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 | 10.5% - 9.5% | 10.0% |
| Perpetuity Growth Rate | 4.5% - 5.5% | 5.0% |
| Fair Value | €175.90 - €250.13 | €205.72 |
| Upside | -35.1% - -7.7% | -24.1% |
| 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 | 97,690 | 95,541 | 114,337 | 138,857 | 161,315 | 212,146 | 280,276 | 341,765 | 304,645 | 340,655 | 641,321 | |
| % Growth | 0.9% | -2.2% | 19.7% | 21.4% | 16.2% | 31.5% | 32.1% | 21.9% | -10.9% | 11.8% | 88.3% | |
| EBITDA | 13,027 | 13,736 | 19,605 | 23,964 | 39,549 | 62,562 | 91,125 | 57,188 | 67,388 | 76,028 | 81,720 | |
| % of Revenue | 13.3% | 14.4% | 17.1% | 17.3% | 24.5% | 29.5% | 32.5% | 16.7% | 22.1% | 22.3% | 12.7% | |
| 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 | 13,736 | 19,605 | 23,964 | 39,549 | 62,562 | 91,125 | 57,188 | 67,388 | 76,028 | 81,720 | 81,720 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (7,946) | (9,118) | (9,164) | (18,492) | (30,417) | (40,185) | (49,001) | (43,679) | (48,842) | (91,951) | (10,823) | |
| EBIT | 5,790 | 10,487 | 14,800 | 21,057 | 32,145 | 50,940 | 8,187 | 23,709 | 27,186 | (10,231) | 70,897 | |
| Pro forma Taxes | (926) | (1,678) | (2,368) | (3,369) | (5,143) | (8,150) | (1,310) | (3,793) | (4,350) | 0 | (11,344) | |
| NOPAT | 6,434 | 4,863 | 8,809 | 12,432 | 17,688 | 27,002 | 42,789 | 6,877 | 19,915 | 22,836 | (10,231) | 59,553 |
| Capital Expenditures | (11,342) | (10,262) | (11,052) | (11,753) | (11,500) | (12,510) | (11,921) | (11,977) | (10,676) | (11,525) | (11,393) | (11,393) |
| NWC Investment | 36 | (85) | 742 | 969 | 887 | 2,008 | 2,691 | 2,429 | (1,466) | 1,422 | 11,877 | 1,267 |
| (+) D&A | 5,368 | 7,946 | 9,118 | 9,164 | 18,492 | 30,417 | 40,185 | 49,001 | 43,679 | 48,842 | 91,951 | 10,823 |
| Free Cash Flow | 496 | 2,463 | 7,618 | 10,811 | 25,567 | 46,917 | 73,745 | 46,330 | 51,452 | 61,576 | 82,204 | 60,250 |
| % Growth | 397% | 209% | 42% | 136% | 84% | 57% | -37% | 11% | 20% | 34% | -27% | |