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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Perpetuity Growth Rate | 5.0% - 6.0% | 5.5% |
| Fair Value | €161.87 - €252.29 | €197.03 |
| Upside | -42.5% - -10.4% | -30.0% |
| 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 | 97,690 | 94,518 | 112,507 | 139,170 | 171,788 | 211,207 | |
| % Growth | 0.9% | -3.2% | 19.0% | 23.7% | 23.4% | 22.9% | |
| EBITDA | 13,027 | 13,614 | 18,526 | 23,964 | 39,549 | 62,562 | |
| % of Revenue | 13.3% | 14.4% | 16.5% | 17.2% | 23.0% | 29.6% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 13,614 | 18,526 | 23,964 | 39,549 | 62,562 | 62,562 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (8,006) | (8,113) | (9,127) | (13,715) | (28,753) | (11,885) | |
| EBIT | 5,608 | 10,413 | 14,837 | 25,834 | 33,809 | 50,677 | |
| Pro forma Taxes | (897) | (1,666) | (2,374) | (4,133) | (5,409) | (8,108) | |
| NOPAT | 6,434 | 4,711 | 8,747 | 12,463 | 21,701 | 28,400 | 42,569 |
| Capital Expenditures | (11,342) | (10,262) | (11,052) | (11,753) | (11,500) | (12,510) | (12,510) |
| NWC Investment | 36 | (125) | 711 | 1,053 | 1,288 | 1,557 | 459 |
| (+) D&A | 5,368 | 8,006 | 8,113 | 9,127 | 13,715 | 28,753 | 11,885 |
| Free Cash Flow | 496 | 2,329 | 6,518 | 10,890 | 25,204 | 46,200 | 42,402 |
| % Growth | 370% | 180% | 67% | 131% | 83% | -8% | |