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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal Revenue Multiple | 3.2x - 3.5x | 3.3x |
| Fair Value | €293.44 - €332.93 | €312.82 |
| Upside | -15.2% - -3.8% | -9.6% |
| 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 | 5,629 | 5,944 | 6,298 | 6,515 | 6,978 | 7,395 |
| % Growth | 4.8% | 5.6% | 6.0% | 3.5% | 7.1% | 6.0% |
| EBITDA | 1,313 | 1,378 | 1,498 | 1,602 | 1,692 | 1,831 |
| % of Revenue | 23.3% | 23.2% | 23.8% | 24.6% | 24.2% | 24.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 1,378 | 1,498 | 1,602 | 1,692 | 1,831 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (186) | (212) | (246) | (227) | (240) | |
| EBIT | 1,192 | 1,286 | 1,356 | 1,465 | 1,591 | |
| Pro forma Taxes | (250) | (270) | (285) | (308) | (334) | |
| NOPAT | 872 | 942 | 1,016 | 1,071 | 1,158 | 1,257 |
| Capital Expenditures | (180) | (152) | (167) | (182) | (192) | (203) |
| NWC Investment | (34) | (42) | (47) | (29) | (62) | (56) |
| (+) D&A | 209 | 186 | 212 | 246 | 227 | 240 |
| Free Cash Flow | 866 | 934 | 1,014 | 1,107 | 1,131 | 1,238 |
| % Growth | 8% | 9% | 9% | 2% | 9% | |