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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 8.0% - 7.0% | 7.5% |
Perpetuity Growth Rate | 1.7% - 2.8% | 2.3% |
Fair Value | €232.59 - €345.89 | €278.44 |
Upside | -38.2% - -8.1% | -26.0% |
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 | 6,828 | 7,773 | 8,571 | 9,000 | 10,405 | 11,238 | |
% Growth | 14.3% | 13.8% | 10.3% | 5.0% | 15.6% | 8.0% | |
EBITDA | 668 | 851 | 1,011 | 1,102 | 1,321 | 1,461 | |
% of Revenue | 9.8% | 10.9% | 11.8% | 12.2% | 12.7% | 13.0% |
Calculation of Free Cash Flow | |||||||
Projected Unlevered Cash Flow | |||||||
(USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
EBITDA | 851 | 1,011 | 1,102 | 1,321 | 1,461 | 1,461 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
D&A | (145) | (191) | (155) | (228) | (225) | (244) | |
EBIT | 706 | 820 | 947 | 1,093 | 1,236 | 1,217 | |
Pro forma Taxes | (106) | (123) | (142) | (164) | (185) | (183) | |
NOPAT | 433 | 600 | 697 | 805 | 929 | 1,051 | 1,034 |
Capital Expenditures | (215) | (249) | (273) | (288) | (240) | (257) | (257) |
NWC Investment | (182) | (201) | (170) | (91) | (299) | (178) | (54) |
(+) D&A | 158 | 145 | 191 | 155 | 228 | 225 | 244 |
Free Cash Flow | 195 | 295 | 445 | 581 | 618 | 841 | 968 |
% Growth | 51% | 51% | 30% | 6% | 36% | 15% |