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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Perpetuity Growth Rate | 1.5% - 2.5% | 2.0% |
| Fair Value | $50.45 - $70.28 | $59.12 |
| Upside | 42.3% - 98.3% | 66.8% |
| 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 | 4,179 | 4,489 | 4,701 | 5,007 | 5,894 | |
| % Growth | -5.4% | -1.6% | 7.4% | 4.7% | 6.5% | 17.7% | |
| EBITDA | 811 | 900 | 1,000 | 1,066 | 1,104 | 1,373 | |
| % of Revenue | 19.1% | 21.5% | 22.3% | 22.7% | 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 | Terminal | |
| EBITDA | 900 | 1,000 | 1,066 | 1,104 | 1,373 | 1,373 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (180) | (169) | (179) | (199) | (236) | (143) | |
| EBIT | 720 | 831 | 887 | 906 | 1,137 | 1,231 | |
| Pro forma Taxes | (108) | (125) | (133) | (136) | (171) | (185) | |
| NOPAT | 540 | 612 | 707 | 754 | 770 | 966 | 1,046 |
| Capital Expenditures | (68) | (110) | (120) | (130) | (143) | (150) | (150) |
| NWC Investment | 135 | 37 | (174) | (119) | (172) | (498) | (66) |
| (+) D&A | 176 | 180 | 169 | 179 | 199 | 236 | 143 |
| Free Cash Flow | 783 | 719 | 582 | 684 | 654 | 554 | 972 |
| % Growth | -8% | -19% | 18% | -4% | -15% | 75% | |