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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.3% - 7.2% | 7.8% |
| Terminal EBITDA Multiple | 13.8x - 15.8x | 14.8x |
| Fair Value | $82.96 - $97.61 | $90.15 |
| Upside | -10.2% - 5.6% | -2.5% |
| 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 | 20,101 | 20,267 | 21,074 | 21,905 | 22,549 | 23,461 |
| % Growth | 3.3% | 0.8% | 4.0% | 3.9% | 2.9% | 4.0% |
| EBITDA | 4,855 | 5,007 | 5,267 | 5,575 | 5,818 | 6,185 |
| % of Revenue | 24.2% | 24.7% | 25.0% | 25.5% | 25.8% | 26.4% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 5,007 | 5,267 | 5,575 | 5,818 | 6,185 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (609) | (611) | (621) | (589) | (663) | |
| EBIT | 4,398 | 4,656 | 4,954 | 5,229 | 5,523 | |
| Pro forma Taxes | (1,055) | (1,117) | (1,189) | (1,255) | (1,325) | |
| NOPAT | 3,230 | 3,342 | 3,538 | 3,765 | 3,974 | 4,197 |
| Capital Expenditures | (561) | (573) | (618) | (653) | (676) | (703) |
| NWC Investment | 23 | 6 | 28 | 29 | 23 | 32 |
| (+) D&A | 605 | 609 | 611 | 621 | 589 | 663 |
| Free Cash Flow | 3,297 | 3,384 | 3,560 | 3,762 | 3,909 | 4,189 |
| % Growth | 3% | 5% | 6% | 4% | 7% | |