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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal Revenue Multiple | 2.4x - 2.7x | 2.5x |
| Fair Value | €27.26 - €32.17 | €29.67 |
| Upside | -15.3% - -0.1% | -7.8% |
| 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 | 18,163 | 19,811 | 20,330 | 20,618 | 25,221 |
| % Growth | -11.0% | -33.4% | 9.1% | 2.6% | 1.4% | 22.3% |
| EBITDA | 7,614 | 6,172 | 7,430 | 8,114 | 8,321 | 8,109 |
| % of Revenue | 27.9% | 34.0% | 37.5% | 39.9% | 40.4% | 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 | 6,172 | 7,430 | 8,114 | 8,321 | 8,109 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2,524) | (2,575) | (2,753) | (2,574) | (3,417) | |
| EBIT | 3,648 | 4,856 | 5,361 | 5,747 | 4,691 | |
| Pro forma Taxes | (1,313) | (1,748) | (1,930) | (2,069) | (1,689) | |
| NOPAT | 3,151 | 2,335 | 3,108 | 3,431 | 3,678 | 3,002 |
| Capital Expenditures | (5,532) | (3,923) | (3,662) | (3,540) | (3,925) | (3,100) |
| NWC Investment | 736 | 1,999 | (361) | (114) | (63) | (1,008) |
| (+) D&A | 2,690 | 2,524 | 2,575 | 2,753 | 2,574 | 3,417 |
| Free Cash Flow | 1,046 | 2,935 | 1,659 | 2,530 | 2,264 | 2,311 |
| % Growth | 181% | -43% | 53% | -11% | 2% | |