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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal EBITDA Multiple | 16.5x - 18.5x | 17.5x |
| Fair Value | €250.41 - €289.70 | €269.68 |
| Upside | -10.6% - 3.4% | -3.8% |
| 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 | 5,804 | 6,130 | 6,388 | 6,824 | 7,196 | 6,211 |
| % Growth | 15.2% | 5.6% | 4.2% | 6.8% | 5.5% | -13.7% |
| EBITDA | 3,068 | 3,579 | 3,754 | 4,093 | 4,106 | 3,646 |
| % of Revenue | 52.9% | 58.4% | 58.8% | 60.0% | 57.1% | 58.7% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 3,579 | 3,754 | 4,093 | 4,106 | 3,646 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (508) | (528) | (609) | (674) | (42) | |
| EBIT | 3,071 | 3,226 | 3,484 | 3,432 | 3,604 | |
| Pro forma Taxes | (799) | (839) | (906) | (892) | (937) | |
| NOPAT | 2,132 | 2,273 | 2,387 | 2,578 | 2,540 | 2,667 |
| Capital Expenditures | (58) | (343) | (364) | (408) | (458) | (480) |
| NWC Investment | (418) | (178) | (141) | (238) | (203) | 537 |
| (+) D&A | 188 | 508 | 528 | 609 | 674 | 42 |
| Free Cash Flow | 1,844 | 2,260 | 2,410 | 2,541 | 2,552 | 2,766 |
| % Growth | 23% | 7% | 5% | 0% | 8% | |