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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Perpetuity Growth Rate | 0.0% - 1.0% | 0.5% |
| Fair Value | €27.43 - €33.21 | €29.98 |
| Upside | 45.7% - 76.4% | 59.2% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| Revenue | 2,949 | 3,000 | 3,074 | 3,181 | 3,257 | 3,413 | 3,481 | 3,551 | 3,622 | 3,694 | 3,768 | |
| % Growth | -12.9% | 1.7% | 2.5% | 3.5% | 2.4% | 4.8% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 517 | 576 | 587 | 622 | 596 | 701 | 715 | 729 | 744 | 759 | 774 | |
| % of Revenue | 17.5% | 19.2% | 19.1% | 19.6% | 18.3% | 20.5% | 20.5% | 20.5% | 20.5% | 20.5% | 20.5% | |
| 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 | Terminal | |
| EBITDA | 576 | 587 | 622 | 596 | 701 | 715 | 729 | 744 | 759 | 774 | 774 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (189) | (190) | (192) | (173) | (267) | (272) | (278) | (283) | (289) | (295) | (207) | |
| EBIT | 387 | 397 | 430 | 423 | 434 | 443 | 452 | 461 | 470 | 479 | 567 | |
| Pro forma Taxes | (89) | (91) | (99) | (97) | (100) | (102) | (104) | (106) | (108) | (110) | (130) | |
| NOPAT | 280 | 298 | 306 | 331 | 326 | 334 | 341 | 348 | 355 | 362 | 369 | 436 |
| Capital Expenditures | (167) | (215) | (211) | (209) | (220) | (220) | (216) | (219) | (218) | (218) | (218) | (218) |
| NWC Investment | 31 | (4) | (5) | (8) | (5) | (11) | (5) | (5) | (5) | (5) | (5) | (1) |
| (+) D&A | 153 | 189 | 190 | 192 | 173 | 267 | 272 | 278 | 283 | 289 | 295 | 207 |
| Free Cash Flow | 298 | 269 | 279 | 306 | 273 | 370 | 392 | 402 | 414 | 428 | 440 | 424 |
| % Growth | -10% | 4% | 10% | -11% | 35% | 6% | 3% | 3% | 3% | 3% | -4% | |