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; TTM through 30 Jun 2026; TTM financials updated 06 Nov 2026 13:22.
Starts from TTM through 30 Jun 2026 financials in EUR and a share price of EUR 117.05. Growth begins at 7.5% a year (the valuation's blended assumption) and fades to 2.4% by year 10. Margins held at EBITDA 20.9%, net 14.9%, free cash flow -44.5% of revenue. Bear and bull move starting growth by 1.5 points and long-run growth by 1 point.
Confidence: Earnings-based DCF agrees; trailing-twelve-month data.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | 6.7% | EUR 131.74 | 7.4% |
| Base | 8.2% | EUR 136.89 | 7.8% |
| Bull | 9.7% | EUR 142.44 | 8.3% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| TTM through 30 Jun 2026 | – | EUR 24.88B | EUR 5.21B | EUR 3.71B | -EUR 11.07B | 9.37 | -27.90 | 4.15 | 64.33 | 117.05 |
| Year 1 | 8.2% | EUR 26.93B | EUR 5.64B | EUR 4.02B | -EUR 11.98B | 10.14 | -30.20 | 4.49 | 69.98 | 125.95 |
| Year 2 | 7.6% | EUR 28.97B | EUR 6.07B | EUR 4.33B | -EUR 12.89B | 10.91 | -32.49 | 4.83 | 76.05 | 135.38 |
| Year 3 | 6.4% | EUR 30.81B | EUR 6.45B | EUR 4.60B | -EUR 13.71B | 11.60 | -34.55 | 5.14 | 82.51 | 145.26 |
| Year 4 | 5.8% | EUR 32.60B | EUR 6.82B | EUR 4.87B | -EUR 14.50B | 12.27 | -36.55 | 5.44 | 89.34 | 155.53 |
| Year 5 | 5.2% | EUR 34.30B | EUR 7.18B | EUR 5.12B | -EUR 15.26B | 12.91 | -38.46 | 5.72 | 96.53 | 166.15 |
| Year 6 | 4.7% | EUR 35.90B | EUR 7.51B | EUR 5.36B | -EUR 15.97B | 13.51 | -40.25 | 5.99 | 104.05 | 179.11 |
| Year 7 | 4.1% | EUR 37.37B | EUR 7.82B | EUR 5.58B | -EUR 16.62B | 14.06 | -41.90 | 6.23 | 111.88 | 192.59 |
| Year 8 | 3.5% | EUR 38.68B | EUR 8.10B | EUR 5.78B | -EUR 17.21B | 14.56 | -43.38 | 6.45 | 119.99 | 206.54 |
| Year 9 | 3.0% | EUR 39.83B | EUR 8.34B | EUR 5.95B | -EUR 17.72B | 14.99 | -44.66 | 6.64 | 128.34 | 220.91 |
| Year 10 | 2.4% | EUR 40.79B | EUR 8.54B | EUR 6.09B | -EUR 18.14B | 15.35 | -45.74 | 6.80 | 136.89 | 235.63 |
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.