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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | €32.88 - €36.96 | €34.41 |
| Upside | 21.3% - 36.4% | 27.0% |
| 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 | 6,454 | 6,191 | 6,327 | 6,535 | 6,736 | 6,904 | 7,060 | 7,220 | 7,364 | 7,511 | 7,661 | |
| % Growth | 6.5% | -4.1% | 2.2% | 3.3% | 3.1% | 2.5% | 2.3% | 2.3% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 369 | 370 | 408 | 428 | 458 | 395 | 404 | 413 | 421 | 430 | 438 | |
| % of Revenue | 5.7% | 6.0% | 6.4% | 6.5% | 6.8% | 5.7% | 5.7% | 5.7% | 5.7% | 5.7% | 5.7% | |
| 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 | Terminal | |
| EBITDA | 370 | 408 | 428 | 458 | 395 | 404 | 413 | 421 | 430 | 438 | 438 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (212) | (224) | (230) | (249) | (189) | (193) | (198) | (202) | (206) | (210) | (244) | |
| EBIT | 158 | 183 | 198 | 209 | 206 | 210 | 215 | 220 | 224 | 228 | 194 | |
| Pro forma Taxes | (40) | (46) | (50) | (52) | (51) | (53) | (54) | (55) | (56) | (57) | (49) | |
| NOPAT | 119 | 119 | 138 | 149 | 157 | 154 | 158 | 161 | 165 | 168 | 171 | 146 |
| Capital Expenditures | (226) | (262) | (247) | (252) | (255) | (260) | (255) | (257) | (257) | (256) | (257) | (257) |
| NWC Investment | 29 | (19) | 10 | 15 | 15 | 12 | 11 | 12 | 11 | 11 | 11 | 0 |
| (+) D&A | 210 | 212 | 224 | 230 | 249 | 189 | 193 | 198 | 202 | 206 | 210 | 244 |
| Free Cash Flow | 132 | 49 | 125 | 141 | 166 | 96 | 107 | 114 | 120 | 128 | 135 | 133 |
| % Growth | -63% | 155% | 13% | 18% | -42% | 12% | 7% | 5% | 7% | 6% | -2% | |