Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.3% - 10.3% | 10.8% |
| Terminal EBITDA Multiple | 5.6x - 7.6x | 6.6x |
| Fair Value | $30.86 - $44.35 | $37.47 |
| Upside | 8.7% - 56.2% | 31.9% |
| 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 | 23,138 | 23,151 | 24,111 | 24,809 | 26,290 | 27,132 |
| % Growth | -3.4% | 0.1% | 4.1% | 2.9% | 6.0% | 3.2% |
| EBITDA | 748 | 872 | 1,012 | 1,137 | 1,279 | 1,433 |
| % of Revenue | 3.2% | 3.8% | 4.2% | 4.6% | 4.9% | 5.3% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 872 | 1,012 | 1,137 | 1,279 | 1,433 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (197) | (233) | (270) | (377) | (495) | |
| EBIT | 675 | 780 | 867 | 902 | 938 | |
| Pro forma Taxes | (189) | (218) | (243) | (253) | (263) | |
| NOPAT | 433 | 486 | 561 | 624 | 649 | 675 |
| Capital Expenditures | (144) | (159) | (169) | (170) | (158) | (161) |
| NWC Investment | 18 | (0) | (21) | (15) | (33) | (19) |
| (+) D&A | 146 | 197 | 233 | 270 | 377 | 495 |
| Free Cash Flow | 454 | 524 | 604 | 709 | 836 | 991 |
| % Growth | 15% | 15% | 17% | 18% | 19% | |