Project revenue, EBITDA, net income and free cash flow for the next 5 or 10 years. Growth starts at the same rate the valuation uses and fades to the long-run rate, with margins held at today's level. Bear and bull cases move growth by the company's own revenue volatility. It is a model of what the assumptions imply, not a prediction.
Price updated 06 Nov 2026 09:55; TTM through 30 Jun 2026; TTM financials updated 05 Nov 2026 16:05.
Starts from TTM through 30 Jun 2026 financials in EUR and a share price of EUR 61.06. Growth begins at 3.0% a year (the valuation's blended assumption) and fades to 3.1% by year 10. Margins held at EBITDA 14.2%, net 4.9%, free cash flow -4.3% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.
Confidence: Earnings-based DCF is somewhat apart; trailing-twelve-month data; cyclical business: current cash flow is a poor guide to the cycle.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | -2.5% | EUR 5.80 | 3.0% |
| Base | 3.5% | EUR 8.23 | 6.7% |
| Bull | 9.5% | EUR 11.51 | 10.3% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| TTM through 30 Jun 2026 | – | EUR 128.03B | EUR 18.23B | EUR 6.30B | -EUR 5.51B | 10.45 | -9.14 | 4.30 | 158.15 | 61.06 |
| Year 1 | 3.5% | EUR 132.46B | EUR 19.44B | EUR 7.05B | -EUR 4.39B | 11.70 | -7.29 | 4.81 | 165.03 | 68.09 |
| Year 2 | 3.2% | EUR 136.74B | EUR 20.67B | EUR 7.83B | -EUR 3.18B | 12.99 | -5.28 | 5.34 | 172.68 | 75.33 |
| Year 3 | 3.0% | EUR 140.85B | EUR 21.91B | EUR 8.63B | -EUR 1.89B | 14.32 | -3.13 | 5.89 | 181.11 | 82.74 |
| Year 4 | 3.0% | EUR 145.10B | EUR 23.20B | EUR 9.48B | -EUR 512.70M | 15.72 | -0.85 | 6.47 | 190.37 | 90.50 |
| Year 5 | 3.0% | EUR 149.50B | EUR 24.56B | EUR 10.37B | EUR 948.77M | 17.20 | 1.57 | 7.07 | 200.49 | 98.63 |
| Year 6 | 3.0% | EUR 154.06B | EUR 25.31B | EUR 10.69B | EUR 977.67M | 17.72 | 1.62 | 7.29 | 210.92 | 101.63 |
| Year 7 | 3.1% | EUR 158.77B | EUR 26.08B | EUR 11.01B | EUR 1.01B | 18.26 | 1.67 | 7.51 | 221.68 | 104.74 |
| Year 8 | 3.1% | EUR 163.65B | EUR 26.88B | EUR 11.35B | EUR 1.04B | 18.83 | 1.72 | 7.74 | 232.76 | 107.96 |
| Year 9 | 3.1% | EUR 168.70B | EUR 27.71B | EUR 11.70B | EUR 1.07B | 19.41 | 1.78 | 7.98 | 244.18 | 111.29 |
| Year 10 | 3.1% | EUR 173.93B | EUR 28.57B | EUR 12.06B | EUR 1.10B | 20.01 | 1.83 | 8.23 | 255.96 | 114.74 |
EPS and free cash flow per share assume today's share count. Dividends assume today's payout ratio and book value grows with retained earnings. The implied share price follows the valuation models and is not a price target; override growth settings do not change the model fair value. Margins stay at today's level except where the notes say they drift toward their average, so it does not model margin expansion, buybacks, acquisitions or recessions. It is for information and education only and is not investment advice. See the methodology for how the growth rate is blended.