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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.0% - 8.0% | 8.5% |
| Terminal EBITDA Multiple | 15.7x - 17.7x | 16.7x |
| Fair Value | €277.03 - €321.28 | €298.73 |
| Upside | -13.7% - 0.1% | -6.9% |
| 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 | 22,595 | 24,495 | 26,400 | 28,558 | 30,456 | 32,771 |
| % Growth | 10.2% | 8.4% | 7.8% | 8.2% | 6.6% | 7.6% |
| EBITDA | 6,006 | 6,916 | 7,633 | 8,381 | 8,890 | 9,704 |
| % of Revenue | 26.6% | 28.2% | 28.9% | 29.3% | 29.2% | 29.6% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 6,916 | 7,633 | 8,381 | 8,890 | 9,704 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 105 | |
| D&A | (474) | (563) | (533) | (64) | (68) | |
| EBIT | 6,442 | 7,070 | 7,847 | 8,826 | 9,741 | |
| Pro forma Taxes | (902) | (990) | (1,099) | (1,236) | (1,364) | |
| NOPAT | 4,262 | 5,540 | 6,080 | 6,749 | 7,590 | 8,377 |
| Capital Expenditures | (755) | (785) | (810) | (876) | (765) | (790) |
| NWC Investment | (451) | (409) | (410) | (464) | (408) | (498) |
| (+) D&A | 1,050 | 474 | 563 | 533 | 64 | 68 |
| Free Cash Flow | 4,106 | 4,820 | 5,423 | 5,942 | 6,480 | 7,158 |
| % Growth | 17% | 13% | 10% | 9% | 10% | |