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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Perpetuity Growth Rate | 3.8% - 4.8% | 4.3% |
| Fair Value | €88.51 - €129.30 | €104.62 |
| Upside | -12.5% - 27.9% | 3.5% |
| 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 | 10,601 | 10,589 | 10,709 | 10,890 | 11,606 | 12,187 | |
| % Growth | 14.0% | -0.1% | 1.1% | 1.7% | 6.6% | 5.0% | |
| EBITDA | 1,102 | 1,052 | 1,034 | 1,077 | 1,216 | 1,249 | |
| % of Revenue | 10.4% | 9.9% | 9.7% | 9.9% | 10.5% | 10.3% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 1,052 | 1,034 | 1,077 | 1,216 | 1,249 | 1,249 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (55) | (69) | (59) | (70) | (72) | (48) | |
| EBIT | 997 | 965 | 1,019 | 1,147 | 1,177 | 1,202 | |
| Pro forma Taxes | (259) | (251) | (265) | (298) | (306) | (312) | |
| NOPAT | 771 | 738 | 714 | 754 | 849 | 871 | 889 |
| Capital Expenditures | (40) | (50) | (49) | (46) | (48) | (50) | (50) |
| NWC Investment | (61) | 1 | (6) | (8) | (34) | (27) | (24) |
| (+) D&A | 61 | 55 | 69 | 59 | 70 | 72 | 48 |
| Free Cash Flow | 730 | 744 | 729 | 758 | 836 | 866 | 862 |
| % Growth | 2% | -2% | 4% | 10% | 4% | 0% | |