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 | 10.3% - 9.3% | 9.8% |
| Perpetuity Growth Rate | 4.8% - 5.8% | 5.3% |
| Fair Value | €38.67 - €75.85 | €53.14 |
| Upside | -18.8% - 59.3% | 11.6% |
| 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 | 5,855 | 6,444 | 6,609 | 6,774 | 6,944 | 7,113 | |
| % Growth | -2.2% | 10.1% | 2.6% | 2.5% | 2.5% | 2.4% | |
| EBITDA | 879 | 1,028 | 1,075 | 1,121 | 1,119 | 1,142 | |
| % of Revenue | 15.0% | 16.0% | 16.3% | 16.5% | 16.1% | 16.1% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 1,028 | 1,075 | 1,121 | 1,119 | 1,142 | 1,142 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (262) | (268) | (278) | (285) | (292) | (304) | |
| EBIT | 767 | 807 | 843 | 834 | 850 | 838 | |
| Pro forma Taxes | (184) | (194) | (202) | (200) | (204) | (201) | |
| NOPAT | 458 | 583 | 613 | 640 | 634 | 646 | 637 |
| Capital Expenditures | (263) | (302) | (300) | (303) | (312) | (320) | (320) |
| NWC Investment | 21 | (92) | (26) | (26) | (26) | (26) | (58) |
| (+) D&A | 276 | 262 | 268 | 278 | 285 | 292 | 304 |
| Free Cash Flow | 492 | 451 | 555 | 590 | 580 | 592 | 563 |
| % Growth | -8% | 23% | 6% | -2% | 2% | -5% | |