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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal EBITDA Multiple | 5.7x - 7.7x | 6.7x |
| Fair Value | €85.86 - €109 | €97 |
| Upside | 29.9% - 64.8% | 46.7% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 5,936 | 6,066 | 6,067 | 6,093 | 6,255 | 6,572 | 7,395 | 7,579 | 7,730 | 7,885 | 8,043 |
| % Growth | -10.5% | 2.2% | 0.0% | 0.4% | 2.7% | 5.1% | 12.5% | 2.5% | 2.0% | 2.0% | 2.0% |
| EBITDA | 2,650 | 2,239 | 2,209 | 2,226 | 2,589 | 2,596 | 3,252 | 3,306 | 3,372 | 3,440 | 3,508 |
| % of Revenue | 44.6% | 36.9% | 36.4% | 36.5% | 41.4% | 39.5% | 44.0% | 43.6% | 43.6% | 43.6% | 43.6% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 2,239 | 2,209 | 2,226 | 2,589 | 2,596 | 3,252 | 3,306 | 3,372 | 3,440 | 3,508 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (657) | (907) | (888) | (989) | (996) | (1,121) | (1,149) | (1,172) | (1,195) | (1,219) | |
| EBIT | 1,582 | 1,302 | 1,338 | 1,600 | 1,600 | 2,131 | 2,157 | 2,201 | 2,245 | 2,289 | |
| Pro forma Taxes | (253) | (208) | (214) | (256) | (256) | (341) | (345) | (352) | (359) | (366) | |
| NOPAT | 1,449 | 1,329 | 1,094 | 1,124 | 1,344 | 1,344 | 1,790 | 1,812 | 1,848 | 1,885 | 1,923 |
| Capital Expenditures | (518) | (530) | (591) | (604) | (604) | (657) | (621) | (627) | (635) | (628) | (630) |
| NWC Investment | 30 | (6) | (0) | (1) | (7) | (14) | (35) | (8) | (6) | (7) | (7) |
| (+) D&A | 925 | 657 | 907 | 888 | 989 | 996 | 1,121 | 1,149 | 1,172 | 1,195 | 1,219 |
| Free Cash Flow | 1,886 | 1,451 | 1,410 | 1,407 | 1,722 | 1,669 | 2,255 | 2,326 | 2,378 | 2,446 | 2,505 |
| % Growth | -23% | -3% | 0% | 22% | -3% | 35% | 3% | 2% | 3% | 2% | |