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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.5% - 10.5% | 11.0% |
| Perpetuity Growth Rate | 4.3% - 5.3% | 4.8% |
| Fair Value | €55.89 - €69.01 | €61.44 |
| Upside | -16.4% - 3.3% | -8.1% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| Revenue | 24,121 | 24,997 | 27,600 | 30,155 | 35,814 | 39,552 | 42,518 | 44,007 | 44,887 | 45,784 | 46,700 | |
| % Growth | 10.1% | 3.6% | 10.4% | 9.3% | 18.8% | 10.4% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 1,346 | 3,403 | 4,128 | 5,016 | 5,764 | 3,369 | 3,834 | 3,968 | 4,048 | 4,129 | 4,211 | |
| % of Revenue | 5.6% | 13.6% | 15.0% | 16.6% | 16.1% | 8.5% | 9.0% | 9.0% | 9.0% | 9.0% | 9.0% | |
| Calculation of Free Cash Flow | ||||||||||||
| Projected Unlevered Cash Flow | ||||||||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | Terminal | |
| EBITDA | 3,403 | 4,128 | 5,016 | 5,764 | 3,369 | 3,834 | 3,968 | 4,048 | 4,129 | 4,211 | 4,211 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,773) | (1,710) | (1,808) | (3,186) | (357) | (384) | (397) | (405) | (413) | (422) | (217) | |
| EBIT | 1,630 | 2,417 | 3,208 | 2,578 | 3,012 | 3,450 | 3,571 | 3,643 | 3,716 | 3,790 | 3,994 | |
| Pro forma Taxes | (163) | (242) | (321) | (258) | (301) | (345) | (357) | (364) | (372) | (379) | (399) | |
| NOPAT | 934 | 1,467 | 2,175 | 2,887 | 2,320 | 2,711 | 3,105 | 3,214 | 3,278 | 3,344 | 3,411 | 3,595 |
| Capital Expenditures | (154) | (154) | (169) | (242) | (212) | (237) | (230) | (226) | (231) | (229) | (229) | (229) |
| NWC Investment | (317) | (126) | (374) | (367) | (812) | (537) | (426) | (214) | (126) | (129) | (131) | (318) |
| (+) D&A | 308 | 1,773 | 1,710 | 1,808 | 3,186 | 357 | 384 | 397 | 405 | 413 | 422 | 217 |
| Free Cash Flow | 771 | 2,960 | 3,343 | 4,087 | 4,482 | 2,294 | 2,833 | 3,171 | 3,326 | 3,399 | 3,472 | 3,265 |
| % Growth | 284% | 13% | 22% | 10% | -49% | 24% | 12% | 5% | 2% | 2% | -6% | |
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