Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.8% - 10.8% | 11.3% |
| Perpetuity Growth Rate | 3.8% - 4.8% | 4.3% |
| Fair Value | €9.50 - €13.69 | €11.30 |
| Upside | -44.8% - -20.4% | -34.3% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| Revenue | 1,755 | 1,820 | 1,906 | 2,014 | 2,085 | 2,126 | 2,169 | 2,212 | 2,256 | 2,302 | 2,348 | |
| % Growth | -21.8% | 3.7% | 4.7% | 5.7% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 131 | 166 | 187 | 233 | 241 | 246 | 251 | 256 | 261 | 266 | 272 | |
| % of Revenue | 7.4% | 9.1% | 9.8% | 11.6% | 11.6% | 11.6% | 11.6% | 11.6% | 11.6% | 11.6% | 11.6% | |
| Calculation of Free Cash Flow | ||||||||||||
| Projected Unlevered Cash Flow | ||||||||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | Terminal | |
| EBITDA | 166 | 187 | 233 | 241 | 246 | 251 | 256 | 261 | 266 | 272 | 272 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (26) | (25) | (25) | (26) | (27) | (27) | (28) | (28) | (29) | (29) | (39) | |
| EBIT | 141 | 162 | 208 | 215 | 220 | 224 | 228 | 233 | 238 | 242 | 233 | |
| Pro forma Taxes | (30) | (34) | (44) | (45) | (46) | (47) | (48) | (49) | (50) | (51) | (49) | |
| NOPAT | 82 | 111 | 128 | 164 | 170 | 173 | 177 | 180 | 184 | 188 | 191 | 184 |
| Capital Expenditures | (20) | (40) | (34) | (39) | (41) | (41) | (40) | (41) | (41) | (41) | (41) | (41) |
| NWC Investment | 50 | (7) | (9) | (11) | (7) | (4) | (4) | (4) | (5) | (5) | (5) | (10) |
| (+) D&A | 26 | 26 | 25 | 25 | 26 | 27 | 27 | 28 | 28 | 29 | 29 | 39 |
| Free Cash Flow | 139 | 90 | 110 | 139 | 148 | 154 | 159 | 163 | 167 | 171 | 175 | 172 |
| % Growth | -35% | 22% | 26% | 7% | 4% | 3% | 2% | 2% | 3% | 2% | -2% | |