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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal Revenue Multiple | 1.7x - 1.9x | 1.8x |
| Fair Value | €56.99 - €64.57 | €60.72 |
| Upside | -24.6% - -14.6% | -19.7% |
| 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 |
| Revenue | 2,941 | 2,789 | 3,019 | 3,233 | 3,363 | 3,573 |
| % Growth | 13.9% | -5.2% | 8.2% | 7.1% | 4.0% | 6.2% |
| EBITDA | 659 | 443 | 582 | 653 | 825 | 903 |
| % of Revenue | 22.4% | 15.9% | 19.3% | 20.2% | 24.5% | 25.3% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 443 | 582 | 653 | 825 | 903 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (175) | (146) | (169) | (186) | (197) | |
| EBIT | 268 | 435 | 484 | 639 | 706 | |
| Pro forma Taxes | (64) | (104) | (116) | (153) | (169) | |
| NOPAT | 406 | 204 | 331 | 368 | 486 | 537 |
| Capital Expenditures | (183) | (350) | (438) | (400) | (269) | (286) |
| NWC Investment | (32) | 13 | (20) | (19) | (11) | (19) |
| (+) D&A | 125 | 175 | 146 | 169 | 186 | 197 |
| Free Cash Flow | 316 | 42 | 19 | 118 | 391 | 429 |
| % Growth | -87% | -54% | 511% | 231% | 10% | |