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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.3% - 10.3% | 10.8% |
| Perpetuity Growth Rate | 4.5% - 5.5% | 5.0% |
| Fair Value | €471.12 - €624.83 | €534.83 |
| Upside | -6.4% - 24.1% | 6.2% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| Revenue | 2,933 | 3,340 | 3,772 | 4,353 | 5,378 | 5,724 | 6,349 | 6,965 | 7,620 | 7,886 | 8,044 | |
| % Growth | 11.3% | 13.9% | 12.9% | 15.4% | 23.6% | 6.4% | 10.9% | 9.7% | 9.4% | 3.5% | 2.0% | |
| EBITDA | 907 | 1,168 | 1,300 | 1,588 | 1,856 | 2,122 | 2,456 | 2,726 | 3,052 | 3,159 | 3,222 | |
| % of Revenue | 30.9% | 35.0% | 34.5% | 36.5% | 34.5% | 37.1% | 38.7% | 39.1% | 40.1% | 40.1% | 40.1% | |
| Calculation of Free Cash Flow | ||||||||||||
| Projected Unlevered Cash Flow | ||||||||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | Terminal | |
| EBITDA | 1,168 | 1,300 | 1,588 | 1,856 | 2,122 | 2,456 | 2,726 | 3,052 | 3,159 | 3,222 | 3,222 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (217) | (225) | (237) | (175) | (303) | (336) | (369) | (403) | (417) | (426) | (395) | |
| EBIT | 951 | 1,075 | 1,351 | 1,682 | 1,819 | 2,120 | 2,358 | 2,648 | 2,741 | 2,796 | 2,826 | |
| Pro forma Taxes | (171) | (193) | (243) | (303) | (327) | (382) | (424) | (477) | (493) | (503) | (509) | |
| NOPAT | 652 | 780 | 881 | 1,108 | 1,379 | 1,492 | 1,738 | 1,933 | 2,172 | 2,248 | 2,293 | 2,317 |
| Capital Expenditures | (168) | (168) | (162) | (160) | (456) | (514) | (377) | (413) | (435) | (408) | (416) | (416) |
| NWC Investment | (37) | (50) | (53) | (72) | (126) | (43) | (77) | (76) | (81) | (33) | (19) | (50) |
| (+) D&A | 112 | 217 | 225 | 237 | 175 | 303 | 336 | 369 | 403 | 417 | 426 | 395 |
| Free Cash Flow | 559 | 779 | 892 | 1,113 | 971 | 1,238 | 1,621 | 1,813 | 2,060 | 2,224 | 2,283 | 2,247 |
| % Growth | 39% | 15% | 25% | -13% | 27% | 31% | 12% | 14% | 8% | 3% | -2% | |