Siemens AG (SIA.BR) Discounted Free Cash Flow - Exit Multiple

Siemens AG

SIA.BR (BRU)

Valuation
Siemens AG Discounted Free Cash Flow - Exit Multiple

"""
    Model: Discounted Free Cash Flow - Exit Multiple

# Render model description
model.render_description(r"""
## Discounted Free Cash Flow - Exit EBITDA Multiple

Discounted Free Cash Flow calculates the value of a share based on the company's estimated future Free Cash Flow figures.

Read more: [GitHub Documentation](https://github.com/DiscountingCashFlows/Documentation/blob/main/models-documentation/discounted-free-cash-flow.md#discounted-free-cash-flow-model-source-code)
""")

# Initialize assumptions
assumptions.init({
    "data": {
        "%discount_rate": None,
        "beta": data.get("profile:beta", default=1),
        "%risk_free_rate": data.get("treasury:year10"),
        "%market_premium": data.get("risk:totalEquityRiskPremium"),
        "%tax_rate": None,
        "%revenue_growth_rate": None,
        "exit_ebitda_multiple": None,
        "%ebitda_margin": None,
        "%capital_expenditure_to_ebitda": None,
        "%operating_cash_flow_to_ebitda": None,
        "historical_years": 10,
        "projection_years": 5,
    },
    "hierarchies": [{
        "parent": "%discount_rate",
        "children": [
            "beta",
            "%risk_free_rate",
            "%market_premium",
            "%tax_rate"
        ]
    }]
})

# WACC Calculation
risk_free_rate = assumptions.get("%risk_free_rate")
beta = assumptions.get("beta")
market_premium = assumptions.get("%market_premium")
cost_of_equity = risk_free_rate + beta * market_premium
cost_of_debt = data.get("income:interestExpense / balance:totalDebt")
if cost_of_debt is None:
    # Use the 10-year Treasury yield instead
    cost_of_debt = data.get("treasury:year10")

tax_rate = data.get("income:incomeTaxExpense / income:incomeBeforeTax")
if tax_rate is None or tax_rate < 0:
    # Fall back to the statutory corporate rate
    tax_rate = data.get("risk:corporateTaxRate")
assumptions.set("%tax_rate", tax_rate)

market_cap = data.get("profile:price * income:weightedAverageShsOut")
debt_weight = data.get(f"balance:totalDebt / ({market_cap} + balance:totalDebt)")
if debt_weight is None:
    # Assume zero leverage if missing
    debt_weight = 0

equity_weight = 1 - debt_weight
wacc = debt_weight * cost_of_debt * (1 - assumptions.get("%tax_rate")) + equity_weight * cost_of_equity

# Set the discount rate to the WACC
assumptions.set("%discount_rate", wacc)

# Compute ratios
data.compute({
    "%operatingCashFlowToEbitda": "flow:operatingCashFlow / income:ebitda",
    "positiveCapitalExpenditure": "-1 * flow:capitalExpenditure",
    "%capitalExpenditureToEbitda": "positiveCapitalExpenditure / income:ebitda",
    "%netIncomeToEbitda": "income:netIncome / income:ebitda",
    "%freeCashFlowToEbitda": "flow:freeCashFlow / income:ebitda",
    "%grossMargin": "income:grossProfit / income:revenue",
    "%ebitdaMargin": "income:ebitda / income:revenue",
    "discountedFreeCashFlow": "flow:freeCashFlow",
    "%revenueGrowthRate": "function:growth:income:revenue",
})

data.set_default_range(f"{-assumptions.get('historical_years')}->0")

# Calculate margins
assumptions.set("%ebitda_margin", data.average("%ebitdaMargin"))
assumptions.set_bounds(
    "%ebitda_margin", low=0, high="100%"
)

assumptions.set("%operating_cash_flow_to_ebitda", data.average("%operatingCashFlowToEbitda"))
# Limit OCF range
assumptions.set_bounds(
    "%operating_cash_flow_to_ebitda", low=0, high="100%"
)

assumptions.set("%capital_expenditure_to_ebitda", data.average("%capitalExpenditureToEbitda"))
# Limit CapEx range
assumptions.set_bounds(
    "%capital_expenditure_to_ebitda", low=0, high="90%"
)

assumptions.set("%revenue_growth_rate", data.average("%revenueGrowthRate"))
# Limit revenue growth
assumptions.set_bounds(
    "%revenue_growth_rate", low=0, high="25%"
)

# Calculate the Enterprise Value and set the exit EBITDA multiple
ev = data.get("profile:mktCap + balance:totalDebt - balance:cashAndShortTermInvestments")
exit_ebitda_multiple = data.get(f"{ev} / income:ebitda")
assumptions.set("exit_ebitda_multiple", exit_ebitda_multiple)

# Compute forecasted values and ratios
data.compute({
    "income:revenue": f"""
        income:revenue:-1 * 
        (1 + {assumptions.get('%revenue_growth_rate')})
    """,
    "income:ebitda": f"income:revenue * {assumptions.get('%ebitda_margin')}",
    "%revenueGrowthRate": "function:growth:income:revenue",
    "flow:operatingCashFlow": f"income:ebitda * {assumptions.get('%operating_cash_flow_to_ebitda')}",
    "computedCapitalExpenditure": f"income:ebitda * {assumptions.get('%capital_expenditure_to_ebitda')}",
    "flow:freeCashFlow": "flow:operatingCashFlow - computedCapitalExpenditure",
    "positiveCapitalExpenditure": "flow:operatingCashFlow - flow:freeCashFlow",
    "discountedFreeCashFlow": f"""
        function:discount:flow:freeCashFlow 
        rate:{assumptions.get('%discount_rate')} 
        continuous:true
    """,
    # Informational computations
    "%operatingCashFlowToEbitda": "flow:operatingCashFlow / income:ebitda",
    "%capitalExpenditureToEbitda": "positiveCapitalExpenditure / income:ebitda",
    "%freeCashFlowToEbitda": "flow:freeCashFlow / income:ebitda",
    "%ebitdaMargin": "income:ebitda / income:revenue",
    "#compoundedDiscountRate": f"""
        function:compound:1
        rate:{assumptions.get('%discount_rate')} 
        continuous:true
    """,
    "%compoundedDiscountRate": "#compoundedDiscountRate - 1",
}, forecast=assumptions.get("projection_years"))

# Calculate the terminal value
exit_multiple = assumptions.get("exit_ebitda_multiple")
end_year = assumptions.get("projection_years")
terminal_value = data.get(f"{exit_multiple} * income:ebitda:{end_year}")

# Discount the terminal value into the present
discounted_terminal_value = terminal_value / ((1 + assumptions.get("%discount_rate")) ** assumptions.get("projection_years"))

# Projected enterprise value calculation
projected_enterprise_value = discounted_terminal_value + data.sum(f"discountedFreeCashFlow:1->{assumptions.get('projection_years')}")

# Equity value calculation
equity_value = projected_enterprise_value + data.get("balance:cashAndShortTermInvestments") - data.get("balance:totalDebt")
value_per_share = equity_value / data.get("income:weightedAverageShsOut")

# Set the final value
model.set_final_value({
    "value": value_per_share,
    "units": "$"
})

fcf_5y_cagr = data.cagr(f"flow:freeCashFlow:-1->{assumptions.get('projection_years')}")
revenue_5y_cagr = data.cagr(f"income:revenue:-1->{assumptions.get('projection_years')}")

# Render results
model.render_results([
    [exit_ebitda_multiple, "Exit EBITDA Multiple (EV/EBITDA)", "#"],
    [data.get(f"income:ebitda:{assumptions.get('projection_years')}"), "Terminal EBITDA", "$"],
    [terminal_value, "Terminal Enterprise Value", "$"],
    [discounted_terminal_value, "Discounted Terminal Enterprise Value", "$"],
    [projected_enterprise_value - discounted_terminal_value, "Sum of Discounted Free Cash Flow", "$"],
    [projected_enterprise_value, "Present Enterprise Value", "$"],
    [data.get("balance:cashAndShortTermInvestments"), "Cash and Equivalents", "$"],
    [data.get("balance:totalDebt"), "Total Debt", "$"],
    [equity_value, "Present Equity Value", "$"],
    [data.get("income:weightedAverageShsOut"), "Shares Outstanding", "#"],
    [value_per_share, "Estimated Value per Share", "$"],
    [data.get("treasury:year10"), "Yield of the U.S. 10 Year Treasury Note", "%"],
    [cost_of_equity, "Cost of Equity", "%"],
    [equity_weight, "Equity Weight", "%"],
    [cost_of_debt, "Cost of Debt", "%"],
    [debt_weight, "Debt Weight", "%"],
    [revenue_5y_cagr, "Forecasted Revenue - 5 Year CAGR", "%"],
    [fcf_5y_cagr, "Forecasted Free Cash Flow - 5 Year CAGR", "%"],
])

# Render Chart
model.render_chart({
    "data": {
        "income:revenue": "Revenue",
        "flow:operatingCashFlow": "Operating Cash Flow",
        "income:ebitda": "EBITDA",
        "flow:freeCashFlow": "Free Cash Flow",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "discountedFreeCashFlow": "Discounted Free Cash Flow",
    },
    "start": -assumptions.get("historical_years"),
    "end": "*",
    "properties": {
        "title": "Historical and Forecasted Data",
        "set_editable": [
            "income:revenue",
            "flow:operatingCashFlow",
            "flow:freeCashFlow",
            "income:ebitda",
        ],
        "hidden_keys": [
            "positiveCapitalExpenditure",
            "discountedFreeCashFlow"
        ],
    }
})

# Render Table for Estimated Future Data
model.render_table({
    "data": {
        "income:revenue": "Revenue",
        "%revenueGrowthRate": "Revenue Growth Rate",
        "income:ebitda": "EBITDA",
        "%ebitdaMargin": "EBITDA Margin",
        "flow:operatingCashFlow": "Operating Cash Flow",
        "%operatingCashFlowToEbitda": "Operating Cash Flow to EBITDA",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "%capitalExpenditureToEbitda": "Capital Expenditure to EBITDA",
        "flow:freeCashFlow": "Free Cash Flow",
        "%freeCashFlowToEbitda": "Free Cash Flow to EBITDA",
        "%compoundedDiscountRate": "Compounded Discount Rate",
        "discountedFreeCashFlow": "Discounted Free Cash Flow",
    },
    "start": -1,
    "end": "*",
    "properties": {
        "title": "Estimated Future Data",
        "order": "ascending",
        "number_format": "M",
    }
})

# Render Historical Table
model.render_table({
    "data": {
        "income:revenue": "Revenue",
        "%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "%grossMargin": "Gross Margin",
        "income:ebitda": "EBITDA",
        "%ebitdaMargin": "EBITDA Margin",
        "income:netIncome": "Net Income",
        "%netIncomeToEbitda": "Net Income to EBITDA",
        "flow:operatingCashFlow": "Cash from Operating Activities",
        "%operatingCashFlowToEbitda": "Cash from Operating Activities to EBITDA",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "%capitalExpenditureToEbitda": "Capital Expenditure to EBITDA",
        "flow:freeCashFlow": "Free Cash Flow",
        "%freeCashFlowToEbitda": "Free Cash Flow to EBITDA",
    },
    "start": -assumptions.get("historical_years"),
    "end": 0,
    "properties": {
        "title": "Historical Data",
        "display_averages": True,
        "order": "descending",
        "number_format": "M",
    }
})

assumptions.set_description({
    "%discount_rate": r"""
        ## Discount Rate
        
        `Discount Rate` = `Equity Weight` * `Cost of Equity` + `Debt Weight` * `Cost of Debt` * (1 - `Tax Rate`)
        
        Calculated using Weighted Average Cost of Capital (WACC) formula. It represents a firm’s average after-tax cost of capital from all sources, including common stock, preferred stock, bonds, and other forms of debt.
        
        [Read More](https://www.investopedia.com/terms/w/wacc.asp)
        
        ---
        
        ### Cost of Equity
        
        `Cost of Equity` = `Risk Free Rate` + `Beta` * `Market Premium`
        
        The cost of equity is the theoretical rate of return that an equity investment should generate. It is calculated using the CAPM formula.
        
        [Read More](https://www.investopedia.com/terms/c/costofequity.asp#mntl-sc-block_1-0-20)
        
        ---
        
        ### Cost of Debt
        
        `Cost of Debt` = `Interest Expense` / `Total Debt`
        
        The cost of debt is the effective rate that a company pays on its debt, such as bonds and loans.
        
        [Read More](https://www.investopedia.com/terms/c/costofdebt.asp)
        
        ---
        
        ### Equity & Debt Weights
        
        `Debt Weight` = `Total Debt` / (`Market Capitalization` + `Total Debt`) = 1 - `Equity Weight`
        
        The Equity Weight represents the proportion of equity-based financing (Market Capitalization), while the Debt Weight represents the proportion of debt-based financing (Total Debt).
        
        ---
        
        ### Tax Rate
        
        `Tax Rate` = `Income Tax Expense` / `Income Before Tax`
        
        The overall tax rate paid by the company on its earned income.
    """,

"beta": r"""
        ## Beta
        
        Beta measures the volatility of a stock's price in relation to the overall stock market. A higher beta indicates greater price fluctuations relative to the market.
    """,

"%risk_free_rate": r"""
        ## Risk-Free Rate
        
        The risk-free rate represents the return an investor expects from an absolutely risk-free investment over a specified time period. By default, it is set to the current yield of the U.S. 10-Year Treasury Bond.
    """,

"%tax_rate": r"""
        ## Tax Rate
        
        `Tax Rate` = `Income Tax Expense` / `Income Before Tax`
        
        This is the company’s **effective tax rate**, reflecting the average rate of tax actually paid on its pre-tax earnings (including all statutory, deferred, and non-recurring items).
        
        This rate is used to adjust the after-tax cost of debt, since interest expense is tax-deductible.
        
        ## Discount Rate
        
        `Discount Rate` =  
        `Debt Weight` × `Cost of Debt` × (1 − `Tax Rate`)  
        + `Equity Weight` × `Cost of Equity`
    """,

"%market_premium": r"""
        ## Market Premium
        
        The market risk premium represents the additional return over the risk-free rate that investors expect for taking on the risks associated with equities.
    """,

"%revenue_growth_rate": r"""
        ## Revenue Growth Rate
        
        The annual growth rate applied to projected revenue, starting from the second projection year onward.
    """,

"exit_ebitda_multiple": r"""
        ## Exit EBITDA Multiple
        
        The exit EV/EBITDA multiple used to calculate the terminal value.
    """,

"%ebitda_margin": r"""
        ## EBITDA Margin
        
        EBITDA expressed as a percentage of Revenue.
    """,

"%capital_expenditure_to_ebitda": r"""
        ## Capital Expenditure to EBITDA
        
        Capital expenditure expressed as a percentage of EBITDA.
    """,

"%operating_cash_flow_to_ebitda": r"""
        ## Operating Cash Flow to EBITDA
        
        Operating cash flow expressed as a percentage of EBITDA.
    """,

"historical_years": r"""
        ## Historical Years
        
        The number of years of historical data used to calculate averages and trends for analysis.
    """,

"projection_years": r"""
        ## Projection Years
        
        The number of years into the future for which the analysis projects financial performance and metrics.
    """,
})

print(f"End of model.")

Estimated Value

EUR

Market Price EUR

* Values are not guaranteed, please do your own
research before making investment decisions.

Discounted Free Cash Flow - Exit EBITDA Multiple

Discounted Free Cash Flow calculates the value of a share based on the company's estimated future Free Cash Flow figures.

Interactive Assumptions

Discount Rate Discount Rate `Discount Rate` = `Equity Weight` * `Cost of Equity` + `Debt Weight` * `Cost of Debt` * (1 - `Tax Rate`) Calculated using Weighted Average Cost of Capital (WACC) formula. It represents a firm’s average after-tax cost of capital from all sources, including common stock, preferred stock, bonds, and other forms of debt. Read More Cost of Equity `Cost of Equity` = `Risk Free Rate` + `Beta` * `Market Premium` The cost of equity is the theoretical rate of return that an equity investment should generate. It is calculated using the CAPM formula. Read More Cost of Debt `Cost of Debt` = `Interest Expense` / `Total Debt` The cost of debt is the effective rate that a company pays on its debt, such as bonds and loans. Read More Equity & Debt Weights `Debt Weight` = `Total Debt` / (`Market Capitalization` + `Total Debt`) = 1 - `Equity Weight` The Equity Weight represents the proportion of equity-based financing (Market Capitalization), while the Debt Weight represents the proportion of debt-based financing (Total Debt). Tax Rate `Tax Rate` = `Income Tax Expense` / `Income Before Tax` The overall tax rate paid by the company on its earned income.	%
↳ Beta Beta Beta measures the volatility of a stock's price in relation to the overall stock market. A higher beta indicates greater price fluctuations relative to the market.	#
↳ Risk Free Rate Risk-Free Rate The risk-free rate represents the return an investor expects from an absolutely risk-free investment over a specified time period. By default, it is set to the current yield of the U.S. 10-Year Treasury Bond.	%
↳ Market Premium Market Premium The market risk premium represents the additional return over the risk-free rate that investors expect for taking on the risks associated with equities.	%
↳ Tax Rate Tax Rate `Tax Rate` = `Income Tax Expense` / `Income Before Tax` This is the company’s effective tax rate, reflecting the average rate of tax actually paid on its pre-tax earnings (including all statutory, deferred, and non-recurring items). This rate is used to adjust the after-tax cost of debt, since interest expense is tax-deductible. Discount Rate `Discount Rate` = `Debt Weight` × `Cost of Debt` × (1 − `Tax Rate`) + `Equity Weight` × `Cost of Equity`	%
Revenue Growth Rate Revenue Growth Rate The annual growth rate applied to projected revenue, starting from the second projection year onward.	%
Exit Ebitda Multiple Exit EBITDA Multiple The exit EV/EBITDA multiple used to calculate the terminal value.	#
Ebitda Margin EBITDA Margin EBITDA expressed as a percentage of Revenue.	%
Capital Expenditure To Ebitda Capital Expenditure to EBITDA Capital expenditure expressed as a percentage of EBITDA.	%
Operating Cash Flow To Ebitda Operating Cash Flow to EBITDA Operating cash flow expressed as a percentage of EBITDA.	%
Historical Years Historical Years The number of years of historical data used to calculate averages and trends for analysis.	#
Projection Years Projection Years The number of years into the future for which the analysis projects financial performance and metrics.	#

Results
Exit EBITDA Multiple (EV/EBITDA)	8.07
Terminal EBITDA	11.36 Bil. EUR
Terminal Enterprise Value	91.66 Bil. EUR
Discounted Terminal Enterprise Value	65.92 Bil. EUR
Sum of Discounted Free Cash Flow	31.08 Bil. EUR
Present Enterprise Value	97 Bil. EUR
Cash and Equivalents	19.84 Bil. EUR
Total Debt	48.89 Bil. EUR
Present Equity Value	67.95 Bil. EUR
Shares Outstanding	792.1 Mil.
Estimated Value per Share	85.78 EUR
Yield of the U.S. 10 Year Treasury Note	4.18%
Cost of Equity	9.04%
Equity Weight	68.9%
Cost of Debt	2.41%
Debt Weight	31.1%
Forecasted Revenue - 5 Year CAGR	0.753%
Forecasted Free Cash Flow - 5 Year CAGR	-4.41%

Historical and Forecasted Data

Monetary values in EUR

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"2023", "x": "2023-09-30", "y": 8369677336, "oy": 8369677336, "e": true, "d": 2023, "g": -18.27, "og": -18.27}, {"l": "2024", "x": "2024-09-30", "y": 8432701006, "oy": 8432701006, "e": true, "d": 2024, "g": 0.753, "og": 0.753}, {"l": "2025", "x": "2025-09-30", "y": 8496199245, "oy": 8496199245, "e": true, "d": 2025, "g": 0.753, "og": 0.753}, {"l": "2026", "x": "2026-09-30", "y": 8560175625, "oy": 8560175625, "e": true, "d": 2026, "g": 0.753, "og": 0.753}, {"l": "2027", "x": "2027-09-30", "y": 8624633747, "oy": 8624633747, "e": true, "d": 2027, "g": 0.753, "og": 0.753}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": false}, {"label": "EBITDA", "mappingKey": "income:ebitda", "data": [{"l": "2013", "x": "2013-09-30", "y": 9520000000}, {"l": "2014", "x": "2014-09-30", "y": 10103000000}, {"l": "2015", "x": "2015-09-30", "y": 10428000000}, {"l": "2016", "x": "2016-09-30", "y": 11109000000}, {"l": "2017", "x": "2017-09-30", "y": 12463000000}, {"l": "2018", "x": "2018-09-30", "y": 12486000000}, {"l": "2019", "x": "2019-09-30", "y": 11949000000}, {"l": "2020", "x": "2020-09-30", "y": 9159000000}, {"l": "2021", "x": "2021-09-30", "y": 11142000000}, {"l": "2022", "x": "2022-09-30", "y": 9395000000}, {"l": "2023", "x": "2023-09-30", "y": 11022885995, "oy": 11022885995, "e": true, "d": 2023, "g": 17.33, "og": 17.33}, {"l": "2024", "x": "2024-09-30", "y": 11105888326, "oy": 11105888326, "e": true, "d": 2024, "g": 0.753, "og": 0.753}, {"l": "2025", "x": "2025-09-30", "y": 11189515665, "oy": 11189515665, "e": true, "d": 2025, "g": 0.753, "og": 0.753}, {"l": "2026", "x": "2026-09-30", "y": 11273772718, "oy": 11273772718, "e": true, "d": 2026, "g": 0.753, "og": 0.753}, {"l": "2027", "x": "2027-09-30", "y": 11358664227, "oy": 11358664227, "e": true, "d": 2027, "g": 0.753, "og": 0.753}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow", "mappingKey": "flow:freeCashFlow", "data": [{"l": "2013", "x": "2013-09-30", "y": 5471000000}, {"l": "2014", "x": "2014-09-30", "y": 5269000000}, {"l": "2015", "x": "2015-09-30", "y": 4715000000}, {"l": "2016", "x": "2016-09-30", "y": 5476000000}, {"l": "2017", "x": "2017-09-30", "y": 4770000000}, {"l": "2018", "x": "2018-09-30", "y": 5823000000}, {"l": "2019", "x": "2019-09-30", "y": 5846000000}, {"l": "2020", "x": "2020-09-30", "y": 7308000000}, {"l": "2021", "x": "2021-09-30", "y": 8266000000}, {"l": "2022", "x": "2022-09-30", "y": 8157000000}, {"l": "2023", "x": "2023-09-30", "y": 6319420541, "oy": 6319420541, "e": true, "d": 2023, "g": -22.53, "og": -22.53}, {"l": "2024", "x": "2024-09-30", "y": 6367005777, "oy": 6367005777, "e": true, "d": 2024, "g": 0.753, "og": 0.753}, {"l": "2025", "x": "2025-09-30", "y": 6414949331, "oy": 6414949331, "e": true, "d": 2025, "g": 0.753, "og": 0.753}, {"l": "2026", "x": "2026-09-30", "y": 6463253899, "oy": 6463253899, "e": true, "d": 2026, "g": 0.753, "og": 0.753}, {"l": "2027", "x": "2027-09-30", "y": 6511922201, "oy": 6511922201, "e": true, "d": 2027, "g": 0.753, "og": 0.753}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": false}, {"label": "Capital Expenditure", "mappingKey": "positiveCapitalExpenditure", "data": [{"l": "2013", "x": "2013-09-30", "y": 1869000000}, {"l": "2014", "x": "2014-09-30", "y": 1831000000}, {"l": "2015", "x": "2015-09-30", "y": 1897000000}, {"l": "2016", "x": "2016-09-30", "y": 2135000000}, {"l": "2017", "x": "2017-09-30", "y": 2406000000}, {"l": "2018", "x": "2018-09-30", "y": 2602000000}, {"l": "2019", "x": "2019-09-30", "y": 2610000000}, {"l": "2020", "x": "2020-09-30", "y": 1554000000}, {"l": "2021", "x": "2021-09-30", "y": 1730000000}, {"l": "2022", "x": "2022-09-30", "y": 2084000000}, {"l": "2023", "x": "2023-09-30", "y": 2050256795}, {"l": "2024", "x": "2024-09-30", "y": 2065695228}, {"l": "2025", "x": "2025-09-30", "y": 2081249913}, {"l": "2026", "x": "2026-09-30", "y": 2096921725}, {"l": "2027", "x": "2027-09-30", "y": 2112711546}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": true}, {"label": "Discounted Free Cash Flow", "mappingKey": "discountedFreeCashFlow", "data": [{"l": "2013", "x": "2013-09-30", "y": 5471000000}, {"l": "2014", "x": "2014-09-30", "y": 5269000000}, {"l": "2015", "x": "2015-09-30", "y": 4715000000}, {"l": "2016", "x": "2016-09-30", "y": 5476000000}, {"l": "2017", "x": "2017-09-30", "y": 4770000000}, {"l": "2018", "x": "2018-09-30", "y": 5823000000}, {"l": "2019", "x": "2019-09-30", "y": 5846000000}, {"l": "2020", "x": "2020-09-30", "y": 7308000000}, {"l": "2021", "x": "2021-09-30", "y": 8266000000}, {"l": "2022", "x": "2022-09-30", "y": 8157000000}, {"l": "2023", "x": "2023-09-30", "y": 6319420541}, {"l": "2024", "x": "2024-09-30", "y": 6367005777}, {"l": "2025", "x": "2025-09-30", "y": 6414949331}, {"l": "2026", "x": "2026-09-30", "y": 6163316247}, {"l": "2027", "x": "2027-09-30", "y": 5813424846}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": true}], "editableDates": {"2023-09-30": 25, "2024-09-30": 26, "2025-09-30": 27, "2026-09-30": 28, "2027-09-30": 29}, "properties": {"display_table": true}, "width": "full"}

Edit Chart Values	2023-09-30	2024-09-30	2025-09-30	2026-09-30	2027-09-30

↳ Growth Rate

Estimated Future Data

Monetary values in EUR amounts except #	2022 Sep 30	LTM Jan 10	2023 Sep 30	2024 Sep 30	2025 Sep 30	2026 Sep 30	2027 Sep 30
Revenue	71,977	76,947	72,519	73,065	73,615	74,170	74,728
Revenue Growth Rate	15.6%	6.91%	0.753%	0.753%	0.753%	0.753%	0.753%
EBITDA	9,395	17,025	11,023	11,106	11,190	11,274	11,359
EBITDA Margin	13.05%	22.13%	15.2%	15.2%	15.2%	15.2%	15.2%
Operating Cash Flow	10,241	11,007	8,370	8,433	8,496	8,560	8,625
Operating Cash Flow to EBITDA	109%	64.65%	75.93%	75.93%	75.93%	75.93%	75.93%
Capital Expenditure	2,084	2,169	2,050	2,066	2,081	2,097	2,113
Capital Expenditure to EBITDA	22.18%	12.74%	18.6%	18.6%	18.6%	18.6%	18.6%
Free Cash Flow	8,157	8,838	6,319	6,367	6,415	6,463	6,512
Free Cash Flow to EBITDA	86.82%	51.91%	57.33%	57.33%	57.33%	57.33%	57.33%
Compounded Discount Rate			0%	0%	0%	4.87%	12.02%
Discounted Free Cash Flow	8,157	8,838	6,319	6,367	6,415	6,163	5,813

Historical Data

Monetary values in EUR amounts except #	Average	LTM Jan 10	2022 Sep 30	2021 Sep 30	2020 Sep 30	2019 Sep 30	2018 Sep 30	2017 Sep 30	2016 Sep 30	2015 Sep 30	2014 Sep 30	2013 Sep 30
Revenue	74,941	76,947	71,977	62,265	57,139	86,849	83,044	83,049	79,644	75,636	71,920	75,882
Revenue Growth Rate	0.753%	6.91%	15.6%	8.97%	-34.21%	4.58%	-0.006%	4.28%	5.3%	5.17%	-5.22%	-3.08%
Cost of Revenue	51,221	47,859	46,130	39,527	36,953	60,922	58,181	58,021	55,826	53,789	51,165	55,053
Gross Profit	23,721	29,088	25,847	22,738	20,186	25,927	24,863	25,028	23,818	21,847	20,755	20,829
Gross Margin	31.87%	37.8%	35.91%	36.52%	35.33%	29.85%	29.94%	30.14%	29.91%	28.88%	28.86%	27.45%
EBITDA	11,344	17,025	9,395	11,142	9,159	11,949	12,486	12,463	11,109	10,428	10,103	9,520
EBITDA Margin	15.2%	22.13%	13.05%	17.89%	16.03%	13.76%	15.04%	15.01%	13.95%	13.79%	14.05%	12.55%
Net Income	5,660	8,932	3,723	6,161	4,030	5,174	5,807	6,046	5,450	7,282	5,373	4,284
Net Income to EBITDA	49.71%	52.46%	39.63%	55.3%	44%	43.3%	46.51%	48.51%	49.06%	69.83%	53.18%	45%
Cash from Operating Activities	8,439	11,007	10,241	9,996	8,862	8,456	8,425	7,176	7,611	6,612	7,100	7,340
Cash from Operating Activities to EBITDA	75.93%	64.65%	109%	89.71%	96.76%	70.77%	67.48%	57.58%	68.51%	63.41%	70.28%	77.1%
Capital Expenditure	2,081	2,169	2,084	1,730	1,554	2,610	2,602	2,406	2,135	1,897	1,831	1,869
Capital Expenditure to EBITDA	18.6%	12.74%	22.18%	15.53%	16.97%	21.84%	20.84%	19.31%	19.22%	18.19%	18.12%	19.63%
Free Cash Flow	6,358	8,838	8,157	8,266	7,308	5,846	5,823	4,770	5,476	4,715	5,269	5,471
Free Cash Flow to EBITDA	57.33%	51.91%	86.82%	74.19%	79.79%	48.92%	46.64%	38.27%	49.29%	45.21%	52.15%	57.47%