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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal EBITDA Multiple | 13.1x - 15.1x | 14.1x |
| Fair Value | €476.65 - €550.88 | €513.08 |
| Upside | -6.5% - 8.1% | 0.6% |
| 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 | 2,933 | 3,345 | 3,831 | 4,510 | 5,378 | 5,855 |
| % Growth | 11.3% | 14.1% | 14.5% | 17.7% | 19.2% | 8.9% |
| EBITDA | 907 | 1,163 | 1,311 | 1,600 | 1,856 | 2,122 |
| % of Revenue | 30.9% | 34.8% | 34.2% | 35.5% | 34.5% | 36.2% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 1,163 | 1,311 | 1,600 | 1,856 | 2,122 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (213) | (200) | (230) | (151) | (303) | |
| EBIT | 951 | 1,111 | 1,370 | 1,705 | 1,819 | |
| Pro forma Taxes | (171) | (200) | (247) | (307) | (327) | |
| NOPAT | 652 | 780 | 911 | 1,123 | 1,398 | 1,492 |
| Capital Expenditures | (168) | (169) | (164) | (162) | (456) | (514) |
| NWC Investment | (37) | (51) | (60) | (84) | (107) | (59) |
| (+) D&A | 112 | 213 | 200 | 230 | 151 | 303 |
| Free Cash Flow | 559 | 772 | 887 | 1,107 | 986 | 1,222 |
| % Growth | 38% | 15% | 25% | -11% | 24% | |