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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 15.8% - 14.8% | 15.3% |
| Perpetuity Growth Rate | 10.8% - 11.8% | 11.3% |
| Fair Value | $34.31 - $78.17 | $50.81 |
| Upside | -43.1% - 29.7% | -15.7% |
| 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 | |
| Revenue | 3,586 | 3,772 | 4,096 | 4,500 | 2,552 | 2,501 | |
| % Growth | -1.0% | 5.2% | 8.6% | 9.9% | -43.3% | -2.0% | |
| EBITDA | 866 | 943 | 1,061 | 1,045 | 593 | 581 | |
| % of Revenue | 24.1% | 25.0% | 25.9% | 23.2% | 23.2% | 23.2% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 943 | 1,061 | 1,045 | 593 | 581 | 581 | |
| Other Income / (Exp) | 0 | 0 | 0 | 95 | 0 | 0 | |
| D&A | (176) | (169) | (133) | (76) | (6) | (57) | |
| EBIT | 767 | 892 | 912 | 612 | 575 | 524 | |
| Pro forma Taxes | (123) | (143) | (146) | (98) | (92) | (84) | |
| NOPAT | 435 | 644 | 750 | 766 | 514 | 483 | 440 |
| Capital Expenditures | (118) | (169) | (161) | (162) | (61) | (60) | (60) |
| NWC Investment | 11 | (58) | (101) | (126) | 608 | 16 | (88) |
| (+) D&A | 348 | 176 | 169 | 133 | 76 | 6 | 57 |
| Free Cash Flow | 676 | 594 | 657 | 611 | 1,137 | 445 | 349 |
| % Growth | -12% | 11% | -7% | 86% | -61% | -21% | |