Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Perpetuity Growth Rate | 3.8% - 4.8% | 4.3% |
| Fair Value | €85.70 - €119.47 | €99.09 |
| Upside | -15.2% - 18.2% | -2.0% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| Revenue | 10,601 | 10,600 | 10,606 | 10,889 | 11,606 | 12,187 | 12,614 | 12,866 | 13,123 | 13,386 | 13,653 | |
| % Growth | 14.0% | 0.0% | 0.1% | 2.7% | 6.6% | 5.0% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 1,102 | 1,052 | 1,034 | 1,077 | 1,216 | 1,249 | 1,293 | 1,319 | 1,345 | 1,372 | 1,399 | |
| % of Revenue | 10.4% | 9.9% | 9.8% | 9.9% | 10.5% | 10.2% | 10.2% | 10.2% | 10.2% | 10.2% | 10.2% | |
| 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 | 1,052 | 1,034 | 1,077 | 1,216 | 1,249 | 1,293 | 1,319 | 1,345 | 1,372 | 1,399 | 1,399 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (55) | (69) | (59) | (69) | (72) | (75) | (76) | (78) | (79) | (81) | (47) | |
| EBIT | 997 | 965 | 1,019 | 1,147 | 1,177 | 1,218 | 1,243 | 1,267 | 1,293 | 1,319 | 1,353 | |
| Pro forma Taxes | (259) | (251) | (265) | (298) | (306) | (317) | (323) | (330) | (336) | (343) | (352) | |
| NOPAT | 771 | 738 | 714 | 754 | 849 | 871 | 901 | 919 | 938 | 957 | 976 | 1,001 |
| Capital Expenditures | (40) | (50) | (49) | (46) | (48) | (50) | (48) | (49) | (49) | (49) | (49) | (49) |
| NWC Investment | (61) | 0 | (0) | (13) | (34) | (27) | (20) | (12) | (12) | (12) | (13) | (27) |
| (+) D&A | 61 | 55 | 69 | 59 | 69 | 72 | 75 | 76 | 78 | 79 | 81 | 47 |
| Free Cash Flow | 730 | 743 | 734 | 753 | 836 | 865 | 908 | 935 | 954 | 974 | 995 | 971 |
| % Growth | 2% | -1% | 3% | 11% | 4% | 5% | 3% | 2% | 2% | 2% | -2% | |