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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | $622.08 - $690.80 | $644.13 |
| Upside | 23.5% - 37.2% | 27.9% |
| 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 | 371,433 | 381,983 | 403,548 | 390,609 | 447,587 | 472,180 | |
| % Growth | 1.9% | 2.8% | 5.6% | -3.2% | 14.6% | 5.5% | |
| EBITDA | 126,590 | 60,400 | 67,420 | 65,258 | 85,967 | 95,413 | |
| % of Revenue | 34.1% | 15.8% | 16.7% | 16.7% | 19.2% | 20.2% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 60,400 | 67,420 | 65,258 | 85,967 | 95,413 | 95,413 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (26,559) | (49,414) | (47,830) | (54,807) | (57,818) | (7,406) | |
| EBIT | 33,841 | 18,006 | 17,429 | 31,161 | 37,595 | 88,007 | |
| Pro forma Taxes | (7,107) | (3,781) | (3,660) | (6,544) | (7,895) | (18,481) | |
| NOPAT | 89,851 | 26,734 | 14,225 | 13,769 | 24,617 | 29,700 | 69,525 |
| Capital Expenditures | (18,976) | (184) | (187) | (6,449) | (7,390) | (7,796) | (7,796) |
| NWC Investment | 1,050 | 1,594 | 3,258 | (1,955) | 8,607 | 3,715 | 0 |
| (+) D&A | 12,855 | 26,559 | 49,414 | 47,830 | 54,807 | 57,818 | 7,406 |
| Free Cash Flow | 84,780 | 54,703 | 66,709 | 53,195 | 80,641 | 83,437 | 69,135 |
| % Growth | -35% | 22% | -20% | 52% | 3% | -17% | |