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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Perpetuity Growth Rate | 1.5% - 2.5% | 2.0% |
| Fair Value | €41.32 - €58.33 | €48.79 |
| Upside | 12.7% - 59.0% | 33.0% |
| 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 | 4,246 | 4,202 | 4,475 | 4,704 | 4,871 | 5,324 | |
| % Growth | -5.4% | -1.0% | 6.5% | 5.1% | 3.5% | 9.3% | |
| EBITDA | 811 | 900 | 987 | 1,059 | 1,111 | 1,419 | |
| % of Revenue | 19.1% | 21.4% | 22.1% | 22.5% | 22.8% | 26.7% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 900 | 987 | 1,059 | 1,111 | 1,419 | 1,419 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (184) | (172) | (164) | (170) | (240) | (133) | |
| EBIT | 716 | 816 | 895 | 941 | 1,179 | 1,286 | |
| Pro forma Taxes | (107) | (122) | (134) | (141) | (177) | (193) | |
| NOPAT | 540 | 608 | 693 | 761 | 800 | 1,002 | 1,093 |
| Capital Expenditures | (68) | (110) | (116) | (130) | (128) | (140) | (140) |
| NWC Investment | 133 | 24 | (151) | (127) | (92) | (250) | (59) |
| (+) D&A | 176 | 184 | 172 | 164 | 170 | 240 | 133 |
| Free Cash Flow | 781 | 707 | 598 | 668 | 750 | 852 | 1,027 |
| % Growth | -10% | -15% | 12% | 12% | 14% | 21% | |