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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 12.5% - 11.5% | 12.0% |
| Perpetuity Growth Rate | 5.3% - 6.3% | 5.8% |
| Fair Value | €0.67 - €0.87 | €0.76 |
| Upside | 53.2% - 97.3% | 71.8% |
| 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 | 1,503 | 1,548 | 1,627 | 1,669 | 1,702 | 1,736 | 1,771 | 1,806 | 1,842 | 1,879 | 1,917 | |
| % Growth | 3.3% | 3.0% | 5.1% | 2.6% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 433 | 513 | 537 | 546 | 557 | 568 | 579 | 591 | 603 | 615 | 627 | |
| % of Revenue | 28.8% | 33.1% | 33.0% | 32.7% | 32.7% | 32.7% | 32.7% | 32.7% | 32.7% | 32.7% | 32.7% | |
| 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 | 513 | 537 | 546 | 557 | 568 | 579 | 591 | 603 | 615 | 627 | 627 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (261) | (260) | (277) | (283) | (288) | (294) | (300) | (306) | (312) | (318) | (287) | |
| EBIT | 252 | 277 | 269 | 274 | 280 | 285 | 291 | 297 | 303 | 309 | 340 | |
| Pro forma Taxes | (33) | (36) | (35) | (36) | (36) | (37) | (38) | (39) | (39) | (40) | (44) | |
| NOPAT | 203 | 219 | 241 | 234 | 239 | 243 | 248 | 253 | 258 | 264 | 269 | 296 |
| Capital Expenditures | #NUM! | (552) | (425) | (498) | (492) | (472) | (294) | (300) | (306) | (300) | (302) | (302) |
| NWC Investment | 15 | 14 | 25 | 13 | 11 | 11 | 11 | 11 | 11 | 12 | 12 | 35 |
| (+) D&A | 199 | 261 | 260 | 277 | 283 | 288 | 294 | 300 | 306 | 312 | 318 | 287 |
| Free Cash Flow | #NUM! | (57) | 101 | 26 | 40 | 71 | 259 | 265 | 270 | 287 | 297 | 316 |
| % Growth | NM | NM | -74% | 52% | 76% | 266% | 2% | 2% | 6% | 3% | 6% | |