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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.8% - 10.8% | 11.3% |
| Perpetuity Growth Rate | 7.2% - 8.3% | 7.8% |
| Fair Value | €70.99 - €144.19 | €97.14 |
| Upside | -37.6% - 26.8% | -14.6% |
| 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 | 8,072 | 8,037 | 8,423 | 8,812 | 9,435 | 9,907 | |
| % Growth | 4.2% | -0.4% | 4.8% | 4.6% | 7.1% | 5.0% | |
| EBITDA | 1,216 | 1,252 | 1,429 | 1,560 | 1,700 | 1,750 | |
| % of Revenue | 15.1% | 15.6% | 17.0% | 17.7% | 18.0% | 17.7% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 1,252 | 1,429 | 1,560 | 1,700 | 1,750 | 1,750 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (469) | (515) | (535) | (565) | (578) | (702) | |
| EBIT | 783 | 913 | 1,025 | 1,135 | 1,172 | 1,049 | |
| Pro forma Taxes | (180) | (210) | (236) | (261) | (270) | (241) | |
| NOPAT | 559 | 603 | 703 | 789 | 874 | 902 | 808 |
| Capital Expenditures | (789) | (650) | (656) | (662) | (729) | (739) | (739) |
| NWC Investment | 3 | (0) | 3 | 3 | 5 | 4 | 6 |
| (+) D&A | 490 | 469 | 515 | 535 | 565 | 578 | 702 |
| Free Cash Flow | 263 | 422 | 566 | 666 | 715 | 746 | 777 |
| % Growth | 61% | 34% | 18% | 7% | 4% | 4% | |