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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Perpetuity Growth Rate | 3.5% - 4.5% | 4.0% |
| Fair Value | €265.58 - €393.98 | €316.97 |
| Upside | -34.1% - -2.3% | -21.4% |
| 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 | 10,817 | 11,411 | 12,061 | 12,774 | 13,825 | 14,637 | |
| % Growth | 8.4% | 5.5% | 5.7% | 5.9% | 8.2% | 5.9% | |
| EBITDA | 3,168 | 3,678 | 3,968 | 4,295 | 4,375 | 4,668 | |
| % of Revenue | 29.3% | 32.2% | 32.9% | 33.6% | 31.6% | 31.9% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 3,678 | 3,968 | 4,295 | 4,375 | 4,668 | 4,668 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (294) | (319) | (387) | (419) | (443) | (348) | |
| EBIT | 3,384 | 3,650 | 3,908 | 3,956 | 4,225 | 4,320 | |
| Pro forma Taxes | (609) | (657) | (703) | (712) | (760) | (778) | |
| NOPAT | 2,322 | 2,775 | 2,993 | 3,205 | 3,244 | 3,464 | 3,543 |
| Capital Expenditures | (257) | (271) | (288) | (306) | (346) | (366) | (366) |
| NWC Investment | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| (+) D&A | 336 | 294 | 319 | 387 | 419 | 443 | 348 |
| Free Cash Flow | 2,401 | 2,797 | 3,023 | 3,286 | 3,317 | 3,541 | 3,524 |
| % Growth | 17% | 8% | 9% | 1% | 7% | 0% | |