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; TTM through 30 Sep 2026; TTM financials updated 06 Nov 2026 13:13.
Starts from TTM through 30 Sep 2026 financials in EUR and a share price of EUR 27.49. Growth begins at 6.1% a year (the valuation's blended assumption) and fades to 3.1% by year 10. Margins held at EBITDA 7.7%, net 0.5%, free cash flow 5.2% 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; trailing-twelve-month data; profit and cash flow steady for 3 years; value is more than 1.5x the Earnings-based DCF value; free cash flow is more than 2x earnings, so the cash-flow value may be overstated.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | -0.5% | EUR 779.20M | 1.0% |
| Base | 5.5% | EUR 1.10B | 4.5% |
| Bull | 11.5% | EUR 1.53B | 8.0% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| TTM through 30 Sep 2026 | – | EUR 13.67B | EUR 1.05B | EUR 61.90M | EUR 706.80M | 0.25 | 2.89 | n/a | n/a | 27.49 |
| Year 1 | 5.5% | EUR 14.42B | EUR 1.11B | EUR 65.30M | EUR 745.60M | 0.27 | 3.05 | n/a | n/a | 29.84 |
| Year 2 | 5.6% | EUR 15.23B | EUR 1.17B | EUR 68.96M | EUR 787.44M | 0.28 | 3.22 | n/a | n/a | 32.39 |
| Year 3 | 5.4% | EUR 16.05B | EUR 1.23B | EUR 72.69M | EUR 829.97M | 0.30 | 3.40 | n/a | n/a | 35.07 |
| Year 4 | 5.1% | EUR 16.86B | EUR 1.30B | EUR 76.38M | EUR 872.08M | 0.31 | 3.57 | n/a | n/a | 37.83 |
| Year 5 | 4.7% | EUR 17.66B | EUR 1.36B | EUR 80.00M | EUR 913.46M | 0.33 | 3.74 | n/a | n/a | 40.65 |
| Year 6 | 4.4% | EUR 18.44B | EUR 1.42B | EUR 83.53M | EUR 953.79M | 0.34 | 3.91 | n/a | n/a | 42.45 |
| Year 7 | 4.1% | EUR 19.20B | EUR 1.48B | EUR 86.94M | EUR 992.77M | 0.36 | 4.07 | n/a | n/a | 44.18 |
| Year 8 | 3.8% | EUR 19.92B | EUR 1.53B | EUR 90.21M | EUR 1.03B | 0.37 | 4.22 | n/a | n/a | 45.84 |
| Year 9 | 3.4% | EUR 20.60B | EUR 1.58B | EUR 93.31M | EUR 1.07B | 0.38 | 4.36 | n/a | n/a | 47.41 |
| Year 10 | 3.1% | EUR 21.24B | EUR 1.63B | EUR 96.20M | EUR 1.10B | 0.39 | 4.50 | n/a | n/a | 48.88 |
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.