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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal EBITDA Multiple | 10.0x - 12.0x | 11.0x |
| Fair Value | €188.86 - €237.73 | €212.85 |
| Upside | -20.6% - -0.1% | -10.6% |
| 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 |
| Revenue | 13,009 | 14,000 | 14,674 | 15,317 | 15,860 | 15,894 |
| % Growth | 7.0% | 7.6% | 4.8% | 4.4% | 3.5% | 0.2% |
| EBITDA | 1,701 | 2,401 | 2,546 | 2,658 | 2,783 | 2,789 |
| % of Revenue | 13.1% | 17.2% | 17.4% | 17.4% | 17.5% | 17.5% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 2,401 | 2,546 | 2,658 | 2,783 | 2,789 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (404) | (408) | (386) | (366) | (334) | |
| EBIT | 1,997 | 2,138 | 2,272 | 2,417 | 2,455 | |
| Pro forma Taxes | (519) | (556) | (591) | (628) | (638) | |
| NOPAT | 842 | 1,478 | 1,582 | 1,681 | 1,789 | 1,817 |
| Capital Expenditures | (490) | (484) | (529) | (540) | (446) | (556) |
| NWC Investment | (92) | (107) | (73) | (70) | (59) | (4) |
| (+) D&A | 563 | 404 | 408 | 386 | 366 | 334 |
| Free Cash Flow | 824 | 1,290 | 1,388 | 1,458 | 1,650 | 1,591 |
| % Growth | 57% | 8% | 5% | 13% | -4% | |