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 Revenue Multiple | 3.6x - 4.0x | 3.8x |
| Fair Value | €45.67 - €52.39 | €48.97 |
| Upside | 39.1% - 59.6% | 49.2% |
| 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 | 11,298 | 12,290 | 13,019 | 13,841 | 14,625 | 15,350 |
| % Growth | 8.9% | 8.8% | 5.9% | 6.3% | 5.7% | 5.0% |
| EBITDA | 3,762 | 4,865 | 5,283 | 5,509 | 6,085 | 6,428 |
| % of Revenue | 33.3% | 39.6% | 40.6% | 39.8% | 41.6% | 41.9% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 4,865 | 5,283 | 5,509 | 6,085 | 6,428 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,800) | (1,832) | (1,748) | (1,774) | (1,894) | |
| EBIT | 3,065 | 3,450 | 3,761 | 4,311 | 4,534 | |
| Pro forma Taxes | (307) | (345) | (376) | (431) | (453) | |
| NOPAT | 2,207 | 2,759 | 3,105 | 3,385 | 3,880 | 4,081 |
| Capital Expenditures | (1,567) | (2,208) | (1,325) | (1,225) | (1,841) | (2,634) |
| NWC Investment | 152 | 163 | 120 | 135 | 129 | 119 |
| (+) D&A | 1,310 | 1,800 | 1,832 | 1,748 | 1,774 | 1,894 |
| Free Cash Flow | 2,102 | 2,514 | 3,732 | 4,043 | 3,942 | 3,460 |
| % Growth | 20% | 48% | 8% | -3% | -12% | |