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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Perpetuity Growth Rate | 3.0% - 4.0% | 3.5% |
| Fair Value | €27.47 - €44.28 | €34.54 |
| Upside | 7.3% - 73.0% | 34.9% |
| 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 | 5,393 | 5,301 | 5,397 | 5,500 | 5,882 | 6,059 | |
| % Growth | -1.8% | -1.7% | 1.8% | 1.9% | 6.9% | 3.0% | |
| EBITDA | 1,045 | 1,118 | 1,150 | 1,198 | 1,228 | 1,248 | |
| % of Revenue | 19.4% | 21.1% | 21.3% | 21.8% | 20.9% | 20.6% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 1,118 | 1,150 | 1,198 | 1,228 | 1,248 | 1,248 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (270) | (270) | (281) | (258) | (261) | (241) | |
| EBIT | 848 | 880 | 917 | 970 | 987 | 1,007 | |
| Pro forma Taxes | (254) | (264) | (275) | (291) | (296) | (302) | |
| NOPAT | 563 | 594 | 616 | 642 | 679 | 691 | 705 |
| Capital Expenditures | (220) | (200) | (225) | (254) | (248) | (254) | (254) |
| NWC Investment | 5 | 5 | (5) | (5) | (20) | (9) | (11) |
| (+) D&A | 241 | 270 | 270 | 281 | 258 | 261 | 241 |
| Free Cash Flow | 588 | 668 | 656 | 664 | 670 | 689 | 682 |
| % Growth | 14% | -2% | 1% | 1% | 3% | -1% | |