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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal EBITDA Multiple | 9.4x - 11.4x | 10.4x |
| Fair Value | €42.40 - €52.49 | €47.35 |
| Upside | 18.4% - 46.6% | 32.2% |
| 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 | 3,271 | 3,432 | 3,610 | 3,785 | 3,946 | 4,134 |
| % Growth | 2.3% | 4.9% | 5.2% | 4.8% | 4.3% | 4.8% |
| EBITDA | 815 | 892 | 948 | 1,011 | 1,004 | 1,045 |
| % of Revenue | 24.9% | 26.0% | 26.3% | 26.7% | 25.4% | 25.3% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 892 | 948 | 1,011 | 1,004 | 1,045 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (143) | (154) | (161) | (136) | (136) | |
| EBIT | 749 | 795 | 850 | 868 | 909 | |
| Pro forma Taxes | (105) | (111) | (119) | (122) | (127) | |
| NOPAT | 598 | 644 | 683 | 731 | 746 | 782 |
| Capital Expenditures | (145) | (172) | (182) | (201) | (205) | (223) |
| NWC Investment | (29) | (63) | (69) | (68) | (63) | (73) |
| (+) D&A | 119 | 143 | 154 | 161 | 136 | 136 |
| Free Cash Flow | 543 | 553 | 586 | 623 | 614 | 621 |
| % Growth | 2% | 6% | 6% | -1% | 1% | |