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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 10.3% - 9.3% | 9.8% |
Terminal EBITDA Multiple | 6.8x - 8.8x | 7.8x |
Fair Value | €41.02 - €59.33 | €50 |
Upside | -37.1% - -9.0% | -23.3% |
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 | 8,254 | 8,418 | 8,604 | 8,875 | 8,747 | 9,160 |
% Growth | 0.7% | 2.0% | 2.2% | 3.2% | -1.4% | 4.7% |
EBITDA | 1,647 | 1,937 | 2,033 | 2,065 | 2,252 | 2,358 |
% of Revenue | 20.0% | 23.0% | 23.6% | 23.3% | 25.7% | 25.7% |
Calculation of Free Cash Flow | ||||||
Projected Unlevered Cash Flow | ||||||
(USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
EBITDA | 1,937 | 2,033 | 2,065 | 2,252 | 2,358 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
D&A | (251) | (305) | (244) | (219) | (229) | |
EBIT | 1,686 | 1,728 | 1,821 | 2,033 | 2,129 | |
Pro forma Taxes | (354) | (363) | (382) | (427) | (447) | |
NOPAT | 863 | 1,332 | 1,365 | 1,438 | 1,606 | 1,682 |
Capital Expenditures | (380) | (422) | (417) | (387) | (412) | (485) |
NWC Investment | 0 | 0 | 0 | 0 | (0) | 0 |
(+) D&A | 555 | 251 | 305 | 244 | 219 | 229 |
Free Cash Flow | 1,038 | 1,161 | 1,254 | 1,295 | 1,414 | 1,426 |
% Growth | 12% | 8% | 3% | 9% | 1% |