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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal EBITDA Multiple | 9.7x - 11.7x | 10.7x |
| Fair Value | €143.21 - €178.10 | €160.31 |
| Upside | -21.6% - -2.5% | -12.2% |
| 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 |
| Revenue | 27,058 | 27,767 | 29,298 | 30,887 | 32,231 | 33,801 |
| % Growth | -2.0% | 2.6% | 5.5% | 5.4% | 4.4% | 4.9% |
| EBITDA | 7,328 | 8,446 | 9,156 | 9,849 | 10,537 | 11,470 |
| % of Revenue | 27.1% | 30.4% | 31.3% | 31.9% | 32.7% | 33.9% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 8,446 | 9,156 | 9,849 | 10,537 | 11,470 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2,612) | (2,700) | (2,800) | (2,948) | (3,449) | |
| EBIT | 5,835 | 6,456 | 7,049 | 7,590 | 8,021 | |
| Pro forma Taxes | (1,400) | (1,549) | (1,692) | (1,821) | (1,925) | |
| NOPAT | 3,894 | 4,434 | 4,906 | 5,357 | 5,768 | 6,096 |
| Capital Expenditures | (3,525) | (3,825) | (4,066) | (4,272) | (4,236) | (4,424) |
| NWC Investment | (3) | 4 | 8 | 8 | 7 | 8 |
| (+) D&A | 2,204 | 2,612 | 2,700 | 2,800 | 2,948 | 3,449 |
| Free Cash Flow | 2,570 | 3,224 | 3,548 | 3,893 | 4,486 | 5,129 |
| % Growth | 25% | 10% | 10% | 15% | 14% | |