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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Perpetuity Growth Rate | 1.5% - 2.5% | 2.0% |
| Fair Value | €5.89 - €7.75 | €6.69 |
| Upside | -5.1% - 24.9% | 7.8% |
| 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 | 5,361 | 5,891 | 6,538 | 7,240 | 7,921 | 8,618 | |
| % Growth | 16.4% | 9.9% | 11.0% | 10.7% | 9.4% | 8.8% | |
| EBITDA | -562 | 520 | 749 | 1,085 | 1,528 | 1,977 | |
| % of Revenue | -10.5% | 8.8% | 11.5% | 15.0% | 19.3% | 22.9% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 520 | 749 | 1,085 | 1,528 | 1,977 | 1,977 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,312) | (1,397) | (1,437) | (1,545) | (1,472) | (225) | |
| EBIT | (793) | (648) | (352) | (17) | 505 | 1,752 | |
| Pro forma Taxes | 0 | 0 | 0 | 0 | (197) | (683) | |
| NOPAT | (437) | (793) | (648) | (352) | (17) | 308 | 1,069 |
| Capital Expenditures | (195) | (202) | (204) | (213) | (225) | (237) | (237) |
| NWC Investment | (47) | (33) | (40) | (44) | (42) | (43) | (11) |
| (+) D&A | 155 | 1,312 | 1,397 | 1,437 | 1,545 | 1,472 | 225 |
| Free Cash Flow | (524) | 285 | 505 | 828 | 1,260 | 1,500 | 1,046 |
| % Growth | NM | 77% | 64% | 52% | 19% | -30% | |