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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.3% - 7.2% | 7.8% |
| Perpetuity Growth Rate | 2.8% - 3.8% | 3.3% |
| Fair Value | €67.51 - €105.06 | €82.12 |
| Upside | -13.4% - 34.8% | 5.4% |
| 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 | 6,107 | 6,149 | 6,401 | 6,668 | 6,940 | 7,272 | |
| % Growth | 4.1% | 0.7% | 4.1% | 4.2% | 4.1% | 4.8% | |
| EBITDA | 1,372 | 1,412 | 1,492 | 1,565 | 1,646 | 1,713 | |
| % of Revenue | 22.5% | 23.0% | 23.3% | 23.5% | 23.7% | 23.6% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 1,412 | 1,492 | 1,565 | 1,646 | 1,713 | 1,713 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (244) | (250) | (240) | (251) | (240) | (138) | |
| EBIT | 1,168 | 1,242 | 1,325 | 1,395 | 1,473 | 1,575 | |
| Pro forma Taxes | (245) | (261) | (278) | (293) | (309) | (331) | |
| NOPAT | 920 | 923 | 981 | 1,047 | 1,102 | 1,163 | 1,244 |
| Capital Expenditures | (180) | (128) | (129) | (134) | (141) | (146) | (146) |
| NWC Investment | (3) | (0) | (3) | (3) | (3) | (4) | (3) |
| (+) D&A | 208 | 244 | 250 | 240 | 251 | 240 | 138 |
| Free Cash Flow | 945 | 1,038 | 1,100 | 1,150 | 1,209 | 1,254 | 1,234 |
| % Growth | 10% | 6% | 5% | 5% | 4% | -2% | |