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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Perpetuity Growth Rate | 3.8% - 4.8% | 4.3% |
| Fair Value | $70.70 - $121.85 | $91.85 |
| Upside | -1.8% - 69.2% | 27.6% |
| 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 | |
| Revenue | 4,080 | 4,300 | 4,463 | 4,597 | 4,689 | 4,783 | |
| % Growth | -2.0% | 5.4% | 3.8% | 3.0% | 2.0% | 2.0% | |
| EBITDA | 416 | 516 | 585 | 556 | 544 | 538 | |
| % of Revenue | 10.2% | 12.0% | 13.1% | 12.1% | 11.6% | 11.2% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 516 | 585 | 556 | 544 | 538 | 538 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (266) | (263) | (215) | (157) | (126) | (257) | |
| EBIT | 250 | 322 | 341 | 387 | 412 | 282 | |
| Pro forma Taxes | (58) | (74) | (78) | (89) | (95) | (65) | |
| NOPAT | 146 | 193 | 248 | 263 | 298 | 317 | 217 |
| Capital Expenditures | #NUM! | (250) | (268) | (263) | (267) | (270) | (270) |
| NWC Investment | 3 | (8) | (6) | (5) | (3) | (3) | (8) |
| (+) D&A | 226 | 266 | 263 | 215 | 157 | 126 | 257 |
| Free Cash Flow | #NUM! | 201 | 237 | 210 | 185 | 170 | 196 |
| % Growth | NM | 18% | -12% | -12% | -8% | 15% | |