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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal EBITDA Multiple | 6.7x - 8.7x | 7.7x |
| Fair Value | $37.18 - $50.82 | $43.87 |
| Upside | 5.5% - 44.1% | 24.4% |
| 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 | 4,126 | 4,214 | 4,416 | 4,608 | 4,807 | 5,017 |
| % Growth | -1.0% | 2.1% | 4.8% | 4.4% | 4.3% | 4.4% |
| EBITDA | 539 | 639 | 681 | 712 | 747 | 781 |
| % of Revenue | 13.1% | 15.2% | 15.4% | 15.5% | 15.5% | 15.6% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 639 | 681 | 712 | 747 | 781 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (217) | (225) | (233) | (234) | (260) | |
| EBIT | 422 | 456 | 479 | 513 | 521 | |
| Pro forma Taxes | (97) | (105) | (110) | (118) | (120) | |
| NOPAT | 270 | 325 | 351 | 369 | 395 | 401 |
| Capital Expenditures | (248) | (250) | (266) | (271) | (246) | (252) |
| NWC Investment | 5 | (11) | (25) | (24) | (25) | (26) |
| (+) D&A | 189 | 217 | 225 | 233 | 234 | 260 |
| Free Cash Flow | 216 | 281 | 285 | 307 | 358 | 383 |
| % Growth | 30% | 1% | 8% | 17% | 7% | |