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 09:56; Fiscal year 2025; Annual financials downloaded 06 Nov 2026 14:04.
Starts from Fiscal year 2025 financials in EUR and a share price of EUR 24.12. Growth begins at 3.0% a year (capped from 4.0% because the latest annual revenue declined) and fades to 2.2% by year 10. Margins held at EBITDA 19.0%, net 5.3%, free cash flow -13.2% 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; value is more than 1.5x the Earnings-based DCF value.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | -2.9% | EUR 0.97 | -5.9% |
| Base | 3.1% | EUR 1.38 | -2.6% |
| Bull | 9.1% | EUR 1.93 | 0.8% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| Fiscal year 2025 | – | EUR 71.94B | EUR 13.64B | EUR 3.83B | -EUR 9.47B | 1.51 | -3.74 | 1.79 | 13.00 | 24.12 |
| Year 1 | 3.1% | EUR 74.19B | EUR 14.07B | EUR 3.71B | -EUR 9.77B | 1.46 | -3.85 | 1.46 | 13.00 | 23.61 |
| Year 2 | 3.0% | EUR 76.43B | EUR 14.49B | EUR 3.58B | -EUR 10.06B | 1.41 | -3.97 | 1.41 | 13.00 | 23.00 |
| Year 3 | 2.8% | EUR 78.58B | EUR 14.90B | EUR 3.44B | -EUR 10.34B | 1.36 | -4.08 | 1.36 | 13.00 | 22.25 |
| Year 4 | 2.7% | EUR 80.73B | EUR 15.31B | EUR 3.28B | -EUR 10.63B | 1.29 | -4.19 | 1.29 | 13.00 | 21.40 |
| Year 5 | 2.6% | EUR 82.87B | EUR 15.71B | EUR 3.10B | -EUR 10.91B | 1.22 | -4.30 | 1.22 | 13.00 | 20.44 |
| Year 6 | 2.6% | EUR 84.98B | EUR 16.11B | EUR 3.18B | -EUR 11.19B | 1.25 | -4.41 | 1.25 | 13.00 | 20.96 |
| Year 7 | 2.5% | EUR 87.08B | EUR 16.51B | EUR 3.26B | -EUR 11.46B | 1.29 | -4.52 | 1.29 | 13.00 | 21.48 |
| Year 8 | 2.4% | EUR 89.15B | EUR 16.90B | EUR 3.34B | -EUR 11.74B | 1.32 | -4.63 | 1.32 | 13.00 | 21.99 |
| Year 9 | 2.3% | EUR 91.19B | EUR 17.29B | EUR 3.41B | -EUR 12.00B | 1.35 | -4.74 | 1.35 | 13.00 | 22.49 |
| Year 10 | 2.2% | EUR 93.20B | EUR 17.67B | EUR 3.49B | -EUR 12.27B | 1.38 | -4.84 | 1.38 | 13.00 | 22.99 |
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.