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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 13.0% - 12.0% | 12.5% |
| Perpetuity Growth Rate | 4.3% - 5.3% | 4.8% |
| Fair Value | €27.89 - €39.60 | €33 |
| Upside | 25.6% - 78.4% | 48.6% |
| 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 | 24,017 | 24,587 | 25,370 | 26,223 | 26,536 | 27,377 | |
| % Growth | 7.4% | 2.4% | 3.2% | 3.4% | 1.2% | 3.2% | |
| EBITDA | 3,877 | 4,083 | 4,199 | 4,316 | 4,084 | 4,295 | |
| % of Revenue | 16.1% | 16.6% | 16.6% | 16.5% | 15.4% | 15.7% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 4,083 | 4,199 | 4,316 | 4,084 | 4,295 | 4,295 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,517) | (1,545) | (1,569) | (1,289) | (1,289) | (1,328) | |
| EBIT | 2,567 | 2,655 | 2,746 | 2,795 | 3,006 | 2,967 | |
| Pro forma Taxes | (744) | (770) | (796) | (811) | (872) | (860) | |
| NOPAT | 1,717 | 1,822 | 1,885 | 1,950 | 1,984 | 2,134 | 2,106 |
| Capital Expenditures | (550) | (1,325) | (1,343) | (1,358) | (1,384) | (1,398) | (1,398) |
| NWC Investment | 161 | 56 | 76 | 83 | 31 | 82 | 127 |
| (+) D&A | 1,458 | 1,517 | 1,545 | 1,569 | 1,289 | 1,289 | 1,328 |
| Free Cash Flow | 2,786 | 2,069 | 2,163 | 2,245 | 1,920 | 2,107 | 2,163 |
| % Growth | -26% | 5% | 4% | -14% | 10% | 3% | |