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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.3% - 10.3% | 10.8% |
| Terminal EBITDA Multiple | 6.5x - 8.5x | 7.5x |
| Fair Value | €26.56 - €75.29 | €50.47 |
| Upside | -67.8% - -8.7% | -38.8% |
| 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 | 142,380 | 142,063 | 144,241 | 150,424 | 153,291 | 152,095 |
| % Growth | -8.4% | -0.2% | 1.5% | 4.3% | 1.9% | -0.8% |
| EBITDA | 16,982 | 19,138 | 20,246 | 21,560 | 20,501 | 20,096 |
| % of Revenue | 11.9% | 13.5% | 14.0% | 14.3% | 13.4% | 13.2% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 19,138 | 20,246 | 21,560 | 20,501 | 20,096 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (8,762) | (9,220) | (9,172) | (7,911) | (7,267) | |
| EBIT | 10,376 | 11,026 | 12,388 | 12,590 | 12,829 | |
| Pro forma Taxes | (2,698) | (2,867) | (3,221) | (3,273) | (3,336) | |
| NOPAT | 8,376 | 7,678 | 8,159 | 9,167 | 9,317 | 9,493 |
| Capital Expenditures | (12,205) | (10,310) | (10,103) | (9,681) | (10,041) | (10,127) |
| NWC Investment | 1,649 | 40 | (274) | (777) | (360) | 150 |
| (+) D&A | 5,663 | 8,762 | 9,220 | 9,172 | 7,911 | 7,267 |
| Free Cash Flow | 3,483 | 6,170 | 7,002 | 7,881 | 6,826 | 6,784 |
| % Growth | 77% | 13% | 13% | -13% | -1% | |