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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Terminal EBITDA Multiple | 9.7x - 11.7x | 10.7x |
| Fair Value | $75.84 - $132.31 | $103.06 |
| Upside | -41.2% - 2.5% | -20.2% |
| 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 | 2,225 | 2,578 | 2,939 | 3,113 | 3,222 | 3,287 | 3,352 | 3,420 | 3,488 | 3,558 | 3,629 |
| % Growth | 24.0% | 15.9% | 14.0% | 5.9% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 989 | 2,150 | 2,535 | 2,491 | 2,578 | 2,629 | 2,682 | 2,736 | 2,790 | 2,846 | 2,903 |
| % of Revenue | 44.4% | 83.4% | 86.3% | 80.0% | 80.0% | 80.0% | 80.0% | 80.0% | 80.0% | 80.0% | 80.0% |
| 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 | 2,150 | 2,535 | 2,491 | 2,578 | 2,629 | 2,682 | 2,736 | 2,790 | 2,846 | 2,903 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (962) | (1,315) | (1,393) | (1,442) | (1,470) | (1,500) | (1,530) | (1,560) | (1,592) | (1,624) | |
| EBIT | 1,187 | 1,220 | 1,098 | 1,136 | 1,159 | 1,182 | 1,206 | 1,230 | 1,254 | 1,280 | |
| Pro forma Taxes | (285) | (293) | (263) | (273) | (278) | (284) | (289) | (295) | (301) | (307) | |
| NOPAT | 718 | 902 | 927 | 834 | 864 | 881 | 898 | 916 | 935 | 953 | 972 |
| Capital Expenditures | (1,349) | (805) | (917) | (1,024) | (1,060) | (1,081) | (1,055) | (1,065) | (1,067) | (1,062) | (1,065) |
| NWC Investment | (815) | (668) | (682) | (330) | (206) | (122) | (124) | (127) | (129) | (132) | (135) |
| (+) D&A | 44 | 962 | 1,315 | 1,393 | 1,442 | 1,470 | 1,500 | 1,530 | 1,560 | 1,592 | 1,624 |
| Free Cash Flow | (1,402) | 392 | 643 | 874 | 1,040 | 1,149 | 1,219 | 1,255 | 1,299 | 1,351 | 1,397 |
| % Growth | NM | 64% | 36% | 19% | 10% | 6% | 3% | 4% | 4% | 3% | |