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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal EBITDA Multiple | 5.8x - 7.8x | 6.8x |
| Fair Value | €101.73 - €131.28 | €115.95 |
| Upside | 44.3% - 86.2% | 64.5% |
| 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 | 12,142 | 12,283 | 12,727 | 13,502 | 13,974 | 14,254 | 14,539 | 14,830 | 15,126 | 15,429 | 15,737 |
| % Growth | -3.2% | 1.2% | 3.6% | 6.1% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 1,927 | 1,968 | 2,485 | 2,874 | 2,974 | 3,034 | 3,095 | 3,156 | 3,220 | 3,284 | 3,350 |
| % of Revenue | 15.9% | 16.0% | 19.5% | 21.3% | 21.3% | 21.3% | 21.3% | 21.3% | 21.3% | 21.3% | 21.3% |
| 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 | 1,968 | 2,485 | 2,874 | 2,974 | 3,034 | 3,095 | 3,156 | 3,220 | 3,284 | 3,350 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,406) | (1,174) | (1,200) | (1,242) | (1,267) | (1,292) | (1,318) | (1,344) | (1,371) | (1,398) | |
| EBIT | 562 | 1,311 | 1,674 | 1,733 | 1,767 | 1,803 | 1,839 | 1,875 | 1,913 | 1,951 | |
| Pro forma Taxes | (141) | (328) | (419) | (433) | (442) | (451) | (460) | (469) | (478) | (488) | |
| NOPAT | 725 | 422 | 983 | 1,256 | 1,299 | 1,325 | 1,352 | 1,379 | 1,407 | 1,435 | 1,463 |
| Capital Expenditures | (1,008) | (1,000) | (1,100) | (1,125) | (1,164) | (1,188) | (1,159) | (1,170) | (1,172) | (1,167) | (1,170) |
| NWC Investment | 45 | (16) | (49) | (86) | (52) | (31) | (31) | (32) | (33) | (33) | (34) |
| (+) D&A | 961 | 1,406 | 1,174 | 1,200 | 1,242 | 1,267 | 1,292 | 1,318 | 1,344 | 1,371 | 1,398 |
| Free Cash Flow | 722 | 812 | 1,008 | 1,245 | 1,325 | 1,373 | 1,453 | 1,494 | 1,546 | 1,605 | 1,658 |
| % Growth | 12% | 24% | 24% | 6% | 4% | 6% | 3% | 3% | 4% | 3% | |