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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Perpetuity Growth Rate | 1.0% - 2.0% | 1.5% |
| Fair Value | €61.84 - €72.79 | €66.58 |
| Upside | -6.4% - 10.1% | 0.7% |
| Select Revenue and EBITDA Forecast | |||||||
| (EUR in millions) | Input Projections | ||||||
| Fiscal Years Ending | Dec-23 | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | |
| Revenue | 17,676 | 17,467 | 19,152 | 19,733 | 17,190 | 17,190 | |
| % Growth | 3.7% | -1.2% | 9.6% | 3.0% | -12.9% | 0.0% | |
| EBITDA | 1,025 | 1,598 | 1,519 | 1,600 | 1,298 | 1,298 | |
| % of Revenue | 5.8% | 9.1% | 7.9% | 8.1% | 7.6% | 7.6% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (EUR in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Terminal | |
| EBITDA | 1,598 | 1,519 | 1,600 | 1,298 | 1,298 | 1,298 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (571) | (623) | (647) | (294) | (254) | (665) | |
| EBIT | 1,026 | 896 | 953 | 1,004 | 1,044 | 633 | |
| Pro forma Taxes | (339) | (296) | (315) | (331) | (344) | (209) | |
| NOPAT | 381 | 688 | 600 | 639 | 672 | 699 | 424 |
| Capital Expenditures | (541) | (780) | (1,085) | (788) | (700) | (700) | (700) |
| NWC Investment | 58 | (19) | 155 | 53 | (233) | 0 | 24 |
| (+) D&A | 456 | 571 | 623 | 647 | 294 | 254 | 665 |
| Free Cash Flow | 355 | 460 | 293 | 551 | 33 | 253 | 412 |
| % Growth | 30% | -36% | 88% | -94% | 661% | 63% | |