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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal Revenue Multiple | 2.0x - 2.2x | 2.1x |
| Fair Value | €105.70 - €121 | €113.21 |
| Upside | 0.8% - 15.3% | 7.9% |
| 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 | 15,845 | 15,715 | 16,301 | 16,847 | 17,242 | 18,001 |
| % Growth | -2.4% | -0.8% | 3.7% | 3.3% | 2.3% | 4.4% |
| EBITDA | 2,736 | 2,869 | 3,056 | 3,245 | 3,455 | 3,587 |
| % of Revenue | 17.3% | 18.3% | 18.7% | 19.3% | 20.0% | 19.9% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 2,869 | 3,056 | 3,245 | 3,455 | 3,587 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (417) | (452) | (442) | (552) | (555) | |
| EBIT | 2,452 | 2,604 | 2,803 | 2,903 | 3,032 | |
| Pro forma Taxes | (564) | (599) | (645) | (668) | (697) | |
| NOPAT | 1,728 | 1,888 | 2,005 | 2,158 | 2,235 | 2,335 |
| Capital Expenditures | (721) | (750) | (650) | (650) | (733) | (651) |
| NWC Investment | 46 | 15 | (68) | (63) | (46) | (88) |
| (+) D&A | 492 | 417 | 452 | 442 | 552 | 555 |
| Free Cash Flow | 1,545 | 1,570 | 1,739 | 1,887 | 2,009 | 2,151 |
| % Growth | 2% | 11% | 9% | 6% | 7% | |