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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | €38.35 - €46.08 | €41.14 |
| Upside | -5.6% - 13.4% | 1.2% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| Revenue | 18,619 | 27,073 | 28,803 | 29,716 | 30,973 | 31,918 | 32,556 | 33,207 | 33,871 | 34,549 | 35,239 | |
| % Growth | -1.6% | 45.4% | 6.4% | 3.2% | 4.2% | 3.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 2,040 | 3,619 | 4,475 | 4,696 | 5,234 | 5,403 | 5,511 | 5,621 | 5,734 | 5,848 | 5,965 | |
| % of Revenue | 11.0% | 13.4% | 15.5% | 15.8% | 16.9% | 16.9% | 16.9% | 16.9% | 16.9% | 16.9% | 16.9% | |
| Calculation of Free Cash Flow | ||||||||||||
| Projected Unlevered Cash Flow | ||||||||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | Terminal | |
| EBITDA | 3,619 | 4,475 | 4,696 | 5,234 | 5,403 | 5,511 | 5,621 | 5,734 | 5,848 | 5,965 | 5,965 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,648) | (1,764) | (1,698) | (1,823) | (1,855) | (1,892) | (1,930) | (1,969) | (2,008) | (2,048) | (1,704) | |
| EBIT | 1,971 | 2,711 | 2,998 | 3,411 | 3,548 | 3,619 | 3,691 | 3,765 | 3,840 | 3,917 | 4,261 | |
| Pro forma Taxes | (552) | (759) | (840) | (955) | (993) | (1,013) | (1,034) | (1,054) | (1,075) | (1,097) | (1,193) | |
| NOPAT | 697 | 1,419 | 1,952 | 2,159 | 2,456 | 2,555 | 2,606 | 2,658 | 2,711 | 2,765 | 2,820 | 3,068 |
| Capital Expenditures | (921) | (1,758) | (1,880) | (1,804) | (1,760) | (1,815) | (1,793) | (1,789) | (1,799) | (1,794) | (1,794) | (1,794) |
| NWC Investment | 26 | (741) | (152) | (80) | (110) | (83) | (56) | (57) | (58) | (59) | (61) | 0 |
| (+) D&A | 1,072 | 1,648 | 1,764 | 1,698 | 1,823 | 1,855 | 1,892 | 1,930 | 1,969 | 2,008 | 2,048 | 1,704 |
| Free Cash Flow | 874 | 568 | 1,684 | 1,972 | 2,409 | 2,512 | 2,649 | 2,742 | 2,822 | 2,920 | 3,014 | 2,978 |
| % Growth | -35% | 196% | 17% | 22% | 4% | 5% | 3% | 3% | 3% | 3% | -1% | |