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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Perpetuity Growth Rate | 3.5% - 4.5% | 4.0% |
| Fair Value | $111.11 - $179.86 | $137.40 |
| Upside | -22.8% - 25.0% | -4.5% |
| 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 | 3,583 | 3,639 | 3,891 | 4,140 | 4,499 | 4,840 | |
| % Growth | 2.7% | 1.6% | 6.9% | 6.4% | 8.7% | 7.6% | |
| EBITDA | 775 | 801 | 865 | 923 | 1,003 | 1,079 | |
| % of Revenue | 21.6% | 22.0% | 22.2% | 22.3% | 22.3% | 22.3% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 801 | 865 | 923 | 1,003 | 1,079 | 1,079 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (270) | (277) | (279) | (342) | (363) | (368) | |
| EBIT | 531 | 588 | 644 | 661 | 716 | 711 | |
| Pro forma Taxes | (133) | (147) | (161) | (165) | (179) | (178) | |
| NOPAT | 384 | 398 | 441 | 483 | 496 | 537 | 533 |
| Capital Expenditures | (276) | (290) | (305) | (335) | (360) | (387) | (387) |
| NWC Investment | (16) | (9) | (42) | (41) | (60) | (57) | (32) |
| (+) D&A | 264 | 270 | 277 | 279 | 342 | 363 | 368 |
| Free Cash Flow | 355 | 369 | 371 | 386 | 418 | 456 | 482 |
| % Growth | 4% | 1% | 4% | 8% | 9% | 6% | |