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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.3% - 10.3% | 10.8% |
| Terminal Revenue Multiple | 0.5x - 0.5x | 0.5x |
| Fair Value | $46.96 - $54.87 | $50.79 |
| Upside | 65.4% - 93.2% | 78.8% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 23,138 | 23,151 | 24,111 | 24,667 | 26,290 | 27,132 | 27,674 | 28,228 | 28,792 | 29,368 | 29,955 |
| % Growth | -3.4% | 0.1% | 4.1% | 2.3% | 6.6% | 3.2% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 748 | 872 | 1,012 | 1,137 | 1,279 | 1,433 | 1,462 | 1,491 | 1,521 | 1,551 | 1,582 |
| % of Revenue | 3.2% | 3.8% | 4.2% | 4.6% | 4.9% | 5.3% | 5.3% | 5.3% | 5.3% | 5.3% | 5.3% |
| 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 | 872 | 1,012 | 1,137 | 1,279 | 1,433 | 1,462 | 1,491 | 1,521 | 1,551 | 1,582 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (197) | (236) | (270) | (377) | (495) | (505) | (515) | (526) | (536) | (547) | |
| EBIT | 675 | 776 | 867 | 902 | 938 | 956 | 975 | 995 | 1,015 | 1,035 | |
| Pro forma Taxes | (189) | (217) | (243) | (253) | (263) | (268) | (273) | (279) | (284) | (290) | |
| NOPAT | 433 | 486 | 559 | 624 | 649 | 675 | 689 | 702 | 716 | 731 | 745 |
| Capital Expenditures | (144) | (159) | (169) | (170) | (158) | (161) | (163) | (161) | (162) | (162) | (161) |
| NWC Investment | 18 | (0) | (21) | (12) | (36) | (19) | (12) | (12) | (12) | (13) | (13) |
| (+) D&A | 146 | 197 | 236 | 270 | 377 | 495 | 505 | 515 | 526 | 536 | 547 |
| Free Cash Flow | 454 | 524 | 605 | 712 | 833 | 991 | 1,019 | 1,045 | 1,068 | 1,093 | 1,118 |
| % Growth | 15% | 18% | 17% | 19% | 3% | 3% | 2% | 2% | 2% | ||