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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | $124.37 - $144.66 | $131.85 |
| Upside | 28.2% - 49.1% | 35.9% |
| 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 | 56,450 | 58,909 | 60,333 | 64,748 | 49,471 | 49,471 | 49,471 | 49,471 | 49,471 | 49,471 | 49,471 | |
| % Growth | -2.4% | 4.4% | 2.4% | 7.3% | -23.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| EBITDA | 24,308 | 26,558 | 25,077 | 26,351 | 23,126 | 39,216 | 39,216 | 39,216 | 39,216 | 39,216 | 39,216 | |
| % of Revenue | 43.1% | 45.1% | 41.6% | 40.7% | 46.7% | 79.3% | 79.3% | 79.3% | 79.3% | 79.3% | 79.3% | |
| 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 | Terminal | |
| EBITDA | 26,558 | 25,077 | 26,351 | 23,126 | 39,216 | 39,216 | 39,216 | 39,216 | 39,216 | 39,216 | 39,216 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (10,821) | (8,996) | (7,376) | (11,300) | (11,300) | (11,300) | (11,300) | (11,300) | (11,300) | (11,300) | (10,201) | |
| EBIT | 15,737 | 16,081 | 18,974 | 11,826 | 27,916 | 27,916 | 27,916 | 27,916 | 27,916 | 27,916 | 29,015 | |
| Pro forma Taxes | (4,721) | (4,824) | (5,692) | (3,548) | (8,375) | (8,375) | (8,375) | (8,375) | (8,375) | (8,375) | (8,704) | |
| NOPAT | 10,292 | 11,016 | 11,257 | 13,282 | 8,278 | 19,541 | 19,541 | 19,541 | 19,541 | 19,541 | 19,541 | 20,310 |
| Capital Expenditures | (12,118) | (12,900) | (12,545) | (12,274) | (12,007) | (10,738) | (10,738) | (10,738) | (10,738) | (10,738) | (10,738) | (10,738) |
| NWC Investment | (38) | 67 | 39 | 119 | (413) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 9,605 | 10,821 | 8,996 | 7,376 | 11,300 | 11,300 | 11,300 | 11,300 | 11,300 | 11,300 | 11,300 | 10,201 |
| Free Cash Flow | 7,741 | 9,003 | 7,746 | 8,504 | 7,159 | 20,103 | 20,103 | 20,103 | 20,103 | 20,103 | 20,103 | 19,774 |
| % Growth | 16% | -14% | 10% | -16% | 181% | 0% | 0% | 0% | 0% | 0% | -2% | |