Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal EBITDA Multiple | 7.1x - 9.1x | 8.1x |
| Fair Value | $43.99 - $60.79 | $52.22 |
| Upside | 4.3% - 44.1% | 23.8% |
| 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 | 4,246 | 4,153 | 4,502 | 4,685 | 5,007 | 5,894 |
| % Growth | -5.4% | -2.2% | 8.4% | 4.1% | 6.9% | 17.7% |
| EBITDA | 811 | 899 | 1,000 | 1,025 | 1,104 | 1,373 |
| % of Revenue | 19.1% | 21.7% | 22.2% | 21.9% | 22.0% | 23.3% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 899 | 1,000 | 1,025 | 1,104 | 1,373 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (182) | (164) | (154) | (199) | (236) | |
| EBIT | 717 | 836 | 871 | 906 | 1,137 | |
| Pro forma Taxes | (108) | (125) | (131) | (136) | (171) | |
| NOPAT | 540 | 610 | 711 | 740 | 770 | 966 |
| Capital Expenditures | (68) | (110) | (129) | (135) | (143) | (150) |
| NWC Investment | 135 | 52 | (196) | (103) | (181) | (498) |
| (+) D&A | 176 | 182 | 164 | 154 | 199 | 236 |
| Free Cash Flow | 783 | 734 | 550 | 657 | 645 | 554 |
| % Growth | -6% | -25% | 19% | -2% | -14% | |