Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.3% - 10.3% | 10.8% |
| Terminal EBITDA Multiple | 7.6x - 9.6x | 8.6x |
| Fair Value | $71.47 - $86.39 | $78.78 |
| Upside | -14.5% - 3.3% | -5.8% |
| 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 | 2,820 | 3,002 | 3,673 | 4,158 | 4,508 | 4,723 |
| % Growth | 5.4% | 6.5% | 22.3% | 13.2% | 8.4% | 4.8% |
| EBITDA | 668 | 761 | 1,092 | 1,321 | 1,541 | 1,605 |
| % of Revenue | 23.7% | 25.4% | 29.7% | 31.8% | 34.2% | 34.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 761 | 1,092 | 1,321 | 1,541 | 1,605 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (119) | (116) | (184) | (263) | (257) | |
| EBIT | 643 | 976 | 1,137 | 1,278 | 1,348 | |
| Pro forma Taxes | (84) | (127) | (148) | (166) | (175) | |
| NOPAT | 477 | 559 | 849 | 989 | 1,112 | 1,173 |
| Capital Expenditures | (198) | (184) | (201) | (237) | (225) | (236) |
| NWC Investment | (37) | (47) | (172) | (124) | (90) | (55) |
| (+) D&A | 120 | 119 | 116 | 184 | 263 | 257 |
| Free Cash Flow | 362 | 448 | 592 | 812 | 1,060 | 1,138 |
| % Growth | 24% | 32% | 37% | 30% | 7% | |