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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal Revenue Multiple | 3.1x - 3.4x | 3.2x |
| Fair Value | €136.04 - €156.16 | €145.91 |
| Upside | -20.3% - -8.5% | -14.5% |
| 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 | 27,058 | 28,244 | 29,648 | 31,346 | 33,303 | 34,929 |
| % Growth | -2.0% | 4.4% | 5.0% | 5.7% | 6.2% | 4.9% |
| EBITDA | 7,328 | 8,516 | 9,248 | 9,898 | 10,614 | 11,484 |
| % of Revenue | 27.1% | 30.2% | 31.2% | 31.6% | 31.9% | 32.9% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 8,516 | 9,248 | 9,898 | 10,614 | 11,484 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2,623) | (2,756) | (2,836) | (2,936) | (3,304) | |
| EBIT | 5,893 | 6,492 | 7,062 | 7,678 | 8,181 | |
| Pro forma Taxes | (1,414) | (1,558) | (1,695) | (1,843) | (1,963) | |
| NOPAT | 3,894 | 4,479 | 4,934 | 5,367 | 5,835 | 6,217 |
| Capital Expenditures | (3,525) | (3,826) | (4,105) | (4,324) | (4,521) | (4,831) |
| NWC Investment | (3) | 6 | 7 | 9 | 10 | 8 |
| (+) D&A | 2,204 | 2,623 | 2,756 | 2,836 | 2,936 | 3,304 |
| Free Cash Flow | 2,570 | 3,283 | 3,593 | 3,888 | 4,260 | 4,698 |
| % Growth | 28% | 9% | 8% | 10% | 10% | |