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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal Revenue Multiple | 2.1x - 2.3x | 2.2x |
| Fair Value | €39.88 - €44.88 | €42.34 |
| Upside | 27.8% - 43.8% | 35.7% |
| 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 | 36,289 | 35,714 | 36,898 | 37,726 | 37,296 | 37,483 |
| % Growth | 9.5% | -1.6% | 3.3% | 2.2% | -1.1% | 0.5% |
| EBITDA | 8,254 | 8,508 | 8,953 | 9,773 | 9,509 | 9,127 |
| % of Revenue | 22.7% | 23.8% | 24.3% | 25.9% | 25.5% | 24.3% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 8,508 | 8,953 | 9,773 | 9,509 | 9,127 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2,640) | (2,625) | (2,708) | (2,498) | (3,139) | |
| EBIT | 5,868 | 6,328 | 7,065 | 7,011 | 5,988 | |
| Pro forma Taxes | (998) | (1,076) | (1,201) | (1,192) | (1,018) | |
| NOPAT | 5,286 | 4,870 | 5,252 | 5,864 | 5,819 | 4,970 |
| Capital Expenditures | (2,414) | (2,024) | (2,050) | (1,875) | (2,100) | (2,428) |
| NWC Investment | (247) | 45 | (93) | (65) | 34 | (15) |
| (+) D&A | 1,885 | 2,640 | 2,625 | 2,708 | 2,498 | 3,139 |
| Free Cash Flow | 4,510 | 5,532 | 5,734 | 6,632 | 6,251 | 5,666 |
| % Growth | 23% | 4% | 16% | -6% | -9% | |