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; Fiscal year 2025; Annual financials downloaded 06 Nov 2026 13:21.
Starts from Fiscal year 2025 financials in EUR and a share price of EUR 126.90. Growth begins at 5.6% a year (the valuation's blended assumption) and fades to 3.3% by year 10. Margins held at EBITDA 14.5%, net 7.1%, free cash flow 9.7% 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; annual data only; profit and cash flow steady for 3 years; value is more than 1.5x the Earnings-based DCF value.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | -1.9% | EUR 2.33B | 0.7% |
| Base | 4.1% | EUR 3.29B | 4.2% |
| Bull | 10.1% | EUR 4.58B | 7.7% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| Fiscal year 2025 | – | EUR 22.46B | EUR 3.25B | EUR 1.60B | EUR 2.18B | 9.13 | 12.43 | 3.31 | 66.41 | 126.90 |
| Year 1 | 4.1% | EUR 23.39B | EUR 3.39B | EUR 1.67B | EUR 2.27B | 9.50 | 12.94 | 3.45 | 72.47 | 132.52 |
| Year 2 | 4.7% | EUR 24.49B | EUR 3.55B | EUR 1.75B | EUR 2.38B | 9.95 | 13.55 | 3.61 | 78.81 | 139.18 |
| Year 3 | 5.0% | EUR 25.73B | EUR 3.73B | EUR 1.83B | EUR 2.50B | 10.45 | 14.23 | 3.79 | 85.47 | 146.62 |
| Year 4 | 4.8% | EUR 26.96B | EUR 3.91B | EUR 1.92B | EUR 2.62B | 10.95 | 14.91 | 3.97 | 92.45 | 154.09 |
| Year 5 | 4.5% | EUR 28.18B | EUR 4.08B | EUR 2.01B | EUR 2.73B | 11.45 | 15.59 | 4.15 | 99.74 | 161.54 |
| Year 6 | 4.3% | EUR 29.38B | EUR 4.26B | EUR 2.09B | EUR 2.85B | 11.94 | 16.26 | 4.33 | 107.35 | 168.45 |
| Year 7 | 4.0% | EUR 30.56B | EUR 4.43B | EUR 2.18B | EUR 2.97B | 12.42 | 16.91 | 4.51 | 115.26 | 175.21 |
| Year 8 | 3.8% | EUR 31.71B | EUR 4.59B | EUR 2.26B | EUR 3.08B | 12.88 | 17.54 | 4.68 | 123.47 | 181.80 |
| Year 9 | 3.5% | EUR 32.82B | EUR 4.76B | EUR 2.34B | EUR 3.19B | 13.34 | 18.16 | 4.84 | 131.96 | 188.18 |
| Year 10 | 3.3% | EUR 33.89B | EUR 4.91B | EUR 2.42B | EUR 3.29B | 13.77 | 18.75 | 5.00 | 140.74 | 194.29 |
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.