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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal EBITDA Multiple | 9.4x - 11.4x | 10.4x |
| Fair Value | $2.48 - $4.29 | $3.37 |
| Upside | -59.3% - -29.6% | -44.7% |
| 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 |
| Revenue | 3,568 | 3,853 | 4,025 | 4,188 | 4,299 | 4,481 |
| % Growth | -16.8% | 8.0% | 4.5% | 4.0% | 2.7% | 4.2% |
| EBITDA | 2,732 | 2,941 | 3,094 | 3,264 | 3,387 | 3,516 |
| % of Revenue | 76.6% | 76.3% | 76.9% | 77.9% | 78.8% | 78.5% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 2,941 | 3,094 | 3,264 | 3,387 | 3,516 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,092) | (1,169) | (1,255) | (1,273) | (1,323) | |
| EBIT | 1,848 | 1,924 | 2,009 | 2,114 | 2,193 | |
| Pro forma Taxes | (444) | (462) | (482) | (507) | (526) | |
| NOPAT | 1,339 | 1,405 | 1,463 | 1,527 | 1,607 | 1,667 |
| Capital Expenditures | (2,538) | (2,890) | (2,791) | (2,300) | (2,200) | (2,200) |
| NWC Investment | 50 | (20) | (12) | (11) | (8) | (13) |
| (+) D&A | 970 | 1,092 | 1,169 | 1,255 | 1,273 | 1,323 |
| Free Cash Flow | (179) | (413) | (171) | 470 | 672 | 776 |
| % Growth | NM | NM | NM | 43% | 16% | |