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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Terminal EBITDA Multiple | 16.9x - 18.9x | 17.9x |
| Fair Value | €45.53 - €51.81 | €48.61 |
| Upside | -9.2% - 3.3% | -3.1% |
| 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 | 7,493 | 7,962 | 8,589 | 9,261 | 10,363 | 11,016 |
| % Growth | 4.9% | 6.3% | 7.9% | 7.8% | 11.9% | 6.3% |
| EBITDA | 2,138 | 2,408 | 2,628 | 2,866 | 3,366 | 3,635 |
| % of Revenue | 28.5% | 30.2% | 30.6% | 30.9% | 32.5% | 33.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 2,408 | 2,628 | 2,866 | 3,366 | 3,635 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (99) | (82) | (112) | (164) | (185) | |
| EBIT | 2,309 | 2,546 | 2,754 | 3,202 | 3,450 | |
| Pro forma Taxes | (485) | (535) | (578) | (672) | (724) | |
| NOPAT | 1,625 | 1,824 | 2,011 | 2,176 | 2,530 | 2,725 |
| Capital Expenditures | (264) | (238) | (243) | (249) | (238) | (293) |
| NWC Investment | (51) | (68) | (92) | (98) | (161) | (95) |
| (+) D&A | 80 | 99 | 82 | 112 | 164 | 185 |
| Free Cash Flow | 1,390 | 1,617 | 1,758 | 1,940 | 2,294 | 2,522 |
| % Growth | 16% | 9% | 10% | 18% | 10% | |