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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 13.3% - 12.3% | 12.8% |
| Perpetuity Growth Rate | 7.0% - 8.0% | 7.5% |
| Fair Value | €369.34 - €715.12 | €510.10 |
| Upside | 4.2% - 101.7% | 43.9% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| Revenue | 55,085 | 55,223 | 56,019 | 56,550 | 58,782 | 58,272 | 59,593 | 60,785 | 62,001 | 63,241 | 64,505 | |
| % Growth | 0.9% | 0.2% | 1.4% | 0.9% | 3.9% | -0.9% | 2.3% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 21,895 | 22,919 | 23,509 | 23,749 | 24,840 | 25,168 | 26,005 | 26,525 | 27,056 | 27,597 | 28,149 | |
| % of Revenue | 39.7% | 41.5% | 42.0% | 42.0% | 42.3% | 43.2% | 43.6% | 43.6% | 43.6% | 43.6% | 43.6% | |
| Calculation of Free Cash Flow | ||||||||||||
| Projected Unlevered Cash Flow | ||||||||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | Terminal | |
| EBITDA | 22,919 | 23,509 | 23,749 | 24,840 | 25,168 | 26,005 | 26,525 | 27,056 | 27,597 | 28,149 | 28,149 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (9,662) | (9,741) | (9,574) | (9,808) | (10,150) | (10,380) | (10,588) | (10,800) | (11,016) | (11,236) | (7,912) | |
| EBIT | 13,257 | 13,769 | 14,175 | 15,032 | 15,018 | 15,625 | 15,937 | 16,256 | 16,581 | 16,913 | 20,237 | |
| Pro forma Taxes | (2,651) | (2,754) | (2,835) | (3,006) | (3,004) | (3,125) | (3,187) | (3,251) | (3,316) | (3,383) | (4,047) | |
| NOPAT | 10,578 | 10,606 | 11,015 | 11,340 | 12,026 | 12,014 | 12,500 | 12,750 | 13,005 | 13,265 | 13,530 | 16,189 |
| Capital Expenditures | (11,269) | (11,957) | (10,854) | (9,320) | (8,063) | (8,287) | (8,475) | (8,275) | (8,346) | (8,365) | (8,329) | (8,329) |
| NWC Investment | 63 | 18 | 104 | 70 | 292 | (67) | 173 | 156 | 159 | 162 | 166 | 633 |
| (+) D&A | 8,673 | 9,662 | 9,741 | 9,574 | 9,808 | 10,150 | 10,380 | 10,588 | 10,800 | 11,016 | 11,236 | 7,912 |
| Free Cash Flow | 8,044 | 8,329 | 10,006 | 11,664 | 14,063 | 13,811 | 14,578 | 15,219 | 15,618 | 16,078 | 16,603 | 16,406 |
| % Growth | 4% | 20% | 17% | 21% | -2% | 6% | 4% | 3% | 3% | 3% | -1% | |