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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 11.5% - 10.5% | 11.0% |
Terminal EBITDA Multiple | 15.1x - 17.1x | 16.1x |
Fair Value | €64.77 - €72.86 | €68.75 |
Upside | 10.3% - 24.1% | 17.1% |
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 | 24,121 | 24,957 | 27,590 | 30,114 | 33,318 | 39,552 |
% Growth | 10.1% | 3.5% | 10.5% | 9.1% | 10.6% | 18.7% |
EBITDA | 1,346 | 3,368 | 4,091 | 4,953 | 5,764 | 3,369 |
% of Revenue | 5.6% | 13.5% | 14.8% | 16.4% | 17.3% | 8.5% |
Calculation of Free Cash Flow | ||||||
Projected Unlevered Cash Flow | ||||||
(USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
EBITDA | 3,368 | 4,091 | 4,953 | 5,764 | 3,369 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
D&A | (1,755) | (1,699) | (1,800) | (2,578) | (357) | |
EBIT | 1,613 | 2,392 | 3,154 | 3,187 | 3,012 | |
Pro forma Taxes | (161) | (239) | (315) | (319) | (301) | |
NOPAT | 934 | 1,452 | 2,153 | 2,838 | 2,868 | 2,711 |
Capital Expenditures | (154) | (154) | (169) | (240) | (212) | (237) |
NWC Investment | (317) | (120) | (378) | (362) | (460) | (895) |
(+) D&A | 308 | 1,755 | 1,699 | 1,800 | 2,578 | 357 |
Free Cash Flow | 771 | 2,933 | 3,305 | 4,035 | 4,774 | 1,936 |
% Growth | 280% | 13% | 22% | 18% | -59% |