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 13:51.
Starts from Fiscal year 2025 financials in EUR and a share price of EUR 58.92. Growth begins at 3.0% a year (capped from 3.4% because the latest annual revenue declined) and fades to 2.4% by year 10. Margins held at EBITDA 22.4%, net 12.1%, free cash flow 12.9% 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; profit and cash flow steady for 3 years.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | -1.2% | EUR 6.04B | -0.6% |
| Base | 4.8% | EUR 8.57B | 3.0% |
| Bull | 10.8% | EUR 11.97B | 6.5% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| Fiscal year 2025 | – | EUR 49.61B | EUR 11.14B | EUR 5.99B | EUR 6.39B | 2.73 | 2.91 | 1.99 | 7.09 | 58.92 |
| Year 1 | 4.8% | EUR 51.98B | EUR 11.67B | EUR 6.27B | EUR 6.70B | 2.86 | 3.05 | 2.09 | 7.86 | 57.79 |
| Year 2 | 3.9% | EUR 53.98B | EUR 12.12B | EUR 6.52B | EUR 6.96B | 2.97 | 3.17 | 2.17 | 8.66 | 55.92 |
| Year 3 | 2.9% | EUR 55.53B | EUR 12.47B | EUR 6.70B | EUR 7.16B | 3.05 | 3.26 | 2.23 | 9.48 | 53.31 |
| Year 4 | 2.8% | EUR 57.09B | EUR 12.82B | EUR 6.89B | EUR 7.36B | 3.14 | 3.35 | 2.29 | 10.32 | 50.47 |
| Year 5 | 2.7% | EUR 58.65B | EUR 13.17B | EUR 7.08B | EUR 7.56B | 3.22 | 3.44 | 2.36 | 11.19 | 47.40 |
| Year 6 | 2.7% | EUR 60.21B | EUR 13.52B | EUR 7.27B | EUR 7.76B | 3.31 | 3.54 | 2.42 | 12.09 | 48.66 |
| Year 7 | 2.6% | EUR 61.78B | EUR 13.87B | EUR 7.46B | EUR 7.96B | 3.40 | 3.63 | 2.48 | 13.00 | 49.92 |
| Year 8 | 2.5% | EUR 63.34B | EUR 14.22B | EUR 7.65B | EUR 8.16B | 3.48 | 3.72 | 2.54 | 13.94 | 51.19 |
| Year 9 | 2.5% | EUR 64.90B | EUR 14.57B | EUR 7.83B | EUR 8.37B | 3.57 | 3.81 | 2.61 | 14.90 | 52.45 |
| Year 10 | 2.4% | EUR 66.46B | EUR 14.92B | EUR 8.02B | EUR 8.57B | 3.65 | 3.90 | 2.67 | 15.89 | 53.71 |
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.