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 | 8.3% - 7.2% | 7.8% |
| Terminal EBITDA Multiple | 10.3x - 12.3x | 11.3x |
| Fair Value | $126.96 - $150.86 | $138.68 |
| Upside | -12.2% - 4.4% | -4.1% |
| Select Revenue and EBITDA Forecast | ||||||
| (USD in millions) | Input Projections | |||||
| Fiscal Years Ending | Oct-24 | Oct-25 | Oct-26 | Oct-27 | Oct-28 | Oct-29 |
| Revenue | 4,979 | 5,239 | 5,563 | 5,912 | 6,399 | 6,755 |
| % Growth | -8.9% | 5.2% | 6.2% | 6.3% | 8.2% | 5.6% |
| EBITDA | 1,114 | 1,490 | 1,662 | 1,873 | 2,091 | 2,275 |
| % of Revenue | 22.4% | 28.4% | 29.9% | 31.7% | 32.7% | 33.7% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Oct-25 | Oct-26 | Oct-27 | Oct-28 | Oct-29 | |
| EBITDA | 1,490 | 1,662 | 1,873 | 2,091 | 2,275 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (124) | (117) | (180) | (195) | (206) | |
| EBIT | 1,366 | 1,544 | 1,693 | 1,896 | 2,069 | |
| Pro forma Taxes | (259) | (293) | (322) | (360) | (393) | |
| NOPAT | 684 | 1,106 | 1,251 | 1,371 | 1,536 | 1,676 |
| Capital Expenditures | (154) | (150) | (160) | (159) | (160) | (169) |
| NWC Investment | 97 | (52) | (65) | (70) | (97) | (71) |
| (+) D&A | 270 | 124 | 117 | 180 | 195 | 206 |
| Free Cash Flow | 897 | 1,029 | 1,143 | 1,322 | 1,473 | 1,642 |
| % Growth | 15% | 11% | 16% | 11% | 11% | |