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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal Revenue Multiple | 9.7x - 10.7x | 10.2x |
| Fair Value | €180.79 - €204.12 | €192.24 |
| Upside | -12.0% - -0.7% | -6.5% |
| 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 | 4,095 | 2,181 | 2,303 | 2,391 | 2,501 | 2,631 |
| % Growth | 8.5% | -46.7% | 5.6% | 3.8% | 4.6% | 5.2% |
| EBITDA | 1,306 | 1,385 | 1,469 | 1,532 | 1,611 | 1,706 |
| % of Revenue | 31.9% | 63.5% | 63.8% | 64.1% | 64.4% | 64.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 1,385 | 1,469 | 1,532 | 1,611 | 1,706 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (50) | (62) | (77) | (63) | (64) | |
| EBIT | 1,334 | 1,407 | 1,456 | 1,548 | 1,642 | |
| Pro forma Taxes | (427) | (450) | (466) | (495) | (525) | |
| NOPAT | 804 | 907 | 957 | 990 | 1,053 | 1,117 |
| Capital Expenditures | (61) | (60) | (60) | (69) | (83) | (87) |
| NWC Investment | (8) | 47 | (3) | (2) | (3) | (3) |
| (+) D&A | 123 | 50 | 62 | 77 | 63 | 64 |
| Free Cash Flow | 858 | 945 | 955 | 996 | 1,030 | 1,091 |
| % Growth | 10% | 1% | 4% | 3% | 6% | |