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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Perpetuity Growth Rate | 0.0% - 1.0% | 0.5% |
| Fair Value | €172.72 - €199.84 | €184.86 |
| Upside | 28.9% - 49.1% | 38.0% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| Revenue | 4,101 | 4,178 | 4,269 | 4,378 | 4,540 | 4,666 | 4,694 | 4,788 | 4,884 | 4,983 | 5,086 | |
| % Growth | 24.8% | 1.9% | 2.2% | 2.6% | 3.7% | 2.8% | 0.6% | 2.0% | 2.0% | 2.0% | 2.1% | |
| EBITDA | 764 | 790 | 810 | 855 | 891 | 924 | 827 | 850 | 875 | 893 | 911 | |
| % of Revenue | 18.6% | 18.9% | 19.0% | 19.5% | 19.6% | 19.8% | 17.6% | 17.8% | 17.9% | 17.9% | 17.9% | |
| Calculation of Free Cash Flow | ||||||||||||
| Projected Unlevered Cash Flow | ||||||||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | Terminal | |
| EBITDA | 790 | 810 | 855 | 891 | 924 | 827 | 850 | 875 | 893 | 911 | 911 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (413) | (408) | (430) | (458) | (484) | (487) | (497) | (507) | (517) | (528) | (394) | |
| EBIT | 378 | 403 | 425 | 433 | 440 | 340 | 353 | 368 | 375 | 383 | 517 | |
| Pro forma Taxes | (79) | (85) | (89) | (91) | (92) | (71) | (74) | (77) | (79) | (80) | (109) | |
| NOPAT | 291 | 298 | 318 | 336 | 342 | 348 | 268 | 279 | 291 | 297 | 303 | 409 |
| Capital Expenditures | (285) | (312) | (442) | (448) | (426) | (410) | (413) | (416) | (413) | (414) | (415) | (415) |
| NWC Investment | 147 | 14 | 16 | 20 | 29 | 23 | 5 | 17 | 17 | 18 | 18 | 5 |
| (+) D&A | 396 | 413 | 408 | 430 | 458 | 484 | 487 | 497 | 507 | 517 | 528 | 394 |
| Free Cash Flow | 549 | 413 | 300 | 337 | 403 | 445 | 348 | 376 | 402 | 418 | 435 | 393 |
| % Growth | -25% | -27% | 12% | 19% | 10% | -22% | 8% | 7% | 4% | 4% | -10% | |