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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Perpetuity Growth Rate | 5.5% - 6.5% | 6.0% |
| Fair Value | $489.73 - $765.72 | $595.28 |
| Upside | -15.8% - 31.7% | 2.4% |
| 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 | 2,207 | 2,635 | 3,050 | 3,569 | 4,254 | 4,773 | |
| % Growth | 21.2% | 19.4% | 15.8% | 17.0% | 19.2% | 12.2% | |
| EBITDA | 576 | 970 | 1,167 | 1,401 | 1,772 | 2,043 | |
| % of Revenue | 26.1% | 36.8% | 38.3% | 39.3% | 41.7% | 42.8% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 970 | 1,167 | 1,401 | 1,772 | 2,043 | 2,043 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (43) | (52) | (117) | (140) | (157) | (249) | |
| EBIT | 927 | 1,115 | 1,284 | 1,633 | 1,887 | 1,794 | |
| Pro forma Taxes | (111) | (134) | (154) | (196) | (226) | (215) | |
| NOPAT | 475 | 816 | 981 | 1,130 | 1,437 | 1,660 | 1,579 |
| Capital Expenditures | (146) | (125) | (143) | (192) | (234) | (263) | (263) |
| NWC Investment | (76) | (84) | (81) | (102) | (134) | (102) | (56) |
| (+) D&A | 36 | 43 | 52 | 117 | 140 | 157 | 249 |
| Free Cash Flow | 289 | 650 | 809 | 954 | 1,208 | 1,453 | 1,509 |
| % Growth | 125% | 24% | 18% | 27% | 20% | 4% | |