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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 11.3% - 10.3% | 10.8% |
Terminal EBITDA Multiple | 8.7x - 10.7x | 9.7x |
Fair Value | €90.74 - €115.52 | €102.91 |
Upside | -15.2% - 8.0% | -3.8% |
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 | 1,685 | 1,760 | 1,896 | 2,048 | 2,212 | 2,389 |
% Growth | 1.2% | 4.5% | 7.7% | 8.0% | 8.0% | 8.0% |
EBITDA | 203 | 223 | 246 | 286 | 331 | 381 |
% of Revenue | 12.1% | 12.7% | 13.0% | 14.0% | 15.0% | 16.0% |
Calculation of Free Cash Flow | ||||||
Projected Unlevered Cash Flow | ||||||
(USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
EBITDA | 223 | 246 | 286 | 331 | 381 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
D&A | (73) | (73) | (91) | (116) | (143) | |
EBIT | 150 | 173 | 195 | 215 | 239 | |
Pro forma Taxes | (17) | (19) | (21) | (24) | (26) | |
NOPAT | 121 | 134 | 154 | 173 | 191 | 213 |
Capital Expenditures | (81) | (70) | (81) | (82) | (66) | (67) |
NWC Investment | (6) | (23) | (42) | (47) | (51) | (55) |
(+) D&A | 67 | 73 | 73 | 91 | 116 | 143 |
Free Cash Flow | 101 | 113 | 104 | 135 | 190 | 233 |
% Growth | 12% | -8% | 30% | 41% | 23% |