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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Perpetuity Growth Rate | 4.5% - 5.5% | 5.0% |
| Fair Value | €56.61 - €99.48 | €72.33 |
| Upside | -37.9% - 9.1% | -20.7% |
| 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 | 16,747 | 19,860 | 21,969 | 24,096 | 26,494 | 28,717 | |
| % Growth | 17.6% | 18.6% | 10.6% | 9.7% | 9.9% | 8.4% | |
| EBITDA | 4,271 | 6,032 | 6,679 | 7,425 | 8,132 | 8,927 | |
| % of Revenue | 25.5% | 30.4% | 30.4% | 30.8% | 30.7% | 31.1% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 6,032 | 6,679 | 7,425 | 8,132 | 8,927 | 8,927 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (501) | (492) | (511) | (480) | (585) | (1,112) | |
| EBIT | 5,531 | 6,187 | 6,915 | 7,652 | 8,342 | 7,815 | |
| Pro forma Taxes | (1,106) | (1,237) | (1,383) | (1,530) | (1,668) | (1,563) | |
| NOPAT | 2,402 | 4,425 | 4,950 | 5,532 | 6,122 | 6,674 | 6,252 |
| Capital Expenditures | (790) | (830) | (879) | (961) | (1,060) | (1,171) | (1,171) |
| NWC Investment | (299) | (371) | (252) | (254) | (286) | (265) | (171) |
| (+) D&A | 1,269 | 501 | 492 | 511 | 480 | 585 | 1,112 |
| Free Cash Flow | 2,581 | 3,724 | 4,311 | 4,828 | 5,256 | 5,822 | 6,022 |
| % Growth | 44% | 16% | 12% | 9% | 11% | 3% | |