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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Terminal EBITDA Multiple | 7.1x - 9.1x | 8.1x |
| Fair Value | $24.23 - $36.36 | $30.07 |
| Upside | -6.2% - 40.8% | 16.4% |
| 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 | 6,644 | 6,777 | 7,016 | 7,350 | 8,264 | 8,429 | 8,598 | 8,770 | 8,945 | 9,124 | 9,306 |
| % Growth | 0.2% | 2.0% | 3.5% | 4.8% | 12.4% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 840 | 740 | 758 | 793 | 716 | 737 | 752 | 767 | 782 | 798 | 814 |
| % of Revenue | 12.7% | 10.9% | 10.8% | 10.8% | 8.7% | 8.7% | 8.7% | 8.7% | 8.7% | 8.7% | 8.7% |
| 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 | 740 | 758 | 793 | 716 | 737 | 752 | 767 | 782 | 798 | 814 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (228) | (239) | (236) | (181) | (180) | (184) | (187) | (191) | (195) | (199) | |
| EBIT | 512 | 519 | 557 | 536 | 557 | 568 | 579 | 591 | 603 | 615 | |
| Pro forma Taxes | (92) | (93) | (100) | (96) | (100) | (102) | (104) | (106) | (109) | (111) | |
| NOPAT | 484 | 420 | 426 | 456 | 439 | 457 | 466 | 475 | 485 | 494 | 504 |
| Capital Expenditures | (248) | (330) | (449) | (427) | (480) | (489) | (465) | (475) | (476) | (472) | (474) |
| NWC Investment | (2) | (18) | (32) | (45) | (124) | (22) | (23) | (23) | (24) | (24) | (25) |
| (+) D&A | 250 | 228 | 239 | 236 | 181 | 180 | 184 | 187 | 191 | 195 | 199 |
| Free Cash Flow | 484 | 300 | 183 | 221 | 16 | 125 | 161 | 165 | 176 | 193 | 204 |
| % Growth | -38% | -39% | 20% | -93% | 693% | 29% | 2% | 7% | 10% | 6% | |