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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal EBITDA Multiple | 13.3x - 15.3x | 14.3x |
| Fair Value | €69.16 - €76.09 | €72.56 |
| Upside | 10.2% - 21.3% | 15.7% |
| 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 | 675 | 865 | 1,183 | 1,906 | 2,481 | 2,893 |
| % Growth | 39.9% | 28.2% | 36.7% | 61.2% | 30.2% | 16.6% |
| EBITDA | 138 | 217 | 289 | 346 | 358 | 405 |
| % of Revenue | 20.4% | 25.0% | 24.5% | 18.1% | 14.4% | 14.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 217 | 289 | 346 | 358 | 405 | |
| Other Income / (Exp) | 0 | 190 | 783 | 1,467 | 1,817 | |
| D&A | (107) | (147) | (237) | (308) | (359) | |
| EBIT | 109 | 333 | 892 | 1,517 | 1,863 | |
| Pro forma Taxes | (15) | (47) | (125) | (212) | (261) | |
| NOPAT | 118 | 94 | 286 | 767 | 1,304 | 1,603 |
| Capital Expenditures | (2) | (0) | (0) | (1) | (1) | (1) |
| NWC Investment | 11 | 11 | 19 | 43 | 34 | 24 |
| (+) D&A | 1 | 107 | 147 | 237 | 308 | 359 |
| Free Cash Flow | 128 | 212 | 451 | 1,046 | 1,645 | 1,985 |
| % Growth | 66% | 113% | 132% | 57% | 21% | |