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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Perpetuity Growth Rate | 5.3% - 6.3% | 5.8% |
| Fair Value | €178.94 - €268.06 | €213.62 |
| Upside | -20.4% - 19.2% | -5.0% |
| 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 | |
| Revenue | 34,176 | 38,343 | 43,100 | 48,617 | 55,710 | 62,898 | |
| % Growth | 9.5% | 12.2% | 12.4% | 12.8% | 14.6% | 12.9% | |
| EBITDA | 8,914 | 11,719 | 13,696 | 16,027 | 17,912 | 19,576 | |
| % of Revenue | 26.1% | 30.6% | 31.8% | 33.0% | 32.2% | 31.1% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 11,719 | 13,696 | 16,027 | 17,912 | 19,576 | 19,576 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,084) | (1,245) | (1,404) | (1,316) | (1,316) | (1,733) | |
| EBIT | 10,635 | 12,451 | 14,623 | 16,596 | 18,260 | 17,843 | |
| Pro forma Taxes | (3,084) | (3,611) | (4,241) | (4,813) | (5,295) | (5,174) | |
| NOPAT | 5,781 | 7,551 | 8,840 | 10,382 | 11,783 | 12,965 | 12,669 |
| Capital Expenditures | (797) | (912) | (999) | (1,174) | (1,429) | (1,824) | (1,824) |
| NWC Investment | 584 | 820 | 936 | 1,086 | 1,396 | 1,415 | 712 |
| (+) D&A | 772 | 1,084 | 1,245 | 1,404 | 1,316 | 1,316 | 1,733 |
| Free Cash Flow | 6,340 | 8,543 | 10,023 | 11,699 | 13,067 | 13,872 | 13,289 |
| % Growth | 35% | 17% | 17% | 12% | 6% | -4% | |