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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | €181.17 - €206.15 | €189.56 |
| Upside | 10.1% - 25.2% | 15.2% |
| 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 | 33,301 | 35,367 | 36,593 | 38,111 | 38,873 | 39,651 | |
| % Growth | 20.0% | 6.2% | 3.5% | 4.1% | 2.0% | 2.0% | |
| EBITDA | 953 | 2,235 | 2,362 | 2,439 | 2,488 | 2,537 | |
| % of Revenue | 2.9% | 6.3% | 6.5% | 6.4% | 6.4% | 6.4% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 2,235 | 2,362 | 2,439 | 2,488 | 2,537 | 2,537 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (730) | (821) | (816) | (1,494) | (1,524) | (697) | |
| EBIT | 1,505 | 1,541 | 1,623 | 994 | 1,013 | 1,841 | |
| Pro forma Taxes | (391) | (401) | (422) | (258) | (263) | (479) | |
| NOPAT | 417 | 1,113 | 1,140 | 1,201 | 735 | 750 | 1,362 |
| Capital Expenditures | (474) | (846) | (655) | (672) | (719) | (733) | (733) |
| NWC Investment | 574 | 214 | 127 | 157 | 79 | 81 | 0 |
| (+) D&A | 389 | 730 | 821 | 816 | 1,494 | 1,524 | 697 |
| Free Cash Flow | 907 | 1,212 | 1,433 | 1,502 | 1,589 | 1,621 | 1,325 |
| % Growth | 34% | 18% | 5% | 6% | 2% | -18% | |