Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 14.0% - 13.0% | 13.5% |
| Terminal EBITDA Multiple | 4.5x - 6.5x | 5.5x |
| Fair Value | €7.34 - €15.99 | €11.58 |
| Upside | -24.0% - 65.6% | 19.9% |
| 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 |
| Revenue | 5,782 | 5,867 | 6,165 | 6,409 | 6,537 | 6,668 |
| % Growth | -4.9% | 1.5% | 5.1% | 4.0% | 2.0% | 2.0% |
| EBITDA | 741 | 901 | 997 | 1,126 | 1,148 | 1,171 |
| % of Revenue | 12.8% | 15.3% | 16.2% | 17.6% | 17.6% | 17.6% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 901 | 997 | 1,126 | 1,148 | 1,171 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (341) | (310) | (355) | (362) | (369) | |
| EBIT | 560 | 687 | 771 | 786 | 802 | |
| Pro forma Taxes | (123) | (151) | (170) | (173) | (176) | |
| NOPAT | 343 | 437 | 536 | 601 | 613 | 626 |
| Capital Expenditures | (360) | (290) | (355) | (430) | (439) | (447) |
| NWC Investment | 38 | (11) | (39) | (32) | (17) | (17) |
| (+) D&A | 301 | 341 | 310 | 355 | 362 | 369 |
| Free Cash Flow | 323 | 476 | 452 | 494 | 520 | 530 |
| % Growth | 48% | -5% | 9% | 5% | 2% | |