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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 13.0% - 12.0% | 12.5% |
| Terminal EBITDA Multiple | 2.4x - 4.4x | 3.4x |
| Fair Value | €3.99 - €7.59 | €5.75 |
| Upside | 14.4% - 117.8% | 65.1% |
| 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 | 3,061 | 3,320 | 3,386 | 3,454 | 3,525 | 3,594 |
| % Growth | 2.0% | 8.5% | 2.0% | 2.0% | 2.1% | 2.0% |
| EBITDA | 423 | 508 | 528 | 550 | 554 | 589 |
| % of Revenue | 13.8% | 15.3% | 15.6% | 15.9% | 15.7% | 16.4% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 508 | 528 | 550 | 554 | 589 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (328) | (342) | (354) | (351) | (384) | |
| EBIT | 180 | 186 | 196 | 203 | 206 | |
| Pro forma Taxes | (36) | (37) | (39) | (41) | (41) | |
| NOPAT | 92 | 144 | 149 | 157 | 162 | 164 |
| Capital Expenditures | (234) | (225) | (250) | (240) | (370) | (395) |
| NWC Investment | 15 | 67 | 17 | 18 | 18 | 18 |
| (+) D&A | 308 | 328 | 342 | 354 | 351 | 384 |
| Free Cash Flow | 182 | 314 | 258 | 289 | 162 | 171 |
| % Growth | 73% | -18% | 12% | -44% | 6% | |