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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.0% - 8.0% | 8.5% |
| Terminal Revenue Multiple | 1.0x - 1.1x | 1.0x |
| Fair Value | €40.56 - €46.41 | €43.44 |
| Upside | 2.8% - 17.6% | 10.0% |
| 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 | 18,619 | 27,175 | 28,723 | 29,766 | 30,973 | 31,918 |
| % Growth | -1.6% | 46.0% | 5.7% | 3.6% | 4.1% | 3.0% |
| EBITDA | 2,040 | 3,683 | 4,369 | 4,732 | 5,234 | 5,403 |
| % of Revenue | 11.0% | 13.6% | 15.2% | 15.9% | 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 | |
| EBITDA | 3,683 | 4,369 | 4,732 | 5,234 | 5,403 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,651) | (1,662) | (1,757) | (1,823) | (1,855) | |
| EBIT | 2,031 | 2,707 | 2,975 | 3,411 | 3,548 | |
| Pro forma Taxes | (569) | (758) | (833) | (955) | (993) | |
| NOPAT | 697 | 1,463 | 1,949 | 2,142 | 2,456 | 2,555 |
| Capital Expenditures | (921) | (1,719) | (1,803) | (1,783) | (1,760) | (1,815) |
| NWC Investment | 26 | (750) | (136) | (91) | (106) | (83) |
| (+) D&A | 1,072 | 1,651 | 1,662 | 1,757 | 1,823 | 1,855 |
| Free Cash Flow | 874 | 645 | 1,673 | 2,025 | 2,413 | 2,512 |
| % Growth | -26% | 159% | 21% | 19% | 4% | |