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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Terminal EBITDA Multiple | 19.2x - 21.2x | 20.2x |
| Fair Value | €51.04 - €57.52 | €54.23 |
| Upside | -7.0% - 4.9% | -1.2% |
| 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 | 7,493 | 8,030 | 8,649 | 9,295 | 10,232 | 10,787 |
| % Growth | 4.9% | 7.2% | 7.7% | 7.5% | 10.1% | 5.4% |
| EBITDA | 2,138 | 2,476 | 2,702 | 2,924 | 3,366 | 3,635 |
| % of Revenue | 28.5% | 30.8% | 31.2% | 31.5% | 32.9% | 33.7% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 2,476 | 2,702 | 2,924 | 3,366 | 3,635 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (84) | (116) | (121) | (187) | (190) | |
| EBIT | 2,393 | 2,586 | 2,803 | 3,179 | 3,445 | |
| Pro forma Taxes | (502) | (543) | (589) | (668) | (723) | |
| NOPAT | 1,625 | 1,890 | 2,043 | 2,214 | 2,511 | 2,722 |
| Capital Expenditures | (264) | (220) | (222) | (224) | (243) | (269) |
| NWC Investment | (50) | (75) | (87) | (91) | (132) | (78) |
| (+) D&A | 80 | 84 | 116 | 121 | 187 | 190 |
| Free Cash Flow | 1,392 | 1,678 | 1,850 | 2,020 | 2,324 | 2,565 |
| % Growth | 21% | 10% | 9% | 15% | 10% | |