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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 14.8% - 13.8% | 14.3% |
| Terminal EBITDA Multiple | 9.4x - 11.4x | 10.4x |
| Fair Value | $7.38 - $9.65 | $8.48 |
| Upside | 21.9% - 59.5% | 40.1% |
| 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 | 46,606 | 46,552 | 47,252 | 48,140 | 49,099 | 49,440 | 50,101 | 50,393 | 51,078 | 51,078 | 51,078 |
| % Growth | -2.2% | -0.1% | 1.5% | 1.9% | 2.0% | 0.7% | 1.3% | 0.6% | 1.4% | 0.0% | 0.0% |
| EBITDA | 9,139 | 9,468 | 9,812 | 10,151 | 9,388 | 9,757 | 9,651 | 9,094 | 9,015 | 9,015 | 9,015 |
| % of Revenue | 19.6% | 20.3% | 20.8% | 21.1% | 19.1% | 19.7% | 19.3% | 18.0% | 17.6% | 17.6% | 17.6% |
| 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 | 9,468 | 9,812 | 10,151 | 9,388 | 9,757 | 9,651 | 9,094 | 9,015 | 9,015 | 9,015 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (4,079) | (4,342) | (4,463) | (3,265) | (3,487) | (3,534) | (3,554) | (3,603) | (3,603) | (3,603) | |
| EBIT | 5,389 | 5,470 | 5,688 | 6,124 | 6,270 | 6,117 | 5,540 | 5,412 | 5,412 | 5,412 | |
| Pro forma Taxes | (539) | (547) | (569) | (612) | (627) | (612) | (554) | (541) | (541) | (541) | |
| NOPAT | 4,903 | 4,850 | 4,923 | 5,119 | 5,511 | 5,643 | 5,506 | 4,986 | 4,871 | 4,871 | 4,871 |
| Capital Expenditures | (2,778) | (2,745) | (2,800) | (2,841) | (2,790) | (2,835) | (2,822) | (2,815) | (2,824) | (2,820) | (2,820) |
| NWC Investment | 141 | 7 | (95) | (121) | (131) | (46) | (90) | (40) | (93) | 0 | 0 |
| (+) D&A | 3,691 | 4,079 | 4,342 | 4,463 | 3,265 | 3,487 | 3,534 | 3,554 | 3,603 | 3,603 | 3,603 |
| Free Cash Flow | 5,957 | 6,192 | 6,370 | 6,621 | 5,855 | 6,248 | 6,127 | 5,685 | 5,556 | 5,653 | 5,654 |
| % Growth | 4% | 3% | 4% | -12% | 7% | -2% | -7% | -2% | 2% | 0% | |