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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 11.5% - 10.5% | 11.0% |
Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
Fair Value | €15.03 - €18.34 | €16.14 |
Upside | 28.9% - 57.3% | 38.5% |
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 | 2,890 | 2,702 | 2,804 | 2,882 | 2,936 | 3,004 | |
% Growth | 1.1% | -6.5% | 3.8% | 2.8% | 1.9% | 2.3% | |
EBITDA | 92 | 168 | 191 | 213 | 217 | 222 | |
% of Revenue | 3.2% | 6.2% | 6.8% | 7.4% | 7.4% | 7.4% |
Calculation of Free Cash Flow | |||||||
Projected Unlevered Cash Flow | |||||||
(EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
EBITDA | 168 | 191 | 213 | 217 | 222 | 222 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
D&A | (95) | (99) | (101) | (97) | (99) | (74) | |
EBIT | 73 | 93 | 112 | 120 | 123 | 148 | |
Pro forma Taxes | (9) | (11) | (13) | (14) | (15) | (18) | |
NOPAT | 35 | 64 | 81 | 99 | 106 | 108 | 131 |
Capital Expenditures | (42) | (70) | (72) | (73) | (75) | (78) | (78) |
NWC Investment | (1) | 4 | (2) | (2) | (1) | (2) | 0 |
(+) D&A | 52 | 95 | 99 | 101 | 97 | 99 | 74 |
Free Cash Flow | 44 | 94 | 106 | 125 | 127 | 128 | 127 |
% Growth | 112% | 12% | 18% | 2% | 1% | -1% |