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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Perpetuity Growth Rate | 0.0% - 1.0% | 0.5% |
| Fair Value | €58.82 - €72.12 | €64.76 |
| Upside | 14.4% - 40.3% | 25.9% |
| 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 | 1,015 | 1,189 | 1,456 | 1,683 | 1,859 | 1,693 | |
| % Growth | 22.4% | 17.1% | 22.5% | 15.5% | 10.5% | -8.9% | |
| EBITDA | 627 | 771 | 929 | 1,125 | 1,194 | 1,118 | |
| % of Revenue | 61.8% | 64.9% | 63.8% | 66.9% | 64.2% | 66.0% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 771 | 929 | 1,125 | 1,194 | 1,118 | 1,118 | |
| Other Income / (Exp) | 0 | 109 | 0 | 90 | 0 | 0 | |
| D&A | (84) | (103) | (3) | (4) | (23) | (10) | |
| EBIT | 687 | 935 | 1,122 | 1,280 | 1,095 | 1,109 | |
| Pro forma Taxes | (103) | (140) | (168) | (192) | (164) | (166) | |
| NOPAT | 469 | 584 | 795 | 953 | 1,088 | 931 | 942 |
| Capital Expenditures | (11) | (2) | (12) | (13) | (11) | (10) | (10) |
| NWC Investment | (66) | (62) | (95) | (80) | (63) | 59 | (3) |
| (+) D&A | 76 | 84 | 103 | 3 | 4 | 23 | 10 |
| Free Cash Flow | 468 | 605 | 791 | 863 | 1,018 | 1,003 | 939 |
| % Growth | 29% | 31% | 9% | 18% | -2% | -6% | |