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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 13.3% - 12.3% | 12.8% |
| Terminal EBITDA Multiple | 9.5x - 11.5x | 10.5x |
| Fair Value | $53 - $94.75 | $73.20 |
| Upside | -39.2% - 8.7% | -16.0% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (EUR in millions) | Input Projections | ||||||||||
| Fiscal Years Ending | Dec-23 | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 |
| Revenue | 155,498 | 147,246 | 149,610 | 155,443 | 167,165 | 168,112 | 168,112 | 168,112 | 168,112 | 168,112 | 168,112 |
| % Growth | 9.0% | -5.3% | 1.6% | 3.9% | 7.5% | 0.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 24,125 | 21,351 | 20,858 | 22,220 | 27,481 | 22,977 | 22,977 | 22,977 | 22,977 | 22,977 | 22,977 |
| % of Revenue | 15.5% | 14.5% | 13.9% | 14.3% | 16.4% | 13.7% | 13.7% | 13.7% | 13.7% | 13.7% | 13.7% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (EUR in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | |
| EBITDA | 21,351 | 20,858 | 22,220 | 27,481 | 22,977 | 22,977 | 22,977 | 22,977 | 22,977 | 22,977 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (9,017) | (8,901) | (9,050) | (11,402) | (6,472) | (6,472) | (6,472) | (6,472) | (6,472) | (6,472) | |
| EBIT | 12,334 | 11,957 | 13,170 | 16,079 | 16,505 | 16,505 | 16,505 | 16,505 | 16,505 | 16,505 | |
| Pro forma Taxes | (3,207) | (3,109) | (3,424) | (4,181) | (4,291) | (4,291) | (4,291) | (4,291) | (4,291) | (4,291) | |
| NOPAT | 13,587 | 9,127 | 8,848 | 9,746 | 11,898 | 12,214 | 12,214 | 12,214 | 12,214 | 12,214 | 12,214 |
| Capital Expenditures | (10,881) | (11,102) | (10,682) | (10,008) | (10,283) | (10,268) | (10,186) | (10,186) | (10,186) | (10,186) | (10,186) |
| NWC Investment | (1,110) | 711 | (204) | (502) | (1,009) | (82) | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 5,764 | 9,017 | 8,901 | 9,050 | 11,402 | 6,472 | 6,472 | 6,472 | 6,472 | 6,472 | 6,472 |
| Free Cash Flow | 7,360 | 7,753 | 6,863 | 8,285 | 12,007 | 8,336 | 8,499 | 8,499 | 8,499 | 8,499 | 8,499 |
| % Growth | 5% | -11% | 21% | 45% | -31% | 2% | 0% | 0% | 0% | 0% | |