Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.8% - 10.8% | 11.3% |
| Terminal EBITDA Multiple | 3.7x - 5.7x | 4.7x |
| Fair Value | €18.44 - €25.70 | €21.99 |
| Upside | 51.1% - 110.6% | 80.3% |
| 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 | 4,332 | 4,603 | 4,788 | 4,884 | 4,982 | 5,081 |
| % Growth | -10.4% | 6.2% | 4.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 111 | 155 | 187 | 191 | 194 | 198 |
| % of Revenue | 2.6% | 3.4% | 3.9% | 3.9% | 3.9% | 3.9% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 155 | 187 | 191 | 194 | 198 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (51) | (60) | (61) | (63) | (64) | |
| EBIT | 104 | 127 | 129 | 132 | 134 | |
| Pro forma Taxes | (22) | (27) | (27) | (28) | (28) | |
| NOPAT | 56 | 82 | 100 | 102 | 104 | 106 |
| Capital Expenditures | (11) | (10) | (10) | (10) | (11) | (11) |
| NWC Investment | 55 | (29) | (20) | (10) | (11) | (11) |
| (+) D&A | 40 | 51 | 60 | 61 | 63 | 64 |
| Free Cash Flow | 140 | 94 | 130 | 143 | 145 | 148 |
| % Growth | -33% | 38% | 10% | 2% | 2% | |