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 | 10.5% - 9.5% | 10.0% |
| Perpetuity Growth Rate | 4.3% - 5.3% | 4.8% |
| Fair Value | €3.45 - €10.18 | €6.18 |
| Upside | -76.7% - -31.2% | -58.3% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| Revenue | 1,758 | 1,853 | 2,031 | 1,985 | 2,187 | 2,351 | 2,433 | 2,482 | 2,532 | 2,582 | 2,634 | |
| % Growth | -2.5% | 5.4% | 9.6% | -2.2% | 10.1% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 470 | 516 | 572 | 554 | 665 | 738 | 764 | 779 | 795 | 811 | 827 | |
| % of Revenue | 26.7% | 27.9% | 28.2% | 27.9% | 30.4% | 31.4% | 31.4% | 31.4% | 31.4% | 31.4% | 31.4% | |
| Calculation of Free Cash Flow | ||||||||||||
| Projected Unlevered Cash Flow | ||||||||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | Terminal | |
| EBITDA | 516 | 572 | 554 | 665 | 738 | 764 | 779 | 795 | 811 | 827 | 827 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (178) | (233) | (183) | (259) | (278) | (288) | (294) | (299) | (305) | (311) | (356) | |
| EBIT | 338 | 339 | 370 | 406 | 460 | 476 | 486 | 495 | 505 | 515 | 471 | |
| Pro forma Taxes | (34) | (34) | (37) | (41) | (46) | (48) | (49) | (50) | (51) | (52) | (47) | |
| NOPAT | 243 | 304 | 305 | 333 | 365 | 414 | 428 | 437 | 446 | 455 | 464 | 424 |
| Capital Expenditures | (523) | (533) | (811) | (593) | (637) | (487) | (365) | (372) | (380) | (372) | (375) | (375) |
| NWC Investment | 10 | (20) | (37) | 10 | (42) | (35) | (17) | (10) | (10) | (11) | (11) | (26) |
| (+) D&A | 200 | 178 | 233 | 183 | 259 | 278 | 288 | 294 | 299 | 305 | 311 | 356 |
| Free Cash Flow | (70) | (71) | (310) | (67) | (55) | 170 | 334 | 348 | 355 | 377 | 390 | 379 |
| % Growth | NM | NM | NM | NM | NM | 96% | 4% | 2% | 6% | 3% | -3% | |