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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal EBITDA Multiple | 10.9x - 12.9x | 11.9x |
| Fair Value | €64.23 - €79.25 | €71.60 |
| Upside | -5.9% - 16.1% | 4.9% |
| 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 | 4,414 | 4,621 | 4,779 | 4,975 | 5,179 |
| % Growth | -17.3% | 6.7% | 4.7% | 3.4% | 4.1% | 4.1% |
| EBITDA | 950 | 1,197 | 1,276 | 1,339 | 1,366 | 1,420 |
| % of Revenue | 23.0% | 27.1% | 27.6% | 28.0% | 27.4% | 27.4% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 1,197 | 1,276 | 1,339 | 1,366 | 1,420 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (195) | (201) | (217) | (222) | (226) | |
| EBIT | 1,002 | 1,075 | 1,122 | 1,144 | 1,194 | |
| Pro forma Taxes | (221) | (237) | (247) | (252) | (263) | |
| NOPAT | 614 | 782 | 839 | 876 | 892 | 932 |
| Capital Expenditures | (87) | (252) | (252) | (252) | (265) | (271) |
| NWC Investment | 49 | (16) | (12) | (9) | (11) | (11) |
| (+) D&A | 163 | 195 | 201 | 217 | 222 | 226 |
| Free Cash Flow | 738 | 709 | 775 | 831 | 838 | 875 |
| % Growth | -4% | 9% | 7% | 1% | 4% | |