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 14:42; 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 69.42. Growth begins at 3.0% a year (capped from 3.9% because the latest annual revenue declined) and fades to 3.0% by year 10. Margins held at EBITDA 15.5%, net 2.3%, free cash flow -2.9% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.
Confidence: EV/EBITDA (12x) disagrees strongly; annual data only; cyclical business: current cash flow is a poor guide to the cycle.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | -4.3% | EUR 10.66 | 5.3% |
| Base | 1.7% | EUR 15.15 | 9.1% |
| Bull | 7.7% | EUR 21.21 | 12.8% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| Fiscal year 2025 | – | EUR 321.91B | EUR 49.98B | EUR 7.32B | -EUR 9.34B | 14.61 | -18.63 | 6.36 | n/a | 69.42 |
| Year 1 | 1.7% | EUR 327.35B | EUR 51.63B | EUR 8.65B | -EUR 9.49B | 17.25 | -18.94 | 7.51 | n/a | 82.84 |
| Year 2 | 2.3% | EUR 335.03B | EUR 53.65B | EUR 10.08B | -EUR 9.72B | 20.11 | -19.38 | 8.76 | n/a | 97.57 |
| Year 3 | 3.0% | EUR 345.08B | EUR 56.10B | EUR 11.65B | -EUR 10.01B | 23.24 | -19.97 | 10.12 | n/a | 113.91 |
| Year 4 | 3.0% | EUR 355.43B | EUR 58.65B | EUR 13.30B | -EUR 10.31B | 26.54 | -20.57 | 11.55 | n/a | 131.41 |
| Year 5 | 3.0% | EUR 366.10B | EUR 61.30B | EUR 15.05B | -EUR 10.62B | 30.02 | -21.18 | 13.07 | n/a | 150.12 |
| Year 6 | 3.0% | EUR 377.08B | EUR 63.14B | EUR 15.50B | -EUR 10.94B | 30.92 | -21.82 | 13.46 | n/a | 154.62 |
| Year 7 | 3.0% | EUR 388.39B | EUR 65.03B | EUR 15.96B | -EUR 11.27B | 31.84 | -22.47 | 13.86 | n/a | 159.26 |
| Year 8 | 3.0% | EUR 400.04B | EUR 66.98B | EUR 16.44B | -EUR 11.60B | 32.80 | -23.15 | 14.28 | n/a | 164.04 |
| Year 9 | 3.0% | EUR 412.04B | EUR 68.99B | EUR 16.93B | -EUR 11.95B | 33.78 | -23.84 | 14.71 | n/a | 168.96 |
| Year 10 | 3.0% | EUR 424.41B | EUR 71.06B | EUR 17.44B | -EUR 12.31B | 34.80 | -24.56 | 15.15 | n/a | 174.03 |
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.