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 09:57; Fiscal year 2025; Annual financials downloaded 06 Nov 2026 12:49.
Starts from Fiscal year 2025 financials in EUR and a share price of EUR 268.60. Growth begins at 2.0% a year (the valuation's blended assumption) and fades to 2.4% by year 10. Margins held at EBITDA 95.7%, net 87.4%, free cash flow 326.5% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.
Confidence: Earnings-based DCF disagrees strongly; annual data only; value is more than 1.5x the Earnings-based DCF value; 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.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | -4.0% | EUR 312.53 | 0.0% |
| Base | 2.0% | EUR 312.53 | 0.0% |
| Bull | 8.0% | EUR 312.53 | 0.0% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| Fiscal year 2025 | – | EUR 129.33M | EUR 123.79M | EUR 113.00M | EUR 422.19M | 3.26 | 12.17 | 3.34 | 312.53 | 268.60 |
| Year 1 | 2.0% | EUR 131.91M | EUR 126.27M | EUR 115.26M | EUR 389.82M | 3.32 | 11.24 | 3.32 | 312.53 | 269.23 |
| Year 2 | 2.0% | EUR 134.61M | EUR 128.85M | EUR 117.62M | EUR 356.15M | 3.39 | 10.27 | 3.39 | 312.53 | 269.87 |
| Year 3 | 2.1% | EUR 137.42M | EUR 131.54M | EUR 120.07M | EUR 321.08M | 3.46 | 9.25 | 3.46 | 312.53 | 270.50 |
| Year 4 | 2.1% | EUR 140.35M | EUR 134.35M | EUR 122.64M | EUR 284.51M | 3.53 | 8.20 | 3.53 | 312.53 | 271.14 |
| Year 5 | 2.2% | EUR 143.41M | EUR 137.27M | EUR 125.31M | EUR 246.35M | 3.61 | 7.10 | 3.61 | 312.53 | 271.77 |
| Year 6 | 2.2% | EUR 146.60M | EUR 140.32M | EUR 128.09M | EUR 251.82M | 3.69 | 7.26 | 3.69 | 312.53 | 271.77 |
| Year 7 | 2.3% | EUR 149.92M | EUR 143.50M | EUR 130.99M | EUR 257.53M | 3.78 | 7.42 | 3.78 | 312.53 | 271.77 |
| Year 8 | 2.3% | EUR 153.38M | EUR 146.82M | EUR 134.02M | EUR 263.48M | 3.86 | 7.59 | 3.86 | 312.53 | 271.77 |
| Year 9 | 2.4% | EUR 157.00M | EUR 150.28M | EUR 137.18M | EUR 269.69M | 3.95 | 7.77 | 3.95 | 312.53 | 271.77 |
| Year 10 | 2.4% | EUR 160.76M | EUR 153.88M | EUR 140.47M | EUR 276.16M | 4.05 | 7.96 | 4.05 | 312.53 | 271.77 |
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.