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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 14.0% - 13.0% | 13.5% |
| Terminal EBITDA Multiple | 4.2x - 6.2x | 5.2x |
| Fair Value | $9.84 - $18.16 | $13.91 |
| Upside | -16.5% - 54.1% | 18.1% |
| 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 | 5,966 | 6,325 | 6,668 | 7,033 | 7,514 | 7,777 |
| % Growth | 10.3% | 6.0% | 5.4% | 5.5% | 6.8% | 3.5% |
| EBITDA | 552 | 595 | 640 | 685 | 918 | 950 |
| % of Revenue | 9.3% | 9.4% | 9.6% | 9.7% | 12.2% | 12.2% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 595 | 640 | 685 | 918 | 950 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (81) | (94) | (75) | (135) | (140) | |
| EBIT | 514 | 546 | 610 | 782 | 810 | |
| Pro forma Taxes | (82) | (87) | (98) | (125) | (130) | |
| NOPAT | 341 | 432 | 458 | 512 | 657 | 680 |
| Capital Expenditures | (188) | (224) | (248) | (282) | (284) | (294) |
| NWC Investment | (28) | (18) | (17) | (18) | (24) | (13) |
| (+) D&A | 146 | 81 | 94 | 75 | 135 | 140 |
| Free Cash Flow | 272 | 271 | 288 | 287 | 484 | 513 |
| % Growth | 0% | 6% | 0% | 69% | 6% | |