Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal Revenue Multiple | 3.2x - 3.6x | 3.4x |
| Fair Value | €72.64 - €83.41 | €77.92 |
| Upside | -0.9% - 13.8% | 6.4% |
| 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 | 6,458 | 6,099 | 6,067 | 5,800 | 5,800 |
| % Growth | -10.5% | 8.8% | -5.6% | -0.5% | -4.4% | 0.0% |
| EBITDA | 2,650 | 2,454 | 2,209 | 2,223 | 2,200 | 2,679 |
| % of Revenue | 44.6% | 38.0% | 36.2% | 36.6% | 37.9% | 46.2% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 2,454 | 2,209 | 2,223 | 2,200 | 2,679 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (607) | (802) | (763) | (860) | (1,310) | |
| EBIT | 1,847 | 1,407 | 1,460 | 1,340 | 1,369 | |
| Pro forma Taxes | (296) | (225) | (234) | (214) | (219) | |
| NOPAT | 1,449 | 1,551 | 1,182 | 1,227 | 1,126 | 1,150 |
| Capital Expenditures | (518) | (658) | (591) | (864) | (535) | (500) |
| NWC Investment | 25 | (19) | 13 | 1 | 10 | 0 |
| (+) D&A | 925 | 607 | 802 | 763 | 860 | 1,310 |
| Free Cash Flow | 1,881 | 1,482 | 1,406 | 1,126 | 1,461 | 1,960 |
| % Growth | -21% | -5% | -20% | 30% | 34% | |