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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal EBITDA Multiple | 20.0x - 22.0x | 21.0x |
| Fair Value | €220.67 - €245.13 | €232.69 |
| Upside | -3.2% - 7.5% | 2.1% |
| 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 | 38,702 | 40,571 | 45,021 | 49,199 | 53,686 | 57,027 |
| % Growth | 9.5% | 4.8% | 11.0% | 9.3% | 9.1% | 6.2% |
| EBITDA | 8,941 | 9,895 | 10,974 | 12,020 | 13,461 | 15,448 |
| % of Revenue | 23.1% | 24.4% | 24.4% | 24.4% | 25.1% | 27.1% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 9,895 | 10,974 | 12,020 | 13,461 | 15,448 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,214) | (998) | (1,071) | (1,484) | (2,355) | |
| EBIT | 8,681 | 9,976 | 10,950 | 11,977 | 13,093 | |
| Pro forma Taxes | (1,042) | (1,197) | (1,314) | (1,437) | (1,571) | |
| NOPAT | 6,826 | 7,639 | 8,779 | 9,636 | 10,540 | 11,522 |
| Capital Expenditures | (1,032) | (1,084) | (1,187) | (1,341) | (1,426) | (1,564) |
| NWC Investment | 719 | 401 | 954 | 896 | 962 | 716 |
| (+) D&A | 1,184 | 1,214 | 998 | 1,071 | 1,484 | 2,355 |
| Free Cash Flow | 7,697 | 8,170 | 9,545 | 10,261 | 11,560 | 13,029 |
| % Growth | 6% | 17% | 8% | 13% | 13% | |