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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.3% - 10.3% | 10.8% |
| Terminal EBITDA Multiple | 4.6x - 6.6x | 5.6x |
| Fair Value | €2,804 - €3,414 | €3,097 |
| Upside | 76.1% - 114.5% | 94.6% |
| 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 | 55,482 | 50,618 | 49,943 | 52,529 | 52,867 | 54,322 | 55,408 | 56,517 | 57,647 | 58,800 | 59,976 |
| % Growth | 8.6% | -8.8% | -1.3% | 5.2% | 0.6% | 2.8% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 9,066 | 7,887 | 6,836 | 7,779 | 8,911 | 9,323 | 9,509 | 9,699 | 9,893 | 10,091 | 10,293 |
| % of Revenue | 16.3% | 15.6% | 13.7% | 14.8% | 16.9% | 17.2% | 17.2% | 17.2% | 17.2% | 17.2% | 17.2% |
| 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 | |
| EBITDA | 7,887 | 6,836 | 7,779 | 8,911 | 9,323 | 9,509 | 9,699 | 9,893 | 10,091 | 10,293 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (6,280) | (4,837) | (7,741) | (6,232) | (6,463) | (6,592) | (6,724) | (6,858) | (6,995) | (7,135) | |
| EBIT | 1,607 | 1,999 | 38 | 2,679 | 2,860 | 2,917 | 2,976 | 3,035 | 3,096 | 3,158 | |
| Pro forma Taxes | (129) | (160) | (3) | (214) | (229) | (233) | (238) | (243) | (248) | (253) | |
| NOPAT | 5,522 | 1,478 | 1,839 | 35 | 2,465 | 2,631 | 2,684 | 2,738 | 2,792 | 2,848 | 2,905 |
| Capital Expenditures | (4,201) | (6,006) | (4,573) | (4,800) | (4,602) | (4,738) | (4,713) | (4,684) | (4,712) | (4,703) | (4,700) |
| NWC Investment | (50) | 55 | 8 | (29) | (4) | (16) | (12) | (13) | (13) | (13) | (13) |
| (+) D&A | 3,064 | 6,280 | 4,837 | 7,741 | 6,232 | 6,463 | 6,592 | 6,724 | 6,858 | 6,995 | 7,135 |
| Free Cash Flow | 4,335 | 1,808 | 2,111 | 2,946 | 4,090 | 4,339 | 4,550 | 4,764 | 4,926 | 5,127 | 5,327 |
| % Growth | -58% | 17% | 40% | 39% | 6% | 5% | 5% | 3% | 4% | 4% | |