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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Perpetuity Growth Rate | 3.0% - 4.0% | 3.5% |
| Fair Value | $272.49 - $374.17 | $315.42 |
| Upside | -22.7% - 6.1% | -10.5% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| Revenue | 64,809 | 62,582 | 65,320 | 71,605 | 75,707 | 78,287 | 79,853 | 81,450 | 83,079 | 84,740 | 86,435 | |
| % Growth | -3.4% | -3.4% | 4.4% | 9.6% | 5.7% | 3.4% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 15,646 | 13,400 | 14,792 | 16,125 | 18,831 | 20,227 | 20,632 | 21,044 | 21,465 | 21,894 | 22,332 | |
| % of Revenue | 24.1% | 21.4% | 22.6% | 22.5% | 24.9% | 25.8% | 25.8% | 25.8% | 25.8% | 25.8% | 25.8% | |
| Calculation of Free Cash Flow | ||||||||||||
| Projected Unlevered Cash Flow | ||||||||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | Terminal | |
| EBITDA | 13,400 | 14,792 | 16,125 | 18,831 | 20,227 | 20,632 | 21,044 | 21,465 | 21,894 | 22,332 | 22,332 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,643) | (1,916) | (2,059) | (1,312) | (2,076) | (2,118) | (2,160) | (2,203) | (2,247) | (2,292) | (2,077) | |
| EBIT | 11,757 | 12,877 | 14,066 | 17,519 | 18,151 | 18,514 | 18,884 | 19,262 | 19,647 | 20,040 | 20,255 | |
| Pro forma Taxes | (2,586) | (2,833) | (3,094) | (3,854) | (3,993) | (4,073) | (4,155) | (4,238) | (4,322) | (4,409) | (4,456) | |
| NOPAT | 10,579 | 9,170 | 10,044 | 10,971 | 13,665 | 14,158 | 14,441 | 14,730 | 15,024 | 15,325 | 15,631 | 15,799 |
| Capital Expenditures | (3,215) | (2,500) | (2,200) | (2,185) | (2,112) | (2,240) | (2,179) | (2,177) | (2,198) | (2,185) | (2,186) | (2,186) |
| NWC Investment | 254 | 251 | (308) | (708) | (462) | (291) | (176) | (180) | (183) | (187) | (191) | (341) |
| (+) D&A | 2,083 | 1,643 | 1,916 | 2,059 | 1,312 | 2,076 | 2,118 | 2,160 | 2,203 | 2,247 | 2,292 | 2,077 |
| Free Cash Flow | 9,701 | 8,564 | 9,451 | 10,137 | 12,403 | 13,704 | 14,203 | 14,533 | 14,846 | 15,200 | 15,546 | 15,349 |
| % Growth | -12% | 10% | 7% | 22% | 10% | 4% | 2% | 2% | 2% | 2% | -1% | |