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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal EBITDA Multiple | 3.9x - 5.9x | 4.9x |
| Fair Value | €20.37 - €36.84 | €28.45 |
| Upside | -19.7% - 45.1% | 12.1% |
| 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 | 6,329 | 6,495 | 6,733 | 6,878 | 7,206 | 7,437 |
| % Growth | 1.9% | 2.6% | 3.7% | 2.2% | 4.8% | 3.2% |
| EBITDA | 1,081 | 1,346 | 1,520 | 1,637 | 1,456 | 1,839 |
| % of Revenue | 17.1% | 20.7% | 22.6% | 23.8% | 20.2% | 24.7% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 1,346 | 1,520 | 1,637 | 1,456 | 1,839 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (671) | (721) | (704) | (469) | (761) | |
| EBIT | 675 | 799 | 933 | 987 | 1,078 | |
| Pro forma Taxes | (236) | (280) | (327) | (345) | (377) | |
| NOPAT | 416 | 439 | 519 | 606 | 642 | 701 |
| Capital Expenditures | (775) | (812) | (735) | (678) | (610) | (619) |
| NWC Investment | (8) | (12) | (17) | (10) | (23) | (16) |
| (+) D&A | 440 | 671 | 721 | 704 | 469 | 761 |
| Free Cash Flow | 74 | 286 | 488 | 623 | 478 | 827 |
| % Growth | 286% | 71% | 28% | -23% | 73% | |