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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | kr85.24 - kr99.26 | kr89.77 |
| Upside | 81.6% - 111.5% | 91.3% |
| 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 | 19,220 | 20,634 | 21,722 | 21,755 | 20,738 | 19,997 | |
| % Growth | -9.1% | 7.4% | 5.3% | 0.2% | -4.7% | -3.6% | |
| EBITDA | 2,968 | 2,963 | 3,207 | 3,507 | 3,256 | 3,317 | |
| % of Revenue | 15.4% | 14.4% | 14.8% | 16.1% | 15.7% | 16.6% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 2,963 | 3,207 | 3,507 | 3,256 | 3,317 | 3,317 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 1,641 | 1,641 | |
| D&A | (742) | (537) | (623) | (435) | (419) | (500) | |
| EBIT | 2,222 | 2,671 | 2,884 | 2,821 | 4,539 | 4,459 | |
| Pro forma Taxes | (355) | (427) | (461) | (451) | (726) | (713) | |
| NOPAT | 1,829 | 1,866 | 2,243 | 2,423 | 2,370 | 3,813 | 3,745 |
| Capital Expenditures | (472) | (550) | (559) | (567) | (523) | (526) | (526) |
| NWC Investment | (44) | 33 | 25 | 1 | (23) | (17) | 0 |
| (+) D&A | 791 | 742 | 537 | 623 | 435 | 419 | 500 |
| Free Cash Flow | 2,104 | 2,090 | 2,246 | 2,480 | 2,259 | 3,689 | 3,719 |
| % Growth | -1% | 7% | 10% | -9% | 63% | 1% | |