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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal EBITDA Multiple | 21.9x - 23.9x | 22.9x |
| Fair Value | €350.02 - €401.11 | €374.74 |
| Upside | -49.3% - -41.9% | -45.7% |
| 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 | 2,083 | 2,653 | 3,254 | 3,800 | 4,301 | 5,055 | 5,687 | 6,113 | 6,327 | 6,454 | 6,583 |
| % Growth | 33.4% | 27.4% | 22.7% | 16.8% | 13.2% | 17.5% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% |
| EBITDA | 125 | 674 | 863 | 1,273 | 1,548 | 1,946 | 2,246 | 2,445 | 2,530 | 2,581 | 2,633 |
| % of Revenue | 6.0% | 25.4% | 26.5% | 33.5% | 36.0% | 38.5% | 39.5% | 40.0% | 40.0% | 40.0% | 40.0% |
| 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 | |
| EBITDA | 674 | 863 | 1,273 | 1,548 | 1,946 | 2,246 | 2,445 | 2,530 | 2,581 | 2,633 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (693) | (598) | (740) | (838) | (984) | (1,107) | (1,190) | (1,232) | (1,257) | (1,282) | |
| EBIT | (19) | 265 | 533 | 710 | 961 | 1,138 | 1,254 | 1,298 | 1,324 | 1,351 | |
| Pro forma Taxes | 0 | (34) | (69) | (92) | (125) | (148) | (163) | (169) | (172) | (176) | |
| NOPAT | 67 | (19) | 231 | 463 | 618 | 836 | 990 | 1,091 | 1,129 | 1,152 | 1,175 |
| Capital Expenditures | (79) | (167) | (142) | (126) | (157) | (179) | (154) | (163) | (166) | (161) | (163) |
| NWC Investment | (99) | (108) | (114) | (104) | (95) | (143) | (120) | (81) | (41) | (24) | (25) |
| (+) D&A | 48 | 693 | 598 | 740 | 838 | 984 | 1,107 | 1,190 | 1,232 | 1,257 | 1,282 |
| Free Cash Flow | (63) | 399 | 573 | 973 | 1,203 | 1,499 | 1,824 | 2,037 | 2,155 | 2,224 | 2,269 |
| % Growth | NM | 43% | 70% | 24% | 25% | 22% | 12% | 6% | 3% | 2% | |