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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal Revenue Multiple | 1.3x - 1.4x | 1.4x |
| Fair Value | €35.61 - €42.53 | €38.96 |
| Upside | 56.2% - 86.6% | 70.9% |
| 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 | 6,329 | 6,500 | 6,739 | 6,963 | 7,206 | 7,437 | 7,653 | 7,806 | 7,962 | 8,121 | 8,284 |
| % Growth | 1.9% | 2.7% | 3.7% | 3.3% | 3.5% | 3.2% | 2.9% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 1,081 | 1,364 | 1,525 | 1,613 | 1,456 | 1,839 | 2,350 | 2,397 | 2,445 | 2,494 | 2,544 |
| % of Revenue | 17.1% | 21.0% | 22.6% | 23.2% | 20.2% | 24.7% | 30.7% | 30.7% | 30.7% | 30.7% | 30.7% |
| 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 | 1,364 | 1,525 | 1,613 | 1,456 | 1,839 | 2,350 | 2,397 | 2,445 | 2,494 | 2,544 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (665) | (710) | (690) | (469) | (761) | (783) | (799) | (815) | (831) | (848) | |
| EBIT | 699 | 815 | 924 | 987 | 1,078 | 1,567 | 1,598 | 1,630 | 1,663 | 1,696 | |
| Pro forma Taxes | (245) | (285) | (323) | (345) | (377) | (548) | (559) | (571) | (582) | (594) | |
| NOPAT | 416 | 455 | 530 | 600 | 642 | 701 | 1,018 | 1,039 | 1,060 | 1,081 | 1,102 |
| Capital Expenditures | (775) | (812) | (767) | (667) | (610) | (619) | (632) | (620) | (624) | (625) | (623) |
| NWC Investment | (10) | (14) | (20) | (19) | (21) | (19) | (18) | (13) | (13) | (13) | (14) |
| (+) D&A | 440 | 665 | 710 | 690 | 469 | 761 | 783 | 799 | 815 | 831 | 848 |
| Free Cash Flow | 72 | 293 | 453 | 605 | 480 | 823 | 1,152 | 1,204 | 1,237 | 1,273 | 1,313 |
| % Growth | 55% | 33% | -21% | 71% | 40% | 5% | 3% | 3% | 3% | ||