Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 10.5% - 9.5% | 10.0% |
Terminal Revenue Multiple | 2.0x - 2.2x | 2.1x |
Fair Value | €32.25 - €39.43 | €35.73 |
Upside | 20.3% - 47.1% | 33.3% |
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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
Revenue | 5,393 | 5,306 | 5,431 | 5,542 | 5,825 | 5,971 | 6,090 | 6,212 | 6,336 | 6,463 | 6,592 |
% Growth | -1.8% | -1.6% | 2.4% | 2.0% | 5.1% | 2.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
EBITDA | 1,045 | 1,107 | 1,150 | 1,191 | 1,239 | 1,260 | 1,285 | 1,310 | 1,337 | 1,363 | 1,391 |
% of Revenue | 19.4% | 20.9% | 21.2% | 21.5% | 21.3% | 21.1% | 21.1% | 21.1% | 21.1% | 21.1% | 21.1% |
Calculation of Free Cash Flow | |||||||||||
Projected Unlevered Cash Flow | |||||||||||
Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | ||
EBITDA | 1,107 | 1,150 | 1,191 | 1,239 | 1,260 | 1,285 | 1,310 | 1,337 | 1,363 | 1,391 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
D&A | (268) | (273) | (273) | (264) | (267) | (272) | (278) | (283) | (289) | (295) | |
EBIT | 839 | 877 | 919 | 976 | 993 | 1,012 | 1,033 | 1,053 | 1,074 | 1,096 | |
Pro forma Taxes | (252) | (263) | (276) | (293) | (298) | (304) | (310) | (316) | (322) | (329) | |
NOPAT | 563 | 588 | 614 | 643 | 683 | 695 | 709 | 723 | 737 | 752 | 767 |
Capital Expenditures | (220) | (220) | (240) | (254) | (254) | (260) | (256) | (256) | (257) | (256) | (257) |
NWC Investment | 5 | 4 | (6) | (5) | (14) | (7) | (6) | (6) | (6) | (6) | (6) |
(+) D&A | 241 | 268 | 273 | 273 | 264 | 267 | 272 | 278 | 283 | 289 | 295 |
Free Cash Flow | 588 | 640 | 641 | 656 | 679 | 695 | 720 | 739 | 758 | 779 | 799 |
% Growth | 0% | 2% | 3% | 2% | 4% | 3% | 3% | 3% | 3% |