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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 11.5% - 10.5% | 11.0% |
Terminal EBITDA Multiple | 5.2x - 7.2x | 6.2x |
Fair Value | €90.83 - €120.87 | €105.56 |
Upside | -21.9% - 4.0% | -9.2% |
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 | 17,540 | 18,625 | 19,900 | 20,549 | 19,422 | 19,058 |
% Growth | -6.7% | 6.2% | 6.8% | 3.3% | -5.5% | -1.9% |
EBITDA | 2,422 | 2,475 | 3,022 | 3,213 | 3,398 | 3,587 |
% of Revenue | 13.8% | 13.3% | 15.2% | 15.6% | 17.5% | 18.8% |
Calculation of Free Cash Flow | ||||||
Projected Unlevered Cash Flow | ||||||
(USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
EBITDA | 2,475 | 3,022 | 3,213 | 3,398 | 3,587 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
D&A | (561) | (601) | (433) | (130) | (488) | |
EBIT | 1,914 | 2,421 | 2,780 | 3,268 | 3,099 | |
Pro forma Taxes | (421) | (533) | (612) | (719) | (682) | |
NOPAT | 1,516 | 1,493 | 1,888 | 2,168 | 2,549 | 2,417 |
Capital Expenditures | (1,868) | (936) | (600) | (627) | (450) | (450) |
NWC Investment | 218 | (188) | (221) | (113) | 196 | 63 |
(+) D&A | 479 | 561 | 601 | 433 | 130 | 488 |
Free Cash Flow | 344 | 931 | 1,668 | 1,862 | 2,425 | 2,518 |
% Growth | 170% | 79% | 12% | 30% | 4% |