043 | 3,155 | 3,271 | 3,391 |
| Free Cash Flow | 7,944 | 8,228 | 8,839 | 9,363 | 10,005 | 10,085 | 10,603 | 10,275 | 10,779 | 11,347 | 11,920 |
| % Growth | 7% | 6% | 7% | 1% | 5% | -3% | 5% | 5% | 5% | ||