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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal Revenue Multiple | 2.3x - 2.5x | 2.4x |
| Fair Value | €57.23 - €66.70 | €61.81 |
| Upside | 4.0% - 21.2% | 12.3% |
| 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 | 7,828 | 7,622 | 7,951 | 8,301 | 8,889 | 9,525 | 9,858 | 10,056 | 10,257 | 10,462 | 10,671 |
| % Growth | -1.7% | -2.6% | 4.3% | 4.4% | 7.1% | 7.2% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 1,522 | 1,301 | 1,437 | 1,607 | 1,818 | 1,951 | 2,019 | 2,060 | 2,101 | 2,143 | 2,186 |
| % of Revenue | 19.4% | 17.1% | 18.1% | 19.4% | 20.5% | 20.5% | 20.5% | 20.5% | 20.5% | 20.5% | 20.5% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | ||
| EBITDA | 1,301 | 1,437 | 1,607 | 1,818 | 1,951 | 2,019 | 2,060 | 2,101 | 2,143 | 2,186 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (146) | (167) | (151) | (166) | (179) | (185) | (189) | (193) | (197) | (201) | |
| EBIT | 1,155 | 1,271 | 1,456 | 1,652 | 1,772 | 1,834 | 1,871 | 1,908 | 1,946 | 1,985 | |
| Pro forma Taxes | (289) | (318) | (364) | (413) | (443) | (459) | (468) | (477) | (487) | (496) | |
| NOPAT | 1,029 | 866 | 953 | 1,092 | 1,239 | 1,329 | 1,376 | 1,403 | 1,431 | 1,460 | 1,489 |
| Capital Expenditures | (168) | (175) | (185) | (195) | (204) | (219) | (206) | (210) | (212) | (209) | (210) |
| NWC Investment | 14 | 20 | (33) | (35) | (58) | (63) | (33) | (20) | (20) | (20) | (21) |
| (+) D&A | 150 | 146 | 167 | 151 | 166 | 179 | 185 | 189 | 193 | 197 | 201 |
| Free Cash Flow | 1,025 | 858 | 902 | 1,013 | 1,143 | 1,226 | 1,322 | 1,363 | 1,392 | 1,427 | 1,459 |
| % Growth | 5% | 12% | 13% | 7% | 8% | 3% | 2% | 2% | 2% | ||