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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.5% - 10.5% | 11.0% |
| Perpetuity Growth Rate | 3.5% - 4.5% | 4.0% |
| Fair Value | €144.42 - €209.25 | €172.21 |
| Upside | -48.7% - -25.7% | -38.8% |
| 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 | 16,485 | 17,985 | 19,732 | 21,383 | 23,388 | 25,089 | |
| % Growth | 18.6% | 9.1% | 9.7% | 8.4% | 9.4% | 7.3% | |
| EBITDA | 5,718 | 6,928 | 7,664 | 8,501 | 9,228 | 9,799 | |
| % of Revenue | 34.7% | 38.5% | 38.8% | 39.8% | 39.5% | 39.1% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 6,928 | 7,664 | 8,501 | 9,228 | 9,799 | 9,799 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,988) | (2,056) | (2,252) | (2,507) | (2,594) | (2,850) | |
| EBIT | 4,941 | 5,608 | 6,249 | 6,721 | 7,205 | 6,949 | |
| Pro forma Taxes | (692) | (785) | (875) | (941) | (1,009) | (973) | |
| NOPAT | 3,541 | 4,249 | 4,823 | 5,374 | 5,780 | 6,196 | 5,976 |
| Capital Expenditures | (3,268) | (5,015) | (3,816) | (3,985) | (4,870) | (3,000) | (3,000) |
| NWC Investment | 1,082 | 628 | 731 | 691 | 839 | 713 | 420 |
| (+) D&A | 1,600 | 1,988 | 2,056 | 2,252 | 2,507 | 2,594 | 2,850 |
| Free Cash Flow | 2,956 | 1,850 | 3,794 | 4,332 | 4,256 | 6,503 | 6,246 |
| % Growth | -37% | 105% | 14% | -2% | 53% | -4% | |