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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal EBITDA Multiple | 16.0x - 18.0x | 17.0x |
| Fair Value | $533.33 - $615.79 | $573.84 |
| Upside | -2.3% - 12.8% | 5.1% |
| 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 | 5,341 | 5,478 | 5,781 | 6,026 | 6,917 | 7,450 |
| % Growth | 7.2% | 2.6% | 5.5% | 4.2% | 14.8% | 7.7% |
| EBITDA | 1,129 | 1,200 | 1,278 | 1,380 | 1,537 | 1,584 |
| % of Revenue | 21.1% | 21.9% | 22.1% | 22.9% | 22.2% | 21.3% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 1,200 | 1,278 | 1,380 | 1,537 | 1,584 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (109) | (103) | (101) | (116) | (122) | |
| EBIT | 1,091 | 1,174 | 1,279 | 1,421 | 1,462 | |
| Pro forma Taxes | (207) | (223) | (243) | (270) | (278) | |
| NOPAT | 838 | 883 | 951 | 1,036 | 1,151 | 1,184 |
| Capital Expenditures | (164) | (149) | (127) | (118) | (152) | (171) |
| NWC Investment | (48) | (18) | (41) | (33) | (120) | (72) |
| (+) D&A | 95 | 109 | 103 | 101 | 116 | 122 |
| Free Cash Flow | 721 | 825 | 887 | 986 | 995 | 1,063 |
| % Growth | 15% | 7% | 11% | 1% | 7% | |