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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal EBITDA Multiple | 10.5x - 12.5x | 11.5x |
| Fair Value | €3.05 - €3.53 | €3.28 |
| Upside | 12.9% - 30.8% | 21.7% |
| 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 | 3,058 | 3,222 | 3,110 | 3,198 | 3,262 | 3,327 |
| % Growth | 25.9% | 5.4% | -3.5% | 2.8% | 2.0% | 2.0% |
| EBITDA | 1,109 | 1,298 | 970 | 860 | 877 | 895 |
| % of Revenue | 36.3% | 40.3% | 31.2% | 26.9% | 26.9% | 26.9% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 1,298 | 970 | 860 | 877 | 895 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (240) | (160) | (193) | (197) | (201) | |
| EBIT | 1,058 | 811 | 667 | 681 | 694 | |
| Pro forma Taxes | (148) | (113) | (93) | (95) | (97) | |
| NOPAT | 858 | 910 | 697 | 574 | 585 | 597 |
| Capital Expenditures | (261) | (150) | (140) | (172) | (175) | (179) |
| NWC Investment | 28 | 7 | (5) | 4 | 3 | 3 |
| (+) D&A | 111 | 240 | 160 | 193 | 197 | 201 |
| Free Cash Flow | 736 | 1,007 | 711 | 599 | 610 | 622 |
| % Growth | 37% | -29% | -16% | 2% | 2% | |