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 13:56.
Starts from Fiscal year 2025 financials in EUR and a share price of EUR 65.13. Growth begins at 11.8% a year (the valuation's blended assumption) and fades to 2.4% by year 10. Margins held at EBITDA 22.2%, net 7.0%, free cash flow -33.7% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.
Confidence: Earnings-based DCF agrees; annual data only.
This metric is not available for the company, so there is nothing to chart.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | -2.9% | n/a | – |
| Base | 3.2% | n/a | – |
| Bull | 9.2% | n/a | – |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| Fiscal year 2025 | – | EUR 86.16B | EUR 19.09B | EUR 6.00B | -EUR 29.01B | 7.73 | -37.37 | n/a | n/a | 65.13 |
| Year 1 | 3.2% | EUR 88.87B | EUR 19.69B | EUR 6.19B | -EUR 29.92B | 7.98 | -38.55 | n/a | n/a | 68.43 |
| Year 2 | 6.9% | EUR 95.03B | EUR 21.06B | EUR 6.62B | -EUR 32.00B | 8.53 | -41.22 | n/a | n/a | 74.52 |
| Year 3 | 9.7% | EUR 104.22B | EUR 23.09B | EUR 7.26B | -EUR 35.09B | 9.35 | -45.21 | n/a | n/a | 83.19 |
| Year 4 | 8.6% | EUR 113.22B | EUR 25.09B | EUR 7.89B | -EUR 38.12B | 10.16 | -49.11 | n/a | n/a | 91.97 |
| Year 5 | 7.6% | EUR 121.82B | EUR 26.99B | EUR 8.49B | -EUR 41.02B | 10.93 | -52.84 | n/a | n/a | 100.67 |
| Year 6 | 6.6% | EUR 129.81B | EUR 28.76B | EUR 9.04B | -EUR 43.70B | 11.65 | -56.30 | n/a | n/a | 107.27 |
| Year 7 | 5.5% | EUR 136.97B | EUR 30.35B | EUR 9.54B | -EUR 46.12B | 12.29 | -59.41 | n/a | n/a | 113.19 |
| Year 8 | 4.5% | EUR 143.10B | EUR 31.71B | EUR 9.97B | -EUR 48.18B | 12.84 | -62.07 | n/a | n/a | 118.25 |
| Year 9 | 3.4% | EUR 148.02B | EUR 32.80B | EUR 10.31B | -EUR 49.84B | 13.28 | -64.20 | n/a | n/a | 122.32 |
| Year 10 | 2.4% | EUR 151.57B | EUR 33.58B | EUR 10.56B | -EUR 51.03B | 13.60 | -65.74 | n/a | n/a | 125.26 |
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.