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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Perpetuity Growth Rate | 4.3% - 5.3% | 4.8% |
| Fair Value | €162.34 - €259.56 | €200.17 |
| Upside | -30.9% - 10.5% | -14.7% |
| 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 | 15,741 | 15,984 | 16,876 | 17,838 | 18,622 | 19,440 | |
| % Growth | 2.7% | 1.5% | 5.6% | 5.7% | 4.4% | 4.4% | |
| EBITDA | 3,606 | 3,843 | 4,176 | 4,633 | 5,328 | 5,659 | |
| % of Revenue | 22.9% | 24.0% | 24.7% | 26.0% | 28.6% | 29.1% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 3,843 | 4,176 | 4,633 | 5,328 | 5,659 | 5,659 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (952) | (970) | (1,023) | (1,511) | (1,609) | (988) | |
| EBIT | 2,891 | 3,206 | 3,610 | 3,817 | 4,050 | 4,671 | |
| Pro forma Taxes | (520) | (577) | (650) | (687) | (729) | (841) | |
| NOPAT | 2,189 | 2,371 | 2,629 | 2,960 | 3,130 | 3,321 | 3,830 |
| Capital Expenditures | (995) | (1,109) | (1,088) | (1,039) | (1,010) | (1,040) | (1,040) |
| NWC Investment | (30) | (17) | (64) | (69) | (56) | (59) | (66) |
| (+) D&A | 935 | 952 | 970 | 1,023 | 1,511 | 1,609 | 988 |
| Free Cash Flow | 2,100 | 2,196 | 2,447 | 2,875 | 3,575 | 3,831 | 3,712 |
| % Growth | 5% | 11% | 18% | 24% | 7% | -3% | |