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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Perpetuity Growth Rate | 3.8% - 4.8% | 4.3% |
| Fair Value | €63.23 - €86.20 | €72.57 |
| Upside | -13.1% - 18.4% | -0.3% |
| 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 | 2,113 | 2,249 | 2,335 | 2,515 | 2,955 | 3,317 | 3,566 | 3,691 | 3,764 | 3,840 | 3,916 | |
| % Growth | -3.7% | 6.4% | 3.9% | 7.7% | 17.5% | 12.3% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 654 | 714 | 754 | 834 | 1,001 | 1,110 | 1,211 | 1,253 | 1,279 | 1,304 | 1,330 | |
| % of Revenue | 30.9% | 31.8% | 32.3% | 33.2% | 33.9% | 33.5% | 34.0% | 34.0% | 34.0% | 34.0% | 34.0% | |
| 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 | Terminal | |
| EBITDA | 714 | 754 | 834 | 1,001 | 1,110 | 1,211 | 1,253 | 1,279 | 1,304 | 1,330 | 1,330 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (100) | (100) | (123) | (89) | (100) | (108) | (111) | (113) | (116) | (118) | (86) | |
| EBIT | 614 | 653 | 711 | 912 | 1,010 | 1,104 | 1,142 | 1,165 | 1,188 | 1,212 | 1,245 | |
| Pro forma Taxes | (98) | (105) | (114) | (146) | (162) | (177) | (183) | (186) | (190) | (194) | (199) | |
| NOPAT | 476 | 516 | 549 | 597 | 766 | 848 | 927 | 959 | 979 | 998 | 1,018 | 1,045 |
| Capital Expenditures | (107) | (65) | (66) | (71) | (89) | (100) | (87) | (90) | (91) | (89) | (90) | (90) |
| NWC Investment | 19 | (31) | (20) | (41) | (101) | (83) | (57) | (29) | (17) | (17) | (18) | (38) |
| (+) D&A | 87 | 100 | 100 | 123 | 89 | 100 | 108 | 111 | 113 | 116 | 118 | 86 |
| Free Cash Flow | 475 | 520 | 563 | 608 | 665 | 766 | 891 | 952 | 984 | 1,007 | 1,029 | 1,003 |
| % Growth | 9% | 8% | 8% | 9% | 15% | 16% | 7% | 3% | 2% | 2% | -2% | |