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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal EBITDA Multiple | 7.0x - 9.0x | 8.0x |
| Fair Value | €21.59 - €30.51 | €25.96 |
| Upside | -0.9% - 40.1% | 19.2% |
| 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 |
| Revenue | 8,807 | 8,704 | 8,871 | 9,327 | 9,659 | 9,877 |
| % Growth | -6.6% | -1.2% | 1.9% | 5.1% | 3.6% | 2.3% |
| EBITDA | 1,683 | 1,691 | 1,774 | 1,799 | 1,952 | 1,999 |
| % of Revenue | 19.1% | 19.4% | 20.0% | 19.3% | 20.2% | 20.2% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 1,691 | 1,774 | 1,799 | 1,952 | 1,999 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (539) | (550) | (544) | (615) | (610) | |
| EBIT | 1,152 | 1,224 | 1,256 | 1,337 | 1,389 | |
| Pro forma Taxes | (276) | (294) | (301) | (321) | (333) | |
| NOPAT | 871 | 876 | 930 | 954 | 1,016 | 1,056 |
| Capital Expenditures | (1,203) | (700) | (461) | (479) | (490) | (500) |
| NWC Investment | 73 | 12 | (20) | (54) | (39) | (26) |
| (+) D&A | 537 | 539 | 550 | 544 | 615 | 610 |
| Free Cash Flow | 278 | 726 | 999 | 966 | 1,103 | 1,140 |
| % Growth | 161% | 38% | -3% | 14% | 3% | |