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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Terminal Revenue Multiple | 3.9x - 4.3x | 4.1x |
| Fair Value | $208.79 - $239.03 | $223.41 |
| Upside | -21.8% - -10.4% | -16.3% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 34,176 | 38,378 | 43,164 | 48,713 | 55,710 | 62,898 | 70,149 | 79,544 | 87,581 | 95,904 | 100,077 |
| % Growth | 9.5% | 12.3% | 12.5% | 12.9% | 14.4% | 12.9% | 11.5% | 13.4% | 10.1% | 9.5% | 4.4% |
| EBITDA | 8,914 | 11,920 | 13,696 | 16,026 | 17,912 | 19,576 | 14,289 | 15,959 | 18,789 | 19,682 | 20,538 |
| % of Revenue | 26.1% | 31.1% | 31.7% | 32.9% | 32.2% | 31.1% | 20.4% | 20.1% | 21.5% | 20.5% | 20.5% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | ||
| EBITDA | 11,920 | 13,696 | 16,026 | 17,912 | 19,576 | 14,289 | 15,959 | 18,789 | 19,682 | 20,538 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,247) | (1,193) | (1,328) | (1,316) | (1,316) | (1,468) | (1,664) | (1,832) | (2,007) | (2,094) | |
| EBIT | 10,673 | 12,503 | 14,698 | 16,596 | 18,260 | 12,821 | 14,295 | 16,957 | 17,675 | 18,445 | |
| Pro forma Taxes | (3,095) | (3,626) | (4,262) | (4,813) | (5,295) | (3,718) | (4,145) | (4,917) | (5,126) | (5,349) | |
| NOPAT | 5,781 | 7,578 | 8,877 | 10,436 | 11,783 | 12,965 | 9,103 | 10,149 | 12,039 | 12,550 | 13,096 |
| Capital Expenditures | (797) | (912) | (999) | (1,174) | (1,429) | (1,824) | (1,476) | (1,576) | (1,625) | (1,559) | (1,587) |
| NWC Investment | 584 | 827 | 942 | 1,093 | 1,377 | 1,415 | 1,427 | 1,850 | 1,582 | 1,639 | 822 |
| (+) D&A | 772 | 1,247 | 1,193 | 1,328 | 1,316 | 1,316 | 1,468 | 1,664 | 1,832 | 2,007 | 2,094 |
| Free Cash Flow | 6,340 | 8,740 | 10,014 | 11,682 | 13,048 | 13,872 | 10,523 | 12,087 | 13,829 | 14,636 | 14,424 |
| % Growth | 15% | 17% | 12% | 6% | -24% | 15% | 14% | 6% | -1% | ||