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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 9.8% - 8.8% | 9.3% |
Terminal EBITDA Multiple | 5.9x - 7.9x | 6.9x |
Fair Value | €19.96 - €29.99 | €24.88 |
Upside | -20.2% - 20.0% | -0.5% |
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 | 27,290 | 19,245 | 19,138 | 20,110 | 21,411 | 25,221 |
% Growth | -11.0% | -29.5% | -0.6% | 5.1% | 6.5% | 17.8% |
EBITDA | 7,614 | 6,300 | 7,135 | 8,037 | 8,305 | 8,109 |
% of Revenue | 27.9% | 32.7% | 37.3% | 40.0% | 38.8% | 32.2% |
Calculation of Free Cash Flow | ||||||
Projected Unlevered Cash Flow | ||||||
(USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
EBITDA | 6,300 | 7,135 | 8,037 | 8,305 | 8,109 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
D&A | (2,756) | (2,217) | (2,460) | (2,524) | (3,417) | |
EBIT | 3,544 | 4,919 | 5,577 | 5,782 | 4,691 | |
Pro forma Taxes | (1,276) | (1,771) | (2,008) | (2,081) | (1,689) | |
NOPAT | 3,151 | 2,268 | 3,148 | 3,569 | 3,700 | 3,002 |
Capital Expenditures | (5,532) | (3,919) | (3,753) | (3,578) | (3,592) | (3,100) |
NWC Investment | 736 | 1,762 | 24 | (213) | (285) | (834) |
(+) D&A | 2,690 | 2,756 | 2,217 | 2,460 | 2,524 | 3,417 |
Free Cash Flow | 1,046 | 2,868 | 1,635 | 2,237 | 2,347 | 2,485 |
% Growth | 174% | -43% | 37% | 5% | 6% |