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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Terminal EBITDA Multiple | 8.2x - 10.2x | 9.2x |
| Fair Value | €46.41 - €60.23 | €53.18 |
| Upside | 1.1% - 31.2% | 15.8% |
| 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 | 4,136 | 4,172 | 4,372 | 4,584 | 4,769 | 4,968 |
| % Growth | -17.3% | 0.9% | 4.8% | 4.8% | 4.0% | 4.2% |
| EBITDA | 913 | 1,097 | 1,193 | 1,256 | 1,375 | 1,434 |
| % of Revenue | 22.1% | 26.3% | 27.3% | 27.4% | 28.8% | 28.9% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 1,097 | 1,193 | 1,256 | 1,375 | 1,434 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (200) | (202) | (193) | (276) | (282) | |
| EBIT | 897 | 991 | 1,063 | 1,099 | 1,152 | |
| Pro forma Taxes | (197) | (218) | (234) | (242) | (253) | |
| NOPAT | 585 | 699 | 773 | 829 | 857 | 899 |
| Capital Expenditures | (87) | (250) | (250) | (265) | (273) | (281) |
| NWC Investment | 45 | (2) | (10) | (11) | (10) | (10) |
| (+) D&A | 163 | 200 | 202 | 193 | 276 | 282 |
| Free Cash Flow | 706 | 647 | 715 | 746 | 851 | 889 |
| % Growth | -8% | 10% | 4% | 14% | 5% | |