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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal Revenue Multiple | 4.6x - 5.1x | 4.8x |
| Fair Value | €55.62 - €64.16 | €59.82 |
| Upside | -4.1% - 10.6% | 3.1% |
| Select Revenue and EBITDA Forecast | ||||||
| (CHF in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
| Revenue | 6,574 | 7,565 | 8,298 | 9,296 | 10,473 | 11,591 |
| % Growth | -2.1% | 15.1% | 9.7% | 12.0% | 12.7% | 10.7% |
| EBITDA | 1,787 | 2,258 | 2,559 | 2,946 | 3,385 | 3,844 |
| % of Revenue | 27.2% | 29.8% | 30.8% | 31.7% | 32.3% | 33.2% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (CHF in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 2,258 | 2,559 | 2,946 | 3,385 | 3,844 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (694) | (803) | (861) | (913) | (1,017) | |
| EBIT | 1,563 | 1,756 | 2,085 | 2,472 | 2,827 | |
| Pro forma Taxes | (219) | (246) | (292) | (346) | (396) | |
| NOPAT | 1,041 | 1,344 | 1,511 | 1,793 | 2,126 | 2,431 |
| Capital Expenditures | (1,381) | (1,582) | (1,628) | (1,682) | (1,787) | (1,859) |
| NWC Investment | 17 | (117) | (87) | (118) | (139) | (132) |
| (+) D&A | 576 | 694 | 803 | 861 | 913 | 1,017 |
| Free Cash Flow | 253 | 340 | 599 | 854 | 1,113 | 1,457 |
| % Growth | 34% | 76% | 43% | 30% | 31% | |