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 | 10.8% - 9.8% | 10.3% |
| Perpetuity Growth Rate | 2.3% - 3.3% | 2.8% |
| Fair Value | €49.49 - €69.13 | €58.02 |
| Upside | 49.1% - 108.2% | 74.7% |
| 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 | 5,804 | 5,548 | 5,649 | 5,728 | 6,001 | 6,410 | |
| % Growth | 2.5% | -4.4% | 1.8% | 1.4% | 4.8% | 6.8% | |
| EBITDA | 2,409 | 2,558 | 2,612 | 2,642 | 2,547 | 2,647 | |
| % of Revenue | 41.5% | 46.1% | 46.2% | 46.1% | 42.4% | 41.3% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 2,558 | 2,612 | 2,642 | 2,547 | 2,647 | 2,647 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,154) | (1,169) | (1,103) | (1,035) | (1,050) | (950) | |
| EBIT | 1,404 | 1,443 | 1,539 | 1,512 | 1,597 | 1,697 | |
| Pro forma Taxes | (309) | (317) | (339) | (333) | (351) | (373) | |
| NOPAT | 1,076 | 1,095 | 1,125 | 1,200 | 1,179 | 1,246 | 1,324 |
| Capital Expenditures | (540) | (690) | (719) | (815) | (782) | (1,000) | (1,000) |
| NWC Investment | 17 | (30) | 12 | 9 | 32 | 49 | 21 |
| (+) D&A | 1,030 | 1,154 | 1,169 | 1,103 | 1,035 | 1,050 | 950 |
| Free Cash Flow | 1,583 | 1,529 | 1,588 | 1,497 | 1,465 | 1,344 | 1,295 |
| % Growth | -3% | 4% | -6% | -2% | -8% | -4% | |