Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal EBITDA Multiple | 10.4x - 12.4x | 11.4x |
| Fair Value | €182.08 - €232.90 | €207 |
| Upside | -11.3% - 13.4% | 0.8% |
| 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 | 11,535 | 11,926 | 12,421 | 13,059 | 13,861 | 14,349 |
| % Growth | 0.7% | 3.4% | 4.1% | 5.1% | 6.1% | 3.5% |
| EBITDA | 991 | 993 | 1,086 | 1,159 | 1,232 | 1,315 |
| % of Revenue | 8.6% | 8.3% | 8.7% | 8.9% | 8.9% | 9.2% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 993 | 1,086 | 1,159 | 1,232 | 1,315 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (350) | (351) | (332) | (381) | (459) | |
| EBIT | 642 | 735 | 828 | 851 | 856 | |
| Pro forma Taxes | (103) | (118) | (132) | (136) | (137) | |
| NOPAT | 559 | 540 | 617 | 695 | 714 | 719 |
| Capital Expenditures | (367) | (474) | (436) | (362) | (392) | (393) |
| NWC Investment | (2) | (8) | (10) | (13) | (16) | (10) |
| (+) D&A | 326 | 350 | 351 | 332 | 381 | 459 |
| Free Cash Flow | 516 | 408 | 522 | 652 | 687 | 776 |
| % Growth | -21% | 28% | 25% | 5% | 13% | |