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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal EBITDA Multiple | 5.4x - 7.4x | 6.4x |
| Fair Value | $89.28 - $123.24 | $105.63 |
| Upside | 18.1% - 63.0% | 39.7% |
| 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 | 9,544 | 9,324 | 9,710 | 9,980 | 10,397 | 10,987 | 11,372 | 11,599 | 11,831 | 12,068 | 12,309 |
| % Growth | 0.3% | -2.3% | 4.1% | 2.8% | 4.2% | 5.7% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 1,356 | 1,383 | 1,502 | 1,623 | 1,718 | 1,731 | 1,792 | 1,827 | 1,864 | 1,901 | 1,939 |
| % of Revenue | 14.2% | 14.8% | 15.5% | 16.3% | 16.5% | 15.8% | 15.8% | 15.8% | 15.8% | 15.8% | 15.8% |
| 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 | 1,383 | 1,502 | 1,623 | 1,718 | 1,731 | 1,792 | 1,827 | 1,864 | 1,901 | 1,939 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (674) | (693) | (683) | (690) | (739) | (765) | (780) | (796) | (812) | (828) | |
| EBIT | 709 | 809 | 940 | 1,028 | 992 | 1,027 | 1,047 | 1,068 | 1,090 | 1,111 | |
| Pro forma Taxes | (191) | (219) | (254) | (278) | (268) | (277) | (283) | (288) | (294) | (300) | |
| NOPAT | 493 | 517 | 591 | 686 | 750 | 724 | 750 | 764 | 780 | 795 | 811 |
| Capital Expenditures | (761) | (650) | (663) | (665) | (681) | (674) | (673) | (676) | (674) | (674) | (675) |
| NWC Investment | (5) | 36 | (63) | (44) | (68) | (96) | (63) | (37) | (38) | (39) | (39) |
| (+) D&A | 681 | 674 | 693 | 683 | 690 | 739 | 765 | 780 | 796 | 812 | 828 |
| Free Cash Flow | 408 | 577 | 558 | 660 | 692 | 694 | 779 | 832 | 864 | 894 | 925 |
| % Growth | 42% | -3% | 18% | 5% | 0% | 12% | 7% | 4% | 4% | 3% | |