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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.0% - 8.0% | 8.5% |
| Perpetuity Growth Rate | 2.3% - 3.3% | 2.8% |
| Fair Value | €17.61 - €29.41 | €22.48 |
| Upside | -29.0% - 18.7% | -9.3% |
| 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 | |
| Revenue | 27,290 | 23,913 | 24,154 | 25,300 | 25,622 | 30,321 | |
| % Growth | -11.0% | -12.4% | 1.0% | 4.7% | 1.3% | 18.3% | |
| EBITDA | 7,663 | 7,918 | 8,757 | 9,860 | 9,704 | 9,270 | |
| % of Revenue | 28.1% | 33.1% | 36.3% | 39.0% | 37.9% | 30.6% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 7,918 | 8,757 | 9,860 | 9,704 | 9,270 | 9,270 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (3,052) | (2,474) | (3,011) | (2,987) | (3,272) | (3,842) | |
| EBIT | 4,866 | 6,283 | 6,849 | 6,716 | 5,998 | 5,428 | |
| Pro forma Taxes | (1,752) | (2,262) | (2,466) | (2,418) | (2,159) | (1,954) | |
| NOPAT | 3,183 | 3,114 | 4,021 | 4,383 | 4,299 | 3,839 | 3,474 |
| Capital Expenditures | (5,532) | (5,050) | (4,605) | (4,754) | (4,182) | (4,044) | (4,044) |
| NWC Investment | 418 | 419 | (30) | (142) | (40) | (584) | (104) |
| (+) D&A | 2,690 | 3,052 | 2,474 | 3,011 | 2,987 | 3,272 | 3,842 |
| Free Cash Flow | 758 | 1,536 | 1,860 | 2,498 | 3,064 | 2,483 | 3,168 |
| % Growth | 103% | 21% | 34% | 23% | -19% | 28% | |