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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Terminal Revenue Multiple | 6.3x - 6.9x | 6.6x |
| Fair Value | €49.06 - €56.42 | €52.62 |
| Upside | -11.2% - 2.1% | -4.7% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 7,493 | 8,072 | 8,719 | 9,334 | 10,321 | 10,976 | 11,954 | 12,373 | 12,620 | 12,873 | 13,130 |
| % Growth | 4.9% | 7.7% | 8.0% | 7.1% | 10.6% | 6.4% | 8.9% | 3.5% | 2.0% | 2.0% | 2.0% |
| EBITDA | 2,138 | 2,488 | 2,716 | 2,911 | 3,421 | 3,665 | 3,966 | 4,105 | 4,187 | 4,270 | 4,356 |
| % of Revenue | 28.5% | 30.8% | 31.2% | 31.2% | 33.1% | 33.4% | 33.2% | 33.2% | 33.2% | 33.2% | 33.2% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | ||
| EBITDA | 2,488 | 2,716 | 2,911 | 3,421 | 3,665 | 3,966 | 4,105 | 4,187 | 4,270 | 4,356 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (88) | (85) | (108) | (216) | (212) | (231) | (239) | (244) | (249) | (254) | |
| EBIT | 2,399 | 2,631 | 2,803 | 3,205 | 3,453 | 3,735 | 3,865 | 3,943 | 4,022 | 4,102 | |
| Pro forma Taxes | (504) | (553) | (589) | (673) | (725) | (784) | (812) | (828) | (845) | (861) | |
| NOPAT | 1,625 | 1,896 | 2,079 | 2,214 | 2,532 | 2,728 | 2,950 | 3,054 | 3,115 | 3,177 | 3,241 |
| Capital Expenditures | (264) | (219) | (222) | (228) | (235) | (296) | (253) | (262) | (267) | (261) | (263) |
| NWC Investment | (50) | (81) | (91) | (86) | (139) | (92) | (137) | (59) | (35) | (35) | (36) |
| (+) D&A | 80 | 88 | 85 | 108 | 216 | 212 | 231 | 239 | 244 | 249 | 254 |
| Free Cash Flow | 1,392 | 1,683 | 1,851 | 2,008 | 2,374 | 2,552 | 2,791 | 2,972 | 3,057 | 3,130 | 3,195 |
| % Growth | 10% | 8% | 18% | 8% | 9% | 7% | 3% | 2% | 2% | ||