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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal Revenue Multiple | 2.4x - 2.7x | 2.6x |
| Fair Value | €60.45 - €71.73 | €65.99 |
| Upside | -1.9% - 16.4% | 7.1% |
| 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 | 8,504 | 8,681 | 8,808 | 8,684 | 9,160 |
| % Growth | 0.7% | 3.0% | 2.1% | 1.5% | -1.4% | 5.5% |
| EBITDA | 1,647 | 1,939 | 2,006 | 2,016 | 2,095 | 2,301 |
| % of Revenue | 20.0% | 22.8% | 23.1% | 22.9% | 24.1% | 25.1% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 1,939 | 2,006 | 2,016 | 2,095 | 2,301 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (199) | (231) | (166) | (65) | (68) | |
| EBIT | 1,740 | 1,775 | 1,850 | 2,030 | 2,233 | |
| Pro forma Taxes | (365) | (373) | (389) | (426) | (469) | |
| NOPAT | 863 | 1,375 | 1,402 | 1,462 | 1,604 | 1,764 |
| Capital Expenditures | (380) | (449) | (388) | (350) | (412) | (485) |
| NWC Investment | (0) | (1) | (1) | (1) | 1 | (3) |
| (+) D&A | 555 | 199 | 231 | 166 | 65 | 68 |
| Free Cash Flow | 1,037 | 1,123 | 1,245 | 1,277 | 1,258 | 1,344 |
| % Growth | 8% | 11% | 3% | -2% | 7% | |