21Thus, it should be noted that freedom of establishment, conferred on EU nationals by Article 49 TFEU, entails, according to Article 54 TFEU, for companies or firms formed in accordance with the law of a Member State and having their registered office, central administration or principal place of business within the European Union, the right to exercise their activity in another Member State through a subsidiary, branch or agency (judgments of 14 December 2006, Denkavit Internationaal and Denkavit France, C‑170/05, EU:C:2006:783, paragraph 20, and of 21 December 2016, Masco Denmark and Damixa, C‑593/14, EU:C:2016:984, paragraph 23 and the case-law cited).
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