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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 11.5% - 10.5% | 11.0% |
Terminal EBITDA Multiple | 14.0x - 16.0x | 15.0x |
Fair Value | €21.23 - €25.04 | €23.10 |
Upside | 15.4% - 36.1% | 25.5% |
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 | 6,355 | 6,154 | 6,421 | 6,635 | 6,768 | 6,903 |
% Growth | 2.9% | -3.2% | 4.3% | 3.3% | 2.0% | 2.0% |
EBITDA | 846 | 914 | 990 | 1,014 | 1,035 | 1,055 |
% of Revenue | 13.3% | 14.9% | 15.4% | 15.3% | 15.3% | 15.3% |
Calculation of Free Cash Flow | ||||||
Projected Unlevered Cash Flow | ||||||
(USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
EBITDA | 914 | 990 | 1,014 | 1,035 | 1,055 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
D&A | (201) | (219) | (221) | (226) | (230) | |
EBIT | 713 | 771 | 793 | 809 | 825 | |
Pro forma Taxes | (86) | (93) | (95) | (97) | (99) | |
NOPAT | 575 | 628 | 678 | 698 | 712 | 726 |
Capital Expenditures | (228) | (256) | (260) | (282) | (288) | (294) |
NWC Investment | (14) | 16 | (21) | (17) | (10) | (11) |
(+) D&A | 193 | 201 | 219 | 221 | 226 | 230 |
Free Cash Flow | 527 | 588 | 616 | 620 | 639 | 652 |
% Growth | 12% | 5% | 1% | 3% | 2% |