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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal Revenue Multiple | 1.2x - 1.3x | 1.3x |
| Fair Value | CHF 11.88 - CHF 13.68 | CHF 12.77 |
| Upside | 60.4% - 84.7% | 72.4% |
| Select Revenue and EBITDA Forecast | ||||||
| (CHF in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
| Revenue | 4,152 | 4,006 | 4,131 | 4,313 | 4,638 | 4,769 |
| % Growth | -5.1% | -3.5% | 3.1% | 4.4% | 7.5% | 2.8% |
| EBITDA | 562 | 693 | 739 | 798 | 929 | 860 |
| % of Revenue | 13.5% | 17.3% | 17.9% | 18.5% | 20.0% | 18.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (CHF in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 693 | 739 | 798 | 929 | 860 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (255) | (254) | (222) | (378) | (277) | |
| EBIT | 438 | 485 | 575 | 551 | 583 | |
| Pro forma Taxes | (105) | (116) | (138) | (132) | (140) | |
| NOPAT | 274 | 333 | 369 | 437 | 419 | 443 |
| Capital Expenditures | (206) | (206) | (220) | (227) | (258) | (299) |
| NWC Investment | 37 | 24 | (21) | (30) | (54) | (22) |
| (+) D&A | 201 | 255 | 254 | 222 | 378 | 277 |
| Free Cash Flow | 306 | 406 | 382 | 403 | 485 | 399 |
| % Growth | 33% | -6% | 5% | 21% | -18% | |