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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal Revenue Multiple | 2.7x - 3.0x | 2.8x |
| Fair Value | €91.10 - €104.79 | €97.73 |
| Upside | 12.6% - 29.5% | 20.8% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 5,936 | 6,432 | 6,081 | 6,122 | 6,209 | 6,718 | 7,690 | 8,266 | 8,556 | 8,727 | 8,901 |
| % Growth | -10.5% | 8.4% | -5.5% | 0.7% | 1.4% | 8.2% | 14.5% | 7.5% | 3.5% | 2.0% | 2.0% |
| EBITDA | 2,650 | 2,429 | 2,264 | 2,264 | 2,331 | 3,157 | 3,411 | 3,708 | 3,838 | 3,915 | 3,993 |
| % of Revenue | 44.6% | 37.8% | 37.2% | 37.0% | 37.5% | 47.0% | 44.4% | 44.9% | 44.9% | 44.9% | 44.9% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | ||
| EBITDA | 2,429 | 2,264 | 2,264 | 2,331 | 3,157 | 3,411 | 3,708 | 3,838 | 3,915 | 3,993 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (632) | (856) | (812) | (1,216) | (1,557) | (1,782) | (1,916) | (1,983) | (2,023) | (2,063) | |
| EBIT | 1,797 | 1,408 | 1,452 | 1,115 | 1,600 | 1,629 | 1,792 | 1,855 | 1,892 | 1,930 | |
| Pro forma Taxes | (287) | (225) | (232) | (178) | (256) | (261) | (287) | (297) | (303) | (309) | |
| NOPAT | 1,449 | 1,509 | 1,183 | 1,220 | 937 | 1,344 | 1,368 | 1,506 | 1,558 | 1,589 | 1,621 |
| Capital Expenditures | (518) | (651) | (834) | (1,191) | (1,130) | (767) | (878) | (925) | (857) | (874) | (885) |
| NWC Investment | 25 | (18) | 13 | (1) | (3) | (18) | (35) | (21) | (11) | (6) | (6) |
| (+) D&A | 925 | 632 | 856 | 812 | 1,216 | 1,557 | 1,782 | 1,916 | 1,983 | 2,023 | 2,063 |
| Free Cash Flow | 1,881 | 1,472 | 1,218 | 839 | 1,019 | 2,116 | 2,237 | 2,475 | 2,674 | 2,732 | 2,793 |
| % Growth | -17% | -31% | 22% | 108% | 6% | 11% | 8% | 2% | 2% | ||