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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Terminal EBITDA Multiple | 10.9x - 12.9x | 11.9x |
| Fair Value | €17.60 - €21.36 | €19.44 |
| Upside | -9.8% - 9.5% | -0.3% |
| 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 | 2,457 | 2,422 | 2,522 | 2,641 | 2,694 | 2,748 |
| % Growth | 5.3% | -1.4% | 4.1% | 4.7% | 2.0% | 2.0% |
| EBITDA | 509 | 524 | 568 | 622 | 634 | 647 |
| % of Revenue | 20.7% | 21.6% | 22.5% | 23.5% | 23.5% | 23.5% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 524 | 568 | 622 | 634 | 647 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (42) | (53) | (52) | (53) | (54) | |
| EBIT | 482 | 515 | 570 | 581 | 593 | |
| Pro forma Taxes | (77) | (82) | (91) | (93) | (95) | |
| NOPAT | 295 | 405 | 433 | 479 | 488 | 498 |
| Capital Expenditures | (68) | (64) | (64) | (58) | (62) | (63) |
| NWC Investment | (29) | 8 | (23) | (28) | (12) | (13) |
| (+) D&A | 158 | 42 | 53 | 52 | 53 | 54 |
| Free Cash Flow | 356 | 391 | 398 | 445 | 467 | 476 |
| % Growth | 10% | 2% | 12% | 5% | 2% | |