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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal EBITDA Multiple | 6.0x - 8.0x | 7.0x |
| Fair Value | €46.64 - €58 | €52.21 |
| Upside | -7.6% - 14.9% | 3.4% |
| 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 | 6,581 | 6,807 | 7,168 | 7,749 | 8,020 | 8,181 |
| % Growth | 1.5% | 3.4% | 5.3% | 8.1% | 3.5% | 2.0% |
| EBITDA | 148 | 203 | 265 | 303 | 314 | 320 |
| % of Revenue | 2.2% | 3.0% | 3.7% | 3.9% | 3.9% | 3.9% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 203 | 265 | 303 | 314 | 320 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (138) | (131) | (46) | (47) | (48) | |
| EBIT | 64 | 134 | 257 | 266 | 272 | |
| Pro forma Taxes | (17) | (35) | (67) | (69) | (71) | |
| NOPAT | 87 | 48 | 99 | 191 | 197 | 201 |
| Capital Expenditures | (38) | (76) | (76) | (76) | (79) | (80) |
| NWC Investment | 7 | 17 | 27 | 44 | 21 | 12 |
| (+) D&A | 31 | 138 | 131 | 46 | 47 | 48 |
| Free Cash Flow | 87 | 127 | 181 | 205 | 187 | 181 |
| % Growth | 47% | 42% | 13% | -9% | -3% | |