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 | 8.5% - 7.5% | 8.0% |
| Perpetuity Growth Rate | 3.8% - 4.8% | 4.3% |
| Fair Value | €204.20 - €351.54 | €258.27 |
| Upside | -21.5% - 35.1% | -0.7% |
| 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 | 5,804 | 6,046 | 6,333 | 6,738 | 5,972 | 6,211 | |
| % Growth | 15.2% | 4.2% | 4.7% | 6.4% | -11.4% | 4.0% | |
| EBITDA | 3,068 | 3,529 | 3,726 | 4,012 | 3,913 | 3,646 | |
| % of Revenue | 52.9% | 58.4% | 58.8% | 59.5% | 65.5% | 58.7% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 3,529 | 3,726 | 4,012 | 3,913 | 3,646 | 3,646 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (511) | (532) | (606) | (554) | (153) | (443) | |
| EBIT | 3,018 | 3,194 | 3,406 | 3,359 | 3,493 | 3,203 | |
| Pro forma Taxes | (785) | (831) | (886) | (873) | (908) | (833) | |
| NOPAT | 2,132 | 2,233 | 2,364 | 2,520 | 2,486 | 2,585 | 2,370 |
| Capital Expenditures | (58) | (335) | (352) | (407) | (448) | (466) | (466) |
| NWC Investment | (418) | (132) | (157) | (221) | 417 | (130) | (144) |
| (+) D&A | 188 | 511 | 532 | 606 | 554 | 153 | 443 |
| Free Cash Flow | 1,844 | 2,278 | 2,387 | 2,499 | 3,009 | 2,141 | 2,203 |
| % Growth | 24% | 5% | 5% | 20% | -29% | 3% | |