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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.0% - 8.0% | 8.5% |
| Terminal EBITDA Multiple | 14.6x - 16.6x | 15.6x |
| Fair Value | €169.12 - €197.66 | €182.89 |
| Upside | -16.5% - -2.4% | -9.7% |
| 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 | 4,095 | 2,181 | 2,303 | 2,391 | 2,501 | 2,631 | 2,723 | 2,778 | 2,833 | 2,890 | 2,948 |
| % Growth | 8.5% | -46.7% | 5.6% | 3.8% | 4.6% | 5.2% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 1,306 | 1,385 | 1,469 | 1,532 | 1,611 | 1,706 | 1,766 | 1,801 | 1,837 | 1,874 | 1,911 |
| % of Revenue | 31.9% | 63.5% | 63.8% | 64.1% | 64.4% | 64.8% | 64.8% | 64.8% | 64.8% | 64.8% | 64.8% |
| 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 | 1,385 | 1,469 | 1,532 | 1,611 | 1,706 | 1,766 | 1,801 | 1,837 | 1,874 | 1,911 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (50) | (62) | (77) | (63) | (64) | (66) | (68) | (69) | (70) | (72) | |
| EBIT | 1,334 | 1,407 | 1,456 | 1,548 | 1,642 | 1,699 | 1,733 | 1,768 | 1,803 | 1,840 | |
| Pro forma Taxes | (427) | (450) | (466) | (495) | (525) | (544) | (555) | (566) | (577) | (589) | |
| NOPAT | 804 | 907 | 957 | 990 | 1,053 | 1,117 | 1,156 | 1,179 | 1,202 | 1,226 | 1,251 |
| Capital Expenditures | (61) | (60) | (60) | (69) | (83) | (87) | (79) | (81) | (82) | (81) | (81) |
| NWC Investment | (8) | 47 | (3) | (2) | (3) | (3) | (2) | (1) | (1) | (1) | (1) |
| (+) D&A | 123 | 50 | 62 | 77 | 63 | 64 | 66 | 68 | 69 | 70 | 72 |
| Free Cash Flow | 858 | 945 | 955 | 996 | 1,030 | 1,091 | 1,140 | 1,164 | 1,188 | 1,214 | 1,240 |
| % Growth | 10% | 1% | 4% | 3% | 6% | 5% | 2% | 2% | 2% | 2% | |