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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 11.3% - 10.3% | 10.8% |
Terminal Revenue Multiple | 0.9x - 0.9x | 0.9x |
Fair Value | €57.71 - €67.71 | €62.62 |
Upside | 38.1% - 62.0% | 49.8% |
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 | 7,273 | 6,667 | 6,957 | 7,189 | 7,503 | 7,770 |
% Growth | -19.3% | -8.3% | 4.4% | 3.3% | 4.4% | 3.6% |
EBITDA | 577 | 355 | 479 | 615 | 730 | 856 |
% of Revenue | 7.9% | 5.3% | 6.9% | 8.6% | 9.7% | 11.0% |
Calculation of Free Cash Flow | ||||||
Projected Unlevered Cash Flow | ||||||
(USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
EBITDA | 355 | 479 | 615 | 730 | 856 | |
Other Income / (Exp) | (0) | 0 | 0 | 625 | 0 | |
D&A | (371) | (382) | (357) | (373) | (386) | |
EBIT | (17) | 97 | 258 | 982 | 470 | |
Pro forma Taxes | 0 | (19) | (52) | (196) | (94) | |
NOPAT | 232 | (17) | 78 | 206 | 786 | 376 |
Capital Expenditures | (262) | (196) | (247) | (250) | (263) | (272) |
NWC Investment | 126 | 44 | (21) | (17) | (23) | (19) |
(+) D&A | 286 | 371 | 382 | 357 | 373 | 386 |
Free Cash Flow | 383 | 203 | 191 | 297 | 873 | 471 |
% Growth | -47% | -6% | 56% | 194% | -46% |