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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal EBITDA Multiple | 19.5x - 21.5x | 20.5x |
| Fair Value | €204.47 - €230.83 | €217.23 |
| Upside | -8.9% - 2.8% | -3.2% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (USD in millions) | Input Projections | ||||||||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 38,702 | 40,515 | 44,931 | 49,151 | 52,785 | 56,796 | 60,600 | 62,720 | 63,975 | 65,254 | 66,559 |
| % Growth | 9.5% | 4.7% | 10.9% | 9.4% | 7.4% | 7.6% | 6.7% | 3.5% | 2.0% | 2.0% | 2.0% |
| EBITDA | 8,941 | 9,933 | 10,923 | 12,014 | 13,461 | 15,448 | 16,791 | 17,379 | 17,726 | 18,081 | 18,442 |
| % of Revenue | 23.1% | 24.5% | 24.3% | 24.4% | 25.5% | 27.2% | 27.7% | 27.7% | 27.7% | 27.7% | 27.7% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 9,933 | 10,923 | 12,014 | 13,461 | 15,448 | 16,791 | 17,379 | 17,726 | 18,081 | 18,442 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,274) | (1,259) | (1,287) | (1,583) | (2,823) | (3,012) | (3,117) | (3,180) | (3,243) | (3,308) | |
| EBIT | 8,659 | 9,664 | 10,727 | 11,878 | 12,625 | 13,779 | 14,261 | 14,546 | 14,837 | 15,134 | |
| Pro forma Taxes | (1,039) | (1,160) | (1,287) | (1,425) | (1,515) | (1,653) | (1,711) | (1,746) | (1,780) | (1,816) | |
| NOPAT | 6,826 | 7,620 | 8,504 | 9,440 | 10,453 | 11,110 | 12,125 | 12,550 | 12,801 | 13,057 | 13,318 |
| Capital Expenditures | (1,032) | (1,121) | (1,219) | (1,321) | (1,404) | (1,552) | (1,426) | (1,460) | (1,479) | (1,455) | (1,465) |
| NWC Investment | 719 | 389 | 947 | 905 | 779 | 860 | 815 | 455 | 269 | 274 | 280 |
| (+) D&A | 1,184 | 1,274 | 1,259 | 1,287 | 1,583 | 2,823 | 3,012 | 3,117 | 3,180 | 3,243 | 3,308 |
| Free Cash Flow | 7,697 | 8,162 | 9,491 | 10,310 | 11,411 | 13,241 | 14,527 | 14,662 | 14,771 | 15,120 | 15,441 |
| % Growth | 6% | 16% | 9% | 11% | 16% | 10% | 1% | 1% | 2% | 2% | |