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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal EBITDA Multiple | 8.2x - 10.2x | 9.2x |
| Fair Value | €31.71 - €38.31 | €34.90 |
| Upside | 38.9% - 67.7% | 52.8% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 9,188 | 8,852 | 9,121 | 9,391 | 10,013 | 10,261 | 10,466 | 10,676 | 10,889 | 11,107 | 11,329 |
| % Growth | -2.3% | -3.7% | 3.0% | 3.0% | 6.6% | 2.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 1,693 | 1,715 | 1,839 | 1,904 | 1,865 | 1,917 | 1,955 | 1,994 | 2,034 | 2,075 | 2,117 |
| % of Revenue | 18.4% | 19.4% | 20.2% | 20.3% | 18.6% | 18.7% | 18.7% | 18.7% | 18.7% | 18.7% | 18.7% |
| 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 | |
| EBITDA | 1,715 | 1,839 | 1,904 | 1,865 | 1,917 | 1,955 | 1,994 | 2,034 | 2,075 | 2,117 | |
| Other Income / (Exp) | 0 | 0 | 0 | 217 | 210 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (135) | (162) | (155) | (166) | (170) | (173) | (176) | (180) | (184) | (187) | |
| EBIT | 1,580 | 1,677 | 1,749 | 1,916 | 1,957 | 1,782 | 1,818 | 1,854 | 1,891 | 1,929 | |
| Pro forma Taxes | (316) | (335) | (350) | (383) | (391) | (356) | (364) | (371) | (378) | (386) | |
| NOPAT | 1,147 | 1,264 | 1,342 | 1,399 | 1,533 | 1,566 | 1,426 | 1,454 | 1,483 | 1,513 | 1,543 |
| Capital Expenditures | (142) | (120) | (143) | (147) | (240) | (246) | (211) | (215) | (220) | (215) | (217) |
| NWC Investment | (19) | (30) | 24 | 24 | 55 | 22 | 18 | 19 | 19 | 19 | 20 |
| (+) D&A | 259 | 135 | 162 | 155 | 166 | 170 | 173 | 176 | 180 | 184 | 187 |
| Free Cash Flow | 1,245 | 1,249 | 1,385 | 1,431 | 1,513 | 1,511 | 1,406 | 1,434 | 1,463 | 1,501 | 1,534 |
| % Growth | 0% | 11% | 3% | 6% | 0% | -7% | 2% | 2% | 3% | 2% | |