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 | 9.5% - 8.5% | 9.0% |
| Perpetuity Growth Rate | 1.0% - 2.0% | 1.5% |
| Fair Value | €33.42 - €42.26 | €37.28 |
| Upside | -56.1% - -44.5% | -51.0% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| Revenue | 3,773 | 3,458 | 3,471 | 3,471 | 3,471 | 3,471 | 3,471 | 3,471 | 3,471 | 3,471 | 3,471 | |
| % Growth | 1.4% | -8.3% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| EBITDA | 603 | 595 | 640 | 640 | 640 | 640 | 640 | 640 | 640 | 640 | 640 | |
| % of Revenue | 16.0% | 17.2% | 18.4% | 18.4% | 18.4% | 18.4% | 18.4% | 18.4% | 18.4% | 18.4% | 18.4% | |
| 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 | 595 | 640 | 640 | 640 | 640 | 640 | 640 | 640 | 640 | 640 | 640 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (199) | (195) | (195) | (195) | (195) | (195) | (195) | (195) | (195) | (195) | (242) | |
| EBIT | 396 | 445 | 445 | 445 | 445 | 445 | 445 | 445 | 445 | 445 | 398 | |
| Pro forma Taxes | (99) | (111) | (111) | (111) | (111) | (111) | (111) | (111) | (111) | (111) | (99) | |
| NOPAT | 333 | 297 | 334 | 334 | 334 | 334 | 334 | 334 | 334 | 334 | 334 | 298 |
| Capital Expenditures | (221) | (230) | (255) | (255) | (255) | (255) | (255) | (255) | (255) | (255) | (255) | (255) |
| NWC Investment | (4) | 27 | (1) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (4) |
| (+) D&A | 159 | 199 | 195 | 195 | 195 | 195 | 195 | 195 | 195 | 195 | 195 | 242 |
| Free Cash Flow | 267 | 293 | 273 | 274 | 274 | 274 | 274 | 274 | 274 | 274 | 274 | 281 |
| % Growth | 10% | -7% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 3% | |