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 | 11.0% - 10.0% | 10.5% |
| Perpetuity Growth Rate | 1.3% - 2.3% | 1.8% |
| Fair Value | $41.89 - $53.55 | $47.09 |
| Upside | -31.4% - -12.3% | -22.8% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| Revenue | 4,931 | 7,663 | 8,269 | 8,561 | 8,947 | 9,167 | 9,350 | 9,537 | 9,728 | 9,922 | 10,121 | |
| % Growth | 0.1% | 55.4% | 7.9% | 3.5% | 4.5% | 2.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 780 | 1,349 | 1,531 | 1,671 | 1,854 | 1,907 | 1,945 | 1,984 | 2,024 | 2,064 | 2,105 | |
| % of Revenue | 15.8% | 17.6% | 18.5% | 19.5% | 20.7% | 20.8% | 20.8% | 20.8% | 20.8% | 20.8% | 20.8% | |
| Calculation of Free Cash Flow | ||||||||||||
| Projected Unlevered Cash Flow | ||||||||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | Terminal | |
| EBITDA | 1,349 | 1,531 | 1,671 | 1,854 | 1,907 | 1,945 | 1,984 | 2,024 | 2,064 | 2,105 | 2,105 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (305) | (320) | (342) | (326) | (289) | (295) | (301) | (307) | (313) | (319) | (196) | |
| EBIT | 1,044 | 1,211 | 1,329 | 1,528 | 1,618 | 1,650 | 1,683 | 1,717 | 1,751 | 1,786 | 1,910 | |
| Pro forma Taxes | (240) | (279) | (306) | (351) | (372) | (380) | (387) | (395) | (403) | (411) | (439) | |
| NOPAT | 474 | 804 | 932 | 1,023 | 1,176 | 1,246 | 1,271 | 1,296 | 1,322 | 1,349 | 1,376 | 1,471 |
| Capital Expenditures | (97) | (250) | (251) | (250) | (225) | (200) | (204) | (208) | (204) | (205) | (206) | (206) |
| NWC Investment | (0) | (134) | (30) | (14) | (19) | (11) | (9) | (9) | (9) | (10) | (10) | (9) |
| (+) D&A | 165 | 305 | 320 | 342 | 326 | 289 | 295 | 301 | 307 | 313 | 319 | 196 |
| Free Cash Flow | 541 | 725 | 972 | 1,101 | 1,259 | 1,324 | 1,353 | 1,380 | 1,415 | 1,446 | 1,479 | 1,452 |
| % Growth | 34% | 34% | 13% | 14% | 5% | 2% | 2% | 3% | 2% | 2% | -2% | |