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 13:37.
Starts from Fiscal year 2025 financials in EUR and a share price of EUR 78.75. Growth begins at 4.0% a year (the valuation's blended assumption) and fades to 2.4% by year 10. Margins held at EBITDA 5.3%, net -9.3%, free cash flow 1.0% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.
Confidence: Dividend discount model agrees; annual data only; investment holding company: value is its net assets less a typical discount, and book value is only a proxy for what its stakes are worth.
This metric is not available for the company, so there is nothing to chart.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | -1.1% | n/a | – |
| Base | 4.9% | n/a | – |
| Bull | 10.9% | n/a | – |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| Fiscal year 2025 | – | EUR 6.69B | EUR 352.20M | -EUR 625.40M | EUR 69.00M | -4.94 | 0.55 | n/a | n/a | 78.75 |
| Year 1 | 4.9% | EUR 7.03B | EUR 369.60M | -EUR 656.29M | EUR 72.41M | -5.19 | 0.57 | n/a | n/a | 82.83 |
| Year 2 | 4.4% | EUR 7.33B | EUR 385.81M | -EUR 685.08M | EUR 75.58M | -5.42 | 0.60 | n/a | n/a | 86.66 |
| Year 3 | 3.7% | EUR 7.60B | EUR 399.90M | -EUR 710.10M | EUR 78.34M | -5.61 | 0.62 | n/a | n/a | 90.03 |
| Year 4 | 3.5% | EUR 7.87B | EUR 413.79M | -EUR 734.76M | EUR 81.07M | -5.81 | 0.64 | n/a | n/a | 93.37 |
| Year 5 | 3.3% | EUR 8.12B | EUR 427.42M | -EUR 758.97M | EUR 83.74M | -6.00 | 0.66 | n/a | n/a | 96.66 |
| Year 6 | 3.1% | EUR 8.38B | EUR 440.74M | -EUR 782.61M | EUR 86.35M | -6.19 | 0.68 | n/a | n/a | 99.67 |
| Year 7 | 2.9% | EUR 8.62B | EUR 453.68M | -EUR 805.60M | EUR 88.88M | -6.37 | 0.70 | n/a | n/a | 102.60 |
| Year 8 | 2.8% | EUR 8.86B | EUR 466.19M | -EUR 827.81M | EUR 91.33M | -6.54 | 0.72 | n/a | n/a | 105.43 |
| Year 9 | 2.6% | EUR 9.09B | EUR 478.21M | -EUR 849.16M | EUR 93.69M | -6.71 | 0.74 | n/a | n/a | 108.15 |
| Year 10 | 2.4% | EUR 9.31B | EUR 489.69M | -EUR 869.54M | EUR 95.94M | -6.87 | 0.76 | n/a | n/a | 110.74 |
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.