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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Perpetuity Growth Rate | 6.0% - 7.0% | 6.5% |
| Fair Value | $10.38 - $77.13 | $33.54 |
| Upside | -85.8% - 5.7% | -54.0% |
| 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 | 5,112 | 4,857 | 5,568 | 2,935 | 2,981 | 3,021 | 3,021 | 3,021 | 3,021 | 3,021 | 3,021 | |
| % Growth | -5.9% | -5.0% | 14.6% | -47.3% | 1.6% | 1.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| EBITDA | 939 | 1,049 | 1,172 | 1,087 | 1,016 | 1,029 | 1,029 | 1,029 | 1,029 | 1,029 | 1,029 | |
| % of Revenue | 18.4% | 21.6% | 21.1% | 37.0% | 34.1% | 34.1% | 34.1% | 34.1% | 34.1% | 34.1% | 34.1% | |
| 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 | 1,049 | 1,172 | 1,087 | 1,016 | 1,029 | 1,029 | 1,029 | 1,029 | 1,029 | 1,029 | 1,029 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (436) | (484) | (546) | (447) | (403) | (403) | (403) | (403) | (403) | (403) | (430) | |
| EBIT | 613 | 688 | 541 | 569 | 626 | 626 | 626 | 626 | 626 | 626 | 599 | |
| Pro forma Taxes | (123) | (138) | (108) | (114) | (125) | (125) | (125) | (125) | (125) | (125) | (120) | |
| NOPAT | 400 | 490 | 550 | 433 | 455 | 501 | 501 | 501 | 501 | 501 | 501 | 479 |
| Capital Expenditures | (946) | (880) | (855) | (857) | (857) | (1,030) | (453) | (453) | (453) | (453) | (453) | (453) |
| NWC Investment | 7 | 6 | (15) | 57 | (1) | (1) | 0 | 0 | 0 | 0 | 0 | (4) |
| (+) D&A | 438 | 436 | 484 | 546 | 447 | 403 | 403 | 403 | 403 | 403 | 403 | 430 |
| Free Cash Flow | (100) | 51 | 164 | 180 | 45 | (127) | 451 | 451 | 451 | 451 | 451 | 452 |
| % Growth | NM | 219% | 9% | -75% | NM | NM | 0% | 0% | 0% | 0% | 0% | |