Input

EURmn - Dec y/e 2015A 2016A 2017E 2018E 2019E 2020E

Revenue 20,511 20,792 21,559 22,662 23,673 24,499
% Growth 1.4% 3.7% 5.1% 4.5% 3.5%
EBITDA 4,654 5,042 5,271 5,608 5,915 5,937
% Margin 22.7% 24.2% 24.4% 24.7% 25.0% 24.2%
D&A 1,096 1,502 1,585 1,666 1,701 1,768
% Margin 5.3% 7.2% 7.4% 7.4% 7.2% 7.2%
EBIT 3,558 3,540 3,685 3,942 4,213 4,169
% Margin 17.3% 17.0% 17.1% 17.4% 17.8% 17.0%
Capex 1,638 1,757 1,924 1,880 1,930 1,814
% Margin 8.0% 8.5% 8.9% 8.3% 8.2% 7.4%
Changes in WC 371 80 236 249 260 269
% Margin 1.8% 0.4% 1.1% 1.1% 1.1% 1.1%
Effective Tax Rate 24.6% 27.9% 27.9% 27.5% 27.1% 26.7%

Investments in Associates and JV's 2,166

Other Investments and Receivables 428
Net Debt/ (Net Cash) 11,293
Non-Controlling Interests 1,335
Pension 1,420
Provisions 456
Classified as Held for Sale 40
No of Shares Outstanding 569.7
2021E 2022E 2023E 2024E
25,330 26,163 26,998 27,833
3.4% 3.3% 3.2% 3.1%
6,113 6,288 6,462 6,634
24.1% 24.0% 23.9% 23.8%
1,828 1,888 1,948 2,008
7.2% 7.2% 7.2% 7.2%
4,285 4,400 4,514 4,625
16.9% 16.8% 16.7% 16.6%
1,876 1,937 1,999 2,061
7.4% 7.4% 7.4% 7.4%
278 287 296 305
1.1% 1.1% 1.1% 1.1%
26.3% 25.9% 25.5% 25.1%
FCFF
EURmn - Dec y/e 2017E 2018E 2019E 2020E
EBIT
% Tax Rate
EBIT*Tax Rate
NOPAT 0 0 0 0
Add: D&A
Less: Capex
Add/Less: Changes in WC
Free Cash Flow to Firm (FCFF) 0 0 0 0
Growth #DIV/0! #DIV/0! #DIV/0!
Years Discounted 0.7 1.7 2.7 3.7
Discount Factor 0.9522 0.8874 0.8270 0.7707
Discounted Cash Flow 0 0 0 0

Date of Valuation 21-Apr-17

Fiscal Year End 31-Dec-17
WACC 7.3%
Terminal Growth 2.0%
Normalized FCF 0
Terminal Value 0

Discounted Terminal Value 0

Discounted Cash Flows 0
Enterprise Value (EV) 0
Equity Value
Implied Share Price € 0.0
Terminal Value / EV #DIV/0!

Share Price on Date of Valuation € 81.3

Upside

Implied Exit Multiple #DIV/0!

2021E 2022E 2023E 2024E Norm

0 0 0 0 0

0 0 0 0 0
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
4.7 5.7 6.7 7.7 7.7
0.7183 0.6694 0.6239 0.5814 0.5814
0 0 0 0 0