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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 14.0% - 13.0% | 13.5% |
| Perpetuity Growth Rate | 5.8% - 6.8% | 6.3% |
| Fair Value | €11.27 - €18.03 | €14.20 |
| Upside | 12.7% - 80.3% | 42.0% |
| 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 | 5,782 | 5,867 | 6,165 | 6,409 | 6,537 | 6,668 | 6,801 | 6,937 | 7,076 | 7,218 | 7,362 | |
| % Growth | -4.9% | 1.5% | 5.1% | 4.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 741 | 904 | 1,049 | 1,143 | 1,166 | 1,189 | 1,213 | 1,237 | 1,262 | 1,287 | 1,313 | |
| % of Revenue | 12.8% | 15.4% | 17.0% | 17.8% | 17.8% | 17.8% | 17.8% | 17.8% | 17.8% | 17.8% | 17.8% | |
| 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 | Terminal | |
| EBITDA | 904 | 1,049 | 1,143 | 1,166 | 1,189 | 1,213 | 1,237 | 1,262 | 1,287 | 1,313 | 1,313 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (334) | (329) | (369) | (376) | (384) | (392) | (399) | (407) | (416) | (424) | (420) | |
| EBIT | 570 | 720 | 774 | 789 | 805 | 821 | 838 | 855 | 872 | 889 | 893 | |
| Pro forma Taxes | (125) | (158) | (170) | (174) | (177) | (181) | (184) | (188) | (192) | (196) | (197) | |
| NOPAT | 343 | 445 | 561 | 604 | 616 | 628 | 641 | 653 | 667 | 680 | 693 | 697 |
| Capital Expenditures | (360) | (290) | (355) | (430) | (439) | (447) | (439) | (442) | (443) | (441) | (442) | (442) |
| NWC Investment | 38 | (11) | (39) | (32) | (17) | (17) | (17) | (18) | (18) | (18) | (19) | (60) |
| (+) D&A | 301 | 334 | 329 | 369 | 376 | 384 | 392 | 399 | 407 | 416 | 424 | 420 |
| Free Cash Flow | 323 | 477 | 497 | 511 | 537 | 548 | 576 | 594 | 613 | 636 | 657 | 615 |
| % Growth | 48% | 4% | 3% | 5% | 2% | 5% | 3% | 3% | 4% | 3% | -6% | |