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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal EBITDA Multiple | 15.5x - 17.5x | 16.5x |
| Fair Value | €3,388 - €3,892 | €3,636 |
| Upside | 23.2% - 41.5% | 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 | 10,066 | 11,668 | 13,784 | 16,155 | 20,830 | 24,690 |
| % Growth | 19.7% | 15.9% | 18.1% | 17.2% | 28.9% | 18.5% |
| EBITDA | 1,972 | 3,269 | 3,853 | 4,522 | 5,551 | 6,742 |
| % of Revenue | 19.6% | 28.0% | 28.0% | 28.0% | 26.6% | 27.3% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 3,269 | 3,853 | 4,522 | 5,551 | 6,742 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,423) | (1,668) | (1,943) | (2,733) | (3,297) | |
| EBIT | 1,847 | 2,185 | 2,580 | 2,818 | 3,445 | |
| Pro forma Taxes | (462) | (546) | (645) | (705) | (861) | |
| NOPAT | 1,103 | 1,385 | 1,638 | 1,935 | 2,114 | 2,584 |
| Capital Expenditures | (67) | (65) | (75) | (91) | (125) | (148) |
| NWC Investment | 280 | 270 | 357 | 400 | 788 | 651 |
| (+) D&A | 501 | 1,423 | 1,668 | 1,943 | 2,733 | 3,297 |
| Free Cash Flow | 1,817 | 3,013 | 3,589 | 4,187 | 5,510 | 6,384 |
| % Growth | 66% | 19% | 17% | 32% | 16% | |