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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Terminal Revenue Multiple | 1.7x - 1.9x | 1.8x |
| Fair Value | €142.84 - €164.10 | €153.29 |
| Upside | 2.8% - 18.1% | 10.3% |
| 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 | 8,756 | 8,854 | 9,178 | 9,617 | 10,102 | 10,539 |
| % Growth | 4.7% | 1.1% | 3.7% | 4.8% | 5.0% | 4.3% |
| EBITDA | 1,421 | 1,439 | 1,529 | 1,613 | 1,683 | 1,728 |
| % of Revenue | 16.2% | 16.3% | 16.7% | 16.8% | 16.7% | 16.4% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 1,439 | 1,529 | 1,613 | 1,683 | 1,728 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (318) | (317) | (306) | (309) | (303) | |
| EBIT | 1,122 | 1,212 | 1,307 | 1,374 | 1,425 | |
| Pro forma Taxes | (280) | (303) | (327) | (344) | (356) | |
| NOPAT | 856 | 841 | 909 | 980 | 1,031 | 1,069 |
| Capital Expenditures | (209) | (240) | (252) | (264) | (278) | (290) |
| NWC Investment | (29) | (7) | (24) | (33) | (36) | (33) |
| (+) D&A | 279 | 318 | 317 | 306 | 309 | 303 |
| Free Cash Flow | 897 | 911 | 950 | 990 | 1,025 | 1,049 |
| % Growth | 2% | 4% | 4% | 4% | 2% | |