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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 10.0% - 9.0% | 9.5% |
Perpetuity Growth Rate | 0.5% - 1.5% | 1.0% |
Fair Value | €0.74 - €0.97 | €0.84 |
Upside | 18.4% - 55.6% | 34.9% |
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 | 16,200 | 16,073 | 16,920 | 17,454 | 17,608 | 17,824 | |
% Growth | -2.1% | -0.8% | 5.3% | 3.2% | 0.9% | 1.2% | |
EBITDA | 2,675 | 3,026 | 3,185 | 3,324 | 3,311 | 3,486 | |
% of Revenue | 16.5% | 18.8% | 18.8% | 19.0% | 18.8% | 19.6% |
Calculation of Free Cash Flow | |||||||
Projected Unlevered Cash Flow | |||||||
(USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
EBITDA | 3,026 | 3,185 | 3,324 | 3,311 | 3,486 | 3,486 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
D&A | (1,260) | (1,294) | (1,285) | (1,220) | (1,305) | (1,300) | |
EBIT | 1,766 | 1,891 | 2,039 | 2,091 | 2,181 | 2,186 | |
Pro forma Taxes | (300) | (321) | (347) | (355) | (371) | (372) | |
NOPAT | 1,484 | 1,465 | 1,569 | 1,692 | 1,736 | 1,810 | 1,815 |
Capital Expenditures | (1,000) | (1,400) | (1,349) | (1,372) | (1,348) | (1,368) | (1,368) |
NWC Investment | (15) | (6) | 37 | 23 | 7 | 9 | 8 |
(+) D&A | 887 | 1,260 | 1,294 | 1,285 | 1,220 | 1,305 | 1,300 |
Free Cash Flow | 1,356 | 1,320 | 1,552 | 1,629 | 1,614 | 1,757 | 1,754 |
% Growth | -3% | 18% | 5% | -1% | 9% | 0% |