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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 19.8% - 18.8% | 19.3% |
| Perpetuity Growth Rate | 8.8% - 9.8% | 9.3% |
| Fair Value | €1.48 - €3.66 | €2.46 |
| Upside | -64.3% - -11.7% | -40.6% |
| 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 | 3,046 | 3,137 | 3,200 | 3,264 | 3,329 | 3,396 | |
| % Growth | 0.8% | 3.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 510 | 570 | 581 | 593 | 605 | 617 | |
| % of Revenue | 16.7% | 18.2% | 18.2% | 18.2% | 18.2% | 18.2% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 570 | 581 | 593 | 605 | 617 | 617 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (147) | (150) | (153) | (156) | (160) | (265) | |
| EBIT | 423 | 431 | 440 | 448 | 457 | 352 | |
| Pro forma Taxes | (34) | (34) | (35) | (36) | (37) | (28) | |
| NOPAT | 330 | 389 | 397 | 404 | 413 | 421 | 323 |
| Capital Expenditures | (292) | (254) | (259) | (269) | (274) | (279) | (279) |
| NWC Investment | (8) | (29) | (20) | (20) | (20) | (21) | (99) |
| (+) D&A | 151 | 147 | 150 | 153 | 156 | 160 | 265 |
| Free Cash Flow | 181 | 253 | 268 | 269 | 275 | 280 | 211 |
| % Growth | 40% | 6% | 1% | 2% | 2% | -25% | |