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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Terminal EBITDA Multiple | 5.4x - 7.4x | 6.4x |
| Fair Value | €12.80 - €16.21 | €14.45 |
| Upside | 21.8% - 54.3% | 37.5% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 8,870 | 8,589 | 8,710 | 8,930 | 9,381 | 9,615 | 9,807 | 10,003 | 10,204 | 10,408 | 10,616 |
| % Growth | 3.3% | -3.2% | 1.4% | 2.5% | 5.1% | 2.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 1,358 | 1,047 | 1,087 | 1,147 | 1,269 | 1,176 | 1,200 | 1,224 | 1,248 | 1,273 | 1,298 |
| % of Revenue | 15.3% | 12.2% | 12.5% | 12.8% | 13.5% | 12.2% | 12.2% | 12.2% | 12.2% | 12.2% | 12.2% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 1,047 | 1,087 | 1,147 | 1,269 | 1,176 | 1,200 | 1,224 | 1,248 | 1,273 | 1,298 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (363) | (374) | (356) | (339) | (416) | (424) | (433) | (441) | (450) | (459) | |
| EBIT | 684 | 713 | 791 | 930 | 760 | 775 | 791 | 807 | 823 | 839 | |
| Pro forma Taxes | (150) | (157) | (174) | (205) | (167) | (171) | (174) | (177) | (181) | (185) | |
| NOPAT | 770 | 533 | 556 | 617 | 725 | 593 | 605 | 617 | 629 | 642 | 654 |
| Capital Expenditures | (351) | (343) | (347) | (357) | (328) | (320) | (326) | (324) | (323) | (325) | (324) |
| NWC Investment | (86) | 84 | (36) | (66) | (134) | (70) | (57) | (58) | (60) | (61) | (62) |
| (+) D&A | 371 | 363 | 374 | 356 | 339 | 416 | 424 | 433 | 441 | 450 | 459 |
| Free Cash Flow | 704 | 637 | 547 | 550 | 602 | 620 | 646 | 667 | 688 | 707 | 728 |
| % Growth | -10% | -14% | 1% | 9% | 3% | 4% | 3% | 3% | 3% | 3% | |