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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.8% - 10.8% | 11.3% |
| Perpetuity Growth Rate | 0.8% - 1.8% | 1.3% |
| Fair Value | €69.66 - €82.97 | €75.65 |
| Upside | 6.3% - 26.7% | 15.5% |
| 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 | 6,656 | 3,312 | 3,394 | 3,569 | 3,855 | 4,082 | |
| % Growth | 11.0% | -50.2% | 2.5% | 5.2% | 8.0% | 5.9% | |
| EBITDA | 1,767 | 1,643 | 1,694 | 1,777 | 1,952 | 2,059 | |
| % of Revenue | 26.5% | 49.6% | 49.9% | 49.8% | 50.6% | 50.4% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 1,643 | 1,694 | 1,777 | 1,952 | 2,059 | 2,059 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (68) | (43) | (38) | (108) | (117) | (69) | |
| EBIT | 1,576 | 1,651 | 1,740 | 1,845 | 1,942 | 1,990 | |
| Pro forma Taxes | (347) | (363) | (383) | (406) | (427) | (438) | |
| NOPAT | 1,340 | 1,229 | 1,288 | 1,357 | 1,439 | 1,515 | 1,552 |
| Capital Expenditures | (69) | (71) | (77) | (83) | (70) | (73) | (73) |
| NWC Investment | 1,051 | (5,322) | 131 | 279 | 454 | 362 | 81 |
| (+) D&A | 49 | 68 | 43 | 38 | 108 | 117 | 69 |
| Free Cash Flow | 2,372 | (4,097) | 1,385 | 1,591 | 1,931 | 1,921 | 1,629 |
| % Growth | NM | NM | 15% | 21% | -1% | -15% | |