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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.8% - 10.8% | 11.3% |
| Terminal Revenue Multiple | 4.7x - 5.2x | 5.0x |
| Fair Value | €83.15 - €92.53 | €87.70 |
| Upside | 27.0% - 41.3% | 33.9% |
| 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 | 6,656 | 3,312 | 3,394 | 3,569 | 3,855 | 4,082 | 4,225 | 4,309 | 4,396 | 4,483 | 4,573 |
| % Growth | 11.0% | -50.2% | 2.5% | 5.2% | 8.0% | 5.9% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 1,767 | 1,643 | 1,694 | 1,777 | 1,952 | 2,059 | 2,131 | 2,174 | 2,217 | 2,262 | 2,307 |
| % of Revenue | 26.5% | 49.6% | 49.9% | 49.8% | 50.6% | 50.4% | 50.4% | 50.4% | 50.4% | 50.4% | 50.4% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | ||
| EBITDA | 1,643 | 1,694 | 1,777 | 1,952 | 2,059 | 2,131 | 2,174 | 2,217 | 2,262 | 2,307 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (68) | (43) | (38) | (108) | (117) | (121) | (124) | (126) | (129) | (131) | |
| EBIT | 1,576 | 1,651 | 1,740 | 1,845 | 1,942 | 2,010 | 2,050 | 2,091 | 2,133 | 2,176 | |
| Pro forma Taxes | (347) | (363) | (383) | (406) | (427) | (442) | (451) | (460) | (469) | (479) | |
| NOPAT | 1,340 | 1,229 | 1,288 | 1,357 | 1,439 | 1,515 | 1,568 | 1,599 | 1,631 | 1,664 | 1,697 |
| Capital Expenditures | (69) | (71) | (77) | (83) | (70) | (73) | (75) | (73) | (74) | (74) | (73) |
| NWC Investment | 1,051 | (5,322) | 131 | 279 | 454 | 362 | 227 | 134 | 137 | 140 | 143 |
| (+) D&A | 49 | 68 | 43 | 38 | 108 | 117 | 121 | 124 | 126 | 129 | 131 |
| Free Cash Flow | 2,372 | (4,097) | 1,385 | 1,591 | 1,931 | 1,921 | 1,841 | 1,784 | 1,821 | 1,858 | 1,897 |
| % Growth | NM | 15% | 21% | -1% | -4% | -3% | 2% | 2% | 2% | ||