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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | €26.83 - €36.50 | €29.91 |
| Upside | 5.9% - 44.0% | 18.0% |
| 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 | 6,329 | 6,498 | 6,742 | 6,920 | 7,206 | 7,437 | |
| % Growth | 1.9% | 2.7% | 3.8% | 2.6% | 4.1% | 3.2% | |
| EBITDA | 1,081 | 1,352 | 1,524 | 1,632 | 1,456 | 1,839 | |
| % of Revenue | 17.1% | 20.8% | 22.6% | 23.6% | 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 | Terminal | |
| EBITDA | 1,352 | 1,524 | 1,632 | 1,456 | 1,839 | 1,839 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (655) | (706) | (688) | (469) | (761) | (588) | |
| EBIT | 697 | 818 | 944 | 987 | 1,078 | 1,251 | |
| Pro forma Taxes | (244) | (286) | (330) | (345) | (377) | (438) | |
| NOPAT | 416 | 453 | 532 | 613 | 642 | 701 | 813 |
| Capital Expenditures | (775) | (816) | (735) | (654) | (610) | (619) | (619) |
| NWC Investment | (10) | (14) | (21) | (15) | (24) | (19) | 0 |
| (+) D&A | 440 | 655 | 706 | 688 | 469 | 761 | 588 |
| Free Cash Flow | 72 | 277 | 482 | 633 | 476 | 823 | 782 |
| % Growth | 283% | 74% | 31% | -25% | 73% | -5% | |