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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal EBITDA Multiple | 8.6x - 10.6x | 9.6x |
| Fair Value | €104.48 - €131.64 | €117.79 |
| Upside | 17.2% - 47.6% | 32.1% |
| 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 |
| Revenue | 91,070 | 88,383 | 89,922 | 94,198 | 106,129 | 101,707 |
| % Growth | 0.1% | -3.0% | 1.7% | 4.8% | 12.7% | -4.2% |
| EBITDA | 11,620 | 13,040 | 14,139 | 14,514 | 15,213 | 15,504 |
| % of Revenue | 12.8% | 14.8% | 15.7% | 15.4% | 14.3% | 15.2% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 13,040 | 14,139 | 14,514 | 15,213 | 15,504 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (3,499) | (3,706) | (3,572) | (1,804) | (4,119) | |
| EBIT | 9,540 | 10,433 | 10,942 | 13,410 | 11,385 | |
| Pro forma Taxes | (2,194) | (2,400) | (2,517) | (3,084) | (2,619) | |
| NOPAT | 6,168 | 7,346 | 8,033 | 8,425 | 10,325 | 8,766 |
| Capital Expenditures | (3,909) | (3,500) | (4,412) | (4,580) | (5,050) | (5,300) |
| NWC Investment | 1 | (28) | 16 | 44 | 123 | (46) |
| (+) D&A | 3,609 | 3,499 | 3,706 | 3,572 | 1,804 | 4,119 |
| Free Cash Flow | 5,870 | 7,318 | 7,343 | 7,461 | 7,202 | 7,540 |
| % Growth | 25% | 0% | 2% | -3% | 5% | |