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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.8% - 10.8% | 11.3% |
| Perpetuity Growth Rate | 6.5% - 7.5% | 7.0% |
| Fair Value | €71.61 - €129.01 | €93.56 |
| Upside | -34.2% - 18.6% | -14.0% |
| 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 | 8,072 | 8,083 | 8,425 | 8,906 | 9,508 | 10,060 | |
| % Growth | 4.2% | 0.1% | 4.2% | 5.7% | 6.8% | 5.8% | |
| EBITDA | 1,216 | 1,265 | 1,429 | 1,576 | 1,746 | 1,871 | |
| % of Revenue | 15.1% | 15.7% | 17.0% | 17.7% | 18.4% | 18.6% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 1,265 | 1,429 | 1,576 | 1,746 | 1,871 | 1,871 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (475) | (521) | (532) | (569) | (583) | (664) | |
| EBIT | 791 | 908 | 1,044 | 1,178 | 1,288 | 1,206 | |
| Pro forma Taxes | (182) | (209) | (240) | (271) | (296) | (277) | |
| NOPAT | 559 | 609 | 699 | 804 | 907 | 992 | 929 |
| Capital Expenditures | (789) | (668) | (630) | (650) | (680) | (699) | (699) |
| NWC Investment | 2 | 0 | 2 | 3 | 3 | 3 | 4 |
| (+) D&A | 490 | 475 | 521 | 532 | 569 | 583 | 664 |
| Free Cash Flow | 262 | 415 | 592 | 688 | 799 | 878 | 898 |
| % Growth | 59% | 43% | 16% | 16% | 10% | 2% | |