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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Perpetuity Growth Rate | 1.5% - 2.5% | 2.0% |
| Fair Value | €15.84 - €21.72 | €18.35 |
| Upside | -14.7% - 17.0% | -1.1% |
| 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 | 6,613 | 7,419 | 8,236 | 9,094 | 9,562 | 7,593 | |
| % Growth | 4.6% | 12.2% | 11.0% | 10.4% | 5.2% | -20.6% | |
| EBITDA | 3,023 | 4,120 | 4,867 | 5,346 | 6,493 | 4,251 | |
| % of Revenue | 45.7% | 55.5% | 59.1% | 58.8% | 67.9% | 56.0% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 4,120 | 4,867 | 5,346 | 6,493 | 4,251 | 4,251 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,601) | (1,729) | (1,861) | (2,076) | (1,648) | (1,576) | |
| EBIT | 2,519 | 3,138 | 3,485 | 4,418 | 2,603 | 2,675 | |
| Pro forma Taxes | (831) | (1,036) | (1,150) | (1,458) | (859) | (883) | |
| NOPAT | 1,084 | 1,688 | 2,102 | 2,335 | 2,960 | 1,744 | 1,792 |
| Capital Expenditures | (2,415) | (3,874) | (2,938) | (1,847) | (1,677) | (1,659) | (1,659) |
| NWC Investment | (17) | (47) | (47) | (50) | (27) | 114 | (9) |
| (+) D&A | 1,405 | 1,601 | 1,729 | 1,861 | 2,076 | 1,648 | 1,576 |
| Free Cash Flow | 57 | (633) | 846 | 2,299 | 3,332 | 1,847 | 1,700 |
| % Growth | NM | NM | 172% | 45% | -45% | -8% | |