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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal Revenue Multiple | 4.4x - 4.9x | 4.6x |
| Fair Value | €19.58 - €22.68 | €21.08 |
| Upside | 10.5% - 28.1% | 19.0% |
| 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 | 6,613 | 7,369 | 8,238 | 9,177 | 8,716 | 7,593 | 7,593 | 7,593 | 7,593 | 7,593 | 7,593 |
| % Growth | 4.6% | 11.4% | 11.8% | 11.4% | -5.0% | -12.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 3,023 | 4,107 | 4,883 | 5,545 | 6,331 | 4,251 | 4,251 | 4,251 | 4,251 | 4,251 | 4,251 |
| % of Revenue | 45.7% | 55.7% | 59.3% | 60.4% | 72.6% | 56.0% | 56.0% | 56.0% | 56.0% | 56.0% | 56.0% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | ||
| EBITDA | 4,107 | 4,883 | 5,545 | 6,331 | 4,251 | 4,251 | 4,251 | 4,251 | 4,251 | 4,251 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,639) | (1,758) | (2,026) | (2,374) | (2,068) | (2,068) | (2,068) | (2,068) | (2,068) | (2,068) | |
| EBIT | 2,468 | 3,125 | 3,519 | 3,957 | 2,183 | 2,183 | 2,183 | 2,183 | 2,183 | 2,183 | |
| Pro forma Taxes | (814) | (1,031) | (1,161) | (1,306) | (720) | (720) | (720) | (720) | (720) | (720) | |
| NOPAT | 1,084 | 1,654 | 2,094 | 2,358 | 2,651 | 1,463 | 1,463 | 1,463 | 1,463 | 1,463 | 1,463 |
| Capital Expenditures | (2,415) | (3,872) | (2,938) | (1,981) | (1,672) | (1,659) | (1,659) | (1,659) | (1,659) | (1,659) | (1,659) |
| NWC Investment | (17) | (44) | (50) | (54) | 27 | 65 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 1,405 | 1,639 | 1,758 | 2,026 | 2,374 | 2,068 | 2,068 | 2,068 | 2,068 | 2,068 | 2,068 |
| Free Cash Flow | 57 | (623) | 863 | 2,348 | 3,380 | 1,937 | 1,872 | 1,872 | 1,872 | 1,872 | 1,872 |
| % Growth | NM | 172% | 44% | -43% | -3% | 0% | 0% | 0% | 0% | ||