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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.3% - 10.3% | 10.8% |
| Terminal Revenue Multiple | 4.7x - 5.2x | 4.9x |
| Fair Value | €450.02 - €502.78 | €475.94 |
| Upside | 5.5% - 17.9% | 11.6% |
| 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 | 3,340 | 3,772 | 4,353 | 5,378 | 5,724 |
| % Growth | 11.3% | 13.9% | 12.9% | 15.4% | 23.6% | 6.4% |
| EBITDA | 907 | 1,168 | 1,300 | 1,588 | 1,856 | 2,122 |
| % of Revenue | 30.9% | 35.0% | 34.5% | 36.5% | 34.5% | 37.1% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 1,168 | 1,300 | 1,588 | 1,856 | 2,122 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (217) | (225) | (237) | (175) | (303) | |
| EBIT | 951 | 1,075 | 1,351 | 1,682 | 1,819 | |
| Pro forma Taxes | (171) | (193) | (243) | (303) | (327) | |
| NOPAT | 652 | 780 | 881 | 1,108 | 1,379 | 1,492 |
| Capital Expenditures | (168) | (168) | (162) | (160) | (456) | (514) |
| NWC Investment | (28) | (38) | (40) | (54) | (96) | (32) |
| (+) D&A | 112 | 217 | 225 | 237 | 175 | 303 |
| Free Cash Flow | 568 | 791 | 904 | 1,130 | 1,001 | 1,248 |
| % Growth | 39% | 14% | 25% | -11% | 25% | |