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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.0% - 8.0% | 8.5% |
| Terminal Revenue Multiple | 8.2x - 9.0x | 8.6x |
| Fair Value | $247.28 - $288.04 | $267.27 |
| Upside | -19.4% - -6.2% | -12.9% |
| 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 | 25,920 | 26,480 | 27,863 | 29,568 | 31,198 | 33,678 |
| % Growth | 1.7% | 2.2% | 5.2% | 6.1% | 5.5% | 7.9% |
| EBITDA | 13,949 | 14,609 | 15,535 | 16,650 | 18,417 | 19,576 |
| % of Revenue | 53.8% | 55.2% | 55.8% | 56.3% | 59.0% | 58.1% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 14,609 | 15,535 | 16,650 | 18,417 | 19,576 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2,078) | (2,209) | (2,369) | (3,105) | (2,845) | |
| EBIT | 12,531 | 13,326 | 14,281 | 15,312 | 16,731 | |
| Pro forma Taxes | (2,506) | (2,665) | (2,856) | (3,062) | (3,346) | |
| NOPAT | 9,482 | 10,025 | 10,661 | 11,425 | 12,250 | 13,384 |
| Capital Expenditures | (2,775) | (3,100) | (3,427) | (3,827) | (3,856) | (4,192) |
| NWC Investment | 5 | 7 | 18 | 22 | 21 | 31 |
| (+) D&A | 2,097 | 2,078 | 2,209 | 2,369 | 3,105 | 2,845 |
| Free Cash Flow | 8,809 | 9,009 | 9,460 | 9,989 | 11,519 | 12,069 |
| % Growth | 2% | 5% | 6% | 15% | 5% | |