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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | €117.50 - €143.02 | €125.90 |
| Upside | 68.0% - 104.5% | 80.0% |
| 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 | |
| Revenue | 5,378 | 4,935 | 5,244 | 5,826 | 7,791 | 9,332 | |
| % Growth | -44.1% | -8.2% | 6.2% | 11.1% | 33.7% | 19.8% | |
| EBITDA | -9 | 973 | 1,150 | 1,400 | 3,373 | 4,608 | |
| % of Revenue | -0.2% | 19.7% | 21.9% | 24.0% | 43.3% | 49.4% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 973 | 1,150 | 1,400 | 3,373 | 4,608 | 4,608 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (680) | (770) | (717) | (667) | (1,830) | (1,425) | |
| EBIT | 294 | 380 | 682 | 2,706 | 2,778 | 3,183 | |
| Pro forma Taxes | (41) | (53) | (96) | (379) | (389) | (446) | |
| NOPAT | (514) | 252 | 327 | 587 | 2,327 | 2,389 | 2,737 |
| Capital Expenditures | (1,686) | (675) | (710) | (750) | (650) | (1,500) | (1,500) |
| NWC Investment | 889 | 93 | (65) | (122) | (412) | (323) | 0 |
| (+) D&A | 589 | 680 | 770 | 717 | 667 | 1,830 | 1,425 |
| Free Cash Flow | (722) | 350 | 323 | 432 | 1,932 | 2,396 | 2,662 |
| % Growth | NM | -8% | 34% | 347% | 24% | 11% | |