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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal EBITDA Multiple | 3.8x - 5.8x | 4.8x |
| Fair Value | €48.11 - €62.34 | €54.95 |
| Upside | 49.6% - 93.9% | 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 | 27,193 | 26,920 | 27,811 | 28,717 | 30,831 | 32,398 | 33,532 | 34,203 | 34,887 | 35,584 | 36,296 |
| % Growth | -4.1% | -1.0% | 3.3% | 3.3% | 7.4% | 5.1% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 4,932 | 5,296 | 5,760 | 5,910 | 6,954 | 7,439 | 7,699 | 7,853 | 8,010 | 8,171 | 8,334 |
| % of Revenue | 18.1% | 19.7% | 20.7% | 20.6% | 22.6% | 23.0% | 23.0% | 23.0% | 23.0% | 23.0% | 23.0% |
| 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 | |
| EBITDA | 5,296 | 5,760 | 5,910 | 6,954 | 7,439 | 7,699 | 7,853 | 8,010 | 8,171 | 8,334 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,974) | (1,983) | (1,797) | (2,278) | (2,339) | (2,421) | (2,469) | (2,519) | (2,569) | (2,620) | |
| EBIT | 3,323 | 3,777 | 4,113 | 4,676 | 5,100 | 5,279 | 5,384 | 5,492 | 5,602 | 5,714 | |
| Pro forma Taxes | (864) | (982) | (1,069) | (1,216) | (1,326) | (1,372) | (1,400) | (1,428) | (1,456) | (1,486) | |
| NOPAT | 2,293 | 2,459 | 2,795 | 3,043 | 3,460 | 3,774 | 3,906 | 3,984 | 4,064 | 4,145 | 4,228 |
| Capital Expenditures | (1,904) | (2,189) | (2,260) | (2,344) | (2,427) | (2,518) | (2,430) | (2,458) | (2,469) | (2,452) | (2,460) |
| NWC Investment | 189 | 45 | (146) | (149) | (347) | (257) | (186) | (110) | (112) | (115) | (117) |
| (+) D&A | 1,833 | 1,974 | 1,983 | 1,797 | 2,278 | 2,339 | 2,421 | 2,469 | 2,519 | 2,569 | 2,620 |
| Free Cash Flow | 2,411 | 2,288 | 2,372 | 2,348 | 2,964 | 3,338 | 3,711 | 3,885 | 4,002 | 4,148 | 4,272 |
| % Growth | -5% | 4% | -1% | 26% | 13% | 11% | 5% | 3% | 4% | 3% | |