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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Perpetuity Growth Rate | 4.8% - 5.8% | 5.3% |
| Fair Value | €9.92 - €23.76 | €15.46 |
| Upside | -73.4% - -36.3% | -58.6% |
| 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 | 21,109 | 12,819 | 13,203 | 13,823 | 14,274 | 14,476 | |
| % Growth | 74.6% | -39.3% | 3.0% | 4.7% | 3.3% | 1.4% | |
| EBITDA | 2,842 | 2,401 | 2,489 | 2,521 | 2,607 | 2,396 | |
| % of Revenue | 13.5% | 18.7% | 18.8% | 18.2% | 18.3% | 16.5% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 2,401 | 2,489 | 2,521 | 2,607 | 2,396 | 2,396 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (824) | (874) | (731) | (726) | (832) | (686) | |
| EBIT | 1,577 | 1,615 | 1,790 | 1,880 | 1,563 | 1,710 | |
| Pro forma Taxes | (300) | (307) | (340) | (357) | (297) | (325) | |
| NOPAT | 1,116 | 1,277 | 1,308 | 1,450 | 1,523 | 1,266 | 1,385 |
| Capital Expenditures | (1,466) | (1,026) | (1,048) | (751) | (821) | (722) | (722) |
| NWC Investment | (1,230) | 1,131 | (52) | (85) | (61) | (28) | (104) |
| (+) D&A | 1,464 | 824 | 874 | 731 | 726 | 832 | 686 |
| Free Cash Flow | (116) | 2,206 | 1,081 | 1,345 | 1,367 | 1,349 | 1,245 |
| % Growth | NM | -51% | 24% | 2% | -1% | -8% | |