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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Terminal Revenue Multiple | 4.6x - 5.0x | 4.8x |
| Fair Value | €195.58 - €219.69 | €207.41 |
| Upside | -20.7% - -11.0% | -15.9% |
| 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 |
| Revenue | 34,176 | 38,378 | 43,164 | 48,713 | 55,710 | 62,898 |
| % Growth | 9.5% | 12.3% | 12.5% | 12.9% | 14.4% | 12.9% |
| EBITDA | 8,914 | 11,920 | 13,696 | 16,026 | 17,912 | 19,576 |
| % of Revenue | 26.1% | 31.1% | 31.7% | 32.9% | 32.2% | 31.1% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 11,920 | 13,696 | 16,026 | 17,912 | 19,576 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,247) | (1,193) | (1,328) | (1,316) | (1,316) | |
| EBIT | 10,673 | 12,503 | 14,698 | 16,596 | 18,260 | |
| Pro forma Taxes | (3,095) | (3,626) | (4,262) | (4,813) | (5,295) | |
| NOPAT | 5,781 | 7,578 | 8,877 | 10,436 | 11,783 | 12,965 |
| Capital Expenditures | (797) | (912) | (999) | (1,174) | (1,429) | (1,824) |
| NWC Investment | 584 | 827 | 942 | 1,093 | 1,377 | 1,415 |
| (+) D&A | 772 | 1,247 | 1,193 | 1,328 | 1,316 | 1,316 |
| Free Cash Flow | 6,340 | 8,740 | 10,014 | 11,682 | 13,048 | 13,872 |
| % Growth | 38% | 15% | 17% | 12% | 6% | |