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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal Revenue Multiple | 1.5x - 1.7x | 1.6x |
| Fair Value | €62.48 - €69.98 | €66.11 |
| Upside | 23.5% - 38.3% | 30.6% |
| 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 | 4,227 | 4,197 | 4,340 | 4,475 | 3,566 | 3,685 | 3,759 | 3,834 | 3,911 | 3,989 | 4,069 |
| % Growth | 6.6% | -0.7% | 3.4% | 3.1% | -20.3% | 3.3% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 584 | 657 | 711 | 736 | 440 | 502 | 512 | 522 | 533 | 543 | 554 |
| % of Revenue | 13.8% | 15.7% | 16.4% | 16.4% | 12.3% | 13.6% | 13.6% | 13.6% | 13.6% | 13.6% | 13.6% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | ||
| EBITDA | 657 | 711 | 736 | 440 | 502 | 512 | 522 | 533 | 543 | 554 | |
| Other Income / (Exp) | 0 | 0 | 0 | 248 | 189 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (123) | (149) | (142) | (113) | (117) | (119) | (122) | (124) | (127) | (129) | |
| EBIT | 534 | 562 | 594 | 575 | 574 | 393 | 401 | 409 | 417 | 425 | |
| Pro forma Taxes | (139) | (146) | (154) | (150) | (149) | (102) | (104) | (106) | (108) | (111) | |
| NOPAT | 385 | 395 | 416 | 440 | 426 | 425 | 291 | 296 | 302 | 308 | 315 |
| Capital Expenditures | (69) | (65) | (67) | (69) | (124) | (131) | (108) | (110) | (112) | (110) | (111) |
| NWC Investment | (23) | 3 | (13) | (12) | 82 | (11) | (7) | (7) | (7) | (7) | (7) |
| (+) D&A | 63 | 123 | 149 | 142 | 113 | 117 | 119 | 122 | 124 | 127 | 129 |
| Free Cash Flow | 356 | 456 | 485 | 500 | 497 | 400 | 295 | 301 | 307 | 318 | 326 |
| % Growth | 6% | 3% | -1% | -19% | -26% | 2% | 2% | 3% | 2% | ||