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 update date unknown; Fiscal year 2025; Annual financials downloaded 04 Nov 2026 15:22.
Starts from Fiscal year 2025 financials in EUR and a share price of EUR 43.14. Growth begins at 7.0% a year (the valuation's blended assumption) and fades to 3.1% by year 10. Margins held at EBITDA 40.4%, net 20.0%, free cash flow 23.6% 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 | 1.2% | EUR 864.08M | 1.6% |
| Base | 7.2% | EUR 1.21B | 5.1% |
| Bull | 13.2% | EUR 1.69B | 8.6% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| Fiscal year 2025 | – | EUR 3.13B | EUR 1.27B | EUR 626.67M | EUR 740.40M | 2.31 | 2.73 | 1.30 | n/a | 43.14 |
| Year 1 | 7.2% | EUR 3.36B | EUR 1.36B | EUR 671.54M | EUR 793.41M | 2.47 | 2.92 | 1.39 | n/a | 46.28 |
| Year 2 | 6.9% | EUR 3.59B | EUR 1.45B | EUR 717.54M | EUR 847.76M | 2.64 | 3.12 | 1.49 | n/a | 49.51 |
| Year 3 | 6.1% | EUR 3.81B | EUR 1.54B | EUR 761.38M | EUR 899.56M | 2.80 | 3.31 | 1.58 | n/a | 52.59 |
| Year 4 | 5.7% | EUR 4.02B | EUR 1.63B | EUR 804.63M | EUR 950.66M | 2.96 | 3.50 | 1.67 | n/a | 55.64 |
| Year 5 | 5.3% | EUR 4.23B | EUR 1.71B | EUR 846.87M | EUR 1.00B | 3.12 | 3.68 | 1.76 | n/a | 58.63 |
| Year 6 | 4.8% | EUR 4.44B | EUR 1.79B | EUR 887.69M | EUR 1.05B | 3.27 | 3.86 | 1.84 | n/a | 61.46 |
| Year 7 | 4.4% | EUR 4.63B | EUR 1.87B | EUR 926.66M | EUR 1.09B | 3.41 | 4.03 | 1.92 | n/a | 64.15 |
| Year 8 | 4.0% | EUR 4.81B | EUR 1.95B | EUR 963.36M | EUR 1.14B | 3.55 | 4.19 | 2.00 | n/a | 66.69 |
| Year 9 | 3.5% | EUR 4.98B | EUR 2.02B | EUR 997.36M | EUR 1.18B | 3.67 | 4.34 | 2.07 | n/a | 69.05 |
| Year 10 | 3.1% | EUR 5.14B | EUR 2.08B | EUR 1.03B | EUR 1.21B | 3.79 | 4.47 | 2.13 | n/a | 71.19 |
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.