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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.0% - 8.0% | 8.5% |
| Terminal EBITDA Multiple | 9.6x - 11.6x | 10.6x |
| Fair Value | €138.16 - €172.39 | €154.93 |
| Upside | -22.0% - -2.7% | -12.5% |
| 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 | 27,058 | 28,310 | 29,976 | 31,623 | 33,368 | 34,951 |
| % Growth | -2.0% | 4.6% | 5.9% | 5.5% | 5.5% | 4.7% |
| EBITDA | 7,328 | 8,578 | 9,348 | 9,973 | 10,694 | 11,576 |
| % of Revenue | 27.1% | 30.3% | 31.2% | 31.5% | 32.0% | 33.1% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 8,578 | 9,348 | 9,973 | 10,694 | 11,576 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2,650) | (2,816) | (2,911) | (3,016) | (3,396) | |
| EBIT | 5,928 | 6,532 | 7,062 | 7,678 | 8,181 | |
| Pro forma Taxes | (1,423) | (1,568) | (1,695) | (1,843) | (1,963) | |
| NOPAT | 3,894 | 4,505 | 4,964 | 5,367 | 5,835 | 6,217 |
| Capital Expenditures | (3,525) | (3,829) | (4,141) | (4,324) | (4,607) | (4,887) |
| NWC Investment | (3) | 6 | 9 | 8 | 9 | 8 |
| (+) D&A | 2,204 | 2,650 | 2,816 | 2,911 | 3,016 | 3,396 |
| Free Cash Flow | 2,570 | 3,333 | 3,648 | 3,963 | 4,253 | 4,734 |
| % Growth | 30% | 9% | 9% | 7% | 11% | |