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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal EBITDA Multiple | 12.2x - 14.2x | 13.2x |
| Fair Value | €86.01 - €101.48 | €93.47 |
| Upside | 11.1% - 31.1% | 20.7% |
| 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 | 5,956 | 6,753 | 7,606 | 8,876 | 9,984 | 11,177 | 12,384 | 13,376 | 14,349 | 15,142 | 17,674 |
| % Growth | 12.3% | 13.4% | 12.6% | 16.7% | 12.5% | 11.9% | 10.8% | 8.0% | 7.3% | 5.5% | 16.7% |
| EBITDA | 1,922 | 2,323 | 2,612 | 3,095 | 3,519 | 4,202 | 5,462 | 6,492 | 7,036 | 7,500 | 8,931 |
| % of Revenue | 32.3% | 34.4% | 34.3% | 34.9% | 35.2% | 37.6% | 44.1% | 48.5% | 49.0% | 49.5% | 50.5% |
| 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 | |
| EBITDA | 2,323 | 2,612 | 3,095 | 3,519 | 4,202 | 5,462 | 6,492 | 7,036 | 7,500 | 8,931 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (156) | (128) | (206) | (258) | (584) | (647) | (699) | (749) | (791) | (923) | |
| EBIT | 2,167 | 2,484 | 2,889 | 3,261 | 3,618 | 4,816 | 5,793 | 6,286 | 6,710 | 8,008 | |
| Pro forma Taxes | (303) | (348) | (404) | (457) | (507) | (674) | (811) | (880) | (939) | (1,121) | |
| NOPAT | 1,547 | 1,863 | 2,136 | 2,484 | 2,805 | 3,112 | 4,141 | 4,982 | 5,406 | 5,770 | 6,887 |
| Capital Expenditures | (379) | (400) | (380) | (443) | (406) | (452) | (434) | (431) | (439) | (434) | (435) |
| NWC Investment | 257 | 314 | 336 | 501 | 437 | 470 | 476 | 391 | 384 | 313 | 998 |
| (+) D&A | 123 | 156 | 128 | 206 | 258 | 584 | 647 | 699 | 749 | 791 | 923 |
| Free Cash Flow | 1,548 | 1,934 | 2,221 | 2,748 | 3,094 | 3,714 | 4,831 | 5,641 | 6,101 | 6,439 | 8,374 |
| % Growth | 25% | 15% | 24% | 13% | 20% | 30% | 17% | 8% | 6% | 30% | |