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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 10.3% - 9.3% | 9.8% |
Perpetuity Growth Rate | 1.0% - 2.0% | 1.5% |
Fair Value | €46.06 - €62.61 | €53.37 |
Upside | -26.4% - 0.0% | -14.7% |
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 | 8,254 | 8,418 | 8,604 | 8,875 | 8,747 | 9,160 | 9,343 | 9,530 | 9,721 | 9,915 | 10,113 | |
% Growth | 0.7% | 2.0% | 2.2% | 3.2% | -1.4% | 4.7% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
EBITDA | 1,647 | 1,937 | 2,033 | 2,065 | 2,252 | 2,358 | 2,406 | 2,454 | 2,503 | 2,553 | 2,604 | |
% of Revenue | 20.0% | 23.0% | 23.6% | 23.3% | 25.7% | 25.7% | 25.7% | 25.7% | 25.7% | 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | Terminal | |
EBITDA | 1,937 | 2,033 | 2,065 | 2,252 | 2,358 | 2,406 | 2,454 | 2,503 | 2,553 | 2,604 | 2,604 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
D&A | (251) | (305) | (244) | (219) | (229) | (234) | (239) | (243) | (248) | (253) | (417) | |
EBIT | 1,686 | 1,728 | 1,821 | 2,033 | 2,129 | 2,172 | 2,215 | 2,259 | 2,305 | 2,351 | 2,186 | |
Pro forma Taxes | (354) | (363) | (382) | (427) | (447) | (456) | (465) | (474) | (484) | (494) | (459) | |
NOPAT | 863 | 1,332 | 1,365 | 1,438 | 1,606 | 1,682 | 1,716 | 1,750 | 1,785 | 1,821 | 1,857 | 1,727 |
Capital Expenditures | (380) | (422) | (417) | (387) | (412) | (485) | (428) | (437) | (445) | (437) | (439) | (439) |
NWC Investment | 0 | 0 | 0 | 0 | (0) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
(+) D&A | 555 | 251 | 305 | 244 | 219 | 229 | 234 | 239 | 243 | 248 | 253 | 417 |
Free Cash Flow | 1,038 | 1,161 | 1,254 | 1,295 | 1,414 | 1,426 | 1,522 | 1,552 | 1,583 | 1,632 | 1,671 | 1,705 |
% Growth | 12% | 8% | 3% | 9% | 1% | 7% | 2% | 2% | 3% | 2% | 2% |