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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Terminal EBITDA Multiple | 10.4x - 12.4x | 11.4x |
| Fair Value | €121.16 - €137.66 | €129.13 |
| Upside | 42.7% - 62.2% | 52.1% |
| 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 | 7,094 | 6,961 | 7,149 | 7,281 | 7,229 | 7,523 | 7,673 | 7,827 | 7,983 | 8,143 | 8,306 |
| % Growth | 9.8% | -1.9% | 2.7% | 1.8% | -0.7% | 4.1% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 2,824 | 2,504 | 2,562 | 2,671 | 2,802 | 2,909 | 2,967 | 3,027 | 3,087 | 3,149 | 3,212 |
| % of Revenue | 39.8% | 36.0% | 35.8% | 36.7% | 38.8% | 38.7% | 38.7% | 38.7% | 38.7% | 38.7% | 38.7% |
| 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 | |
| EBITDA | 2,504 | 2,562 | 2,671 | 2,802 | 2,909 | 2,967 | 3,027 | 3,087 | 3,149 | 3,212 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (91) | (98) | (306) | (360) | (359) | (366) | (374) | (381) | (389) | (396) | |
| EBIT | 2,414 | 2,464 | 2,365 | 2,442 | 2,550 | 2,601 | 2,653 | 2,706 | 2,760 | 2,815 | |
| Pro forma Taxes | (579) | (591) | (568) | (586) | (612) | (624) | (637) | (649) | (662) | (676) | |
| NOPAT | 1,787 | 1,834 | 1,873 | 1,797 | 1,856 | 1,938 | 1,977 | 2,016 | 2,057 | 2,098 | 2,140 |
| Capital Expenditures | (423) | (273) | (305) | (208) | (253) | (226) | (229) | (234) | (230) | (231) | (231) |
| NWC Investment | 42 | (9) | 12 | 9 | (3) | 19 | 10 | 10 | 10 | 11 | 11 |
| (+) D&A | 473 | 91 | 98 | 306 | 360 | 359 | 366 | 374 | 381 | 389 | 396 |
| Free Cash Flow | 1,878 | 1,643 | 1,678 | 1,904 | 1,959 | 2,090 | 2,124 | 2,166 | 2,218 | 2,266 | 2,316 |
| % Growth | -13% | 2% | 14% | 3% | 7% | 2% | 2% | 2% | 2% | 2% | |