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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal EBITDA Multiple | 7.1x - 9.1x | 8.1x |
| Fair Value | €72.54 - €94.15 | €83.13 |
| Upside | 10.5% - 43.4% | 26.6% |
| 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 | 5,936 | 6,189 | 6,099 | 6,067 | 5,964 | 5,800 |
| % Growth | -10.5% | 4.3% | -1.5% | -0.5% | -1.7% | -2.7% |
| EBITDA | 2,650 | 2,248 | 2,233 | 2,223 | 2,200 | 2,596 |
| % of Revenue | 44.6% | 36.3% | 36.6% | 36.6% | 36.9% | 44.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 2,248 | 2,233 | 2,223 | 2,200 | 2,596 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (656) | (887) | (810) | (860) | (1,228) | |
| EBIT | 1,592 | 1,346 | 1,413 | 1,340 | 1,369 | |
| Pro forma Taxes | (255) | (215) | (226) | (214) | (219) | |
| NOPAT | 1,449 | 1,337 | 1,131 | 1,187 | 1,126 | 1,150 |
| Capital Expenditures | (518) | (529) | (569) | (546) | (535) | (500) |
| NWC Investment | 30 | (11) | 4 | 1 | 4 | 7 |
| (+) D&A | 925 | 656 | 887 | 810 | 860 | 1,228 |
| Free Cash Flow | 1,886 | 1,454 | 1,453 | 1,453 | 1,455 | 1,884 |
| % Growth | -23% | 0% | 0% | 0% | 29% | |