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 | 10.0% - 9.0% | 9.5% |
| Terminal EBITDA Multiple | 11.9x - 13.9x | 12.9x |
| Fair Value | $157.78 - $186.30 | $171.55 |
| Upside | 11.6% - 31.8% | 21.4% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (USD in millions) | Input Projections | ||||||||||
| Fiscal Years Ending | Sep-24 | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 | Sep-30 | Sep-31 | Sep-32 | Sep-33 | Sep-34 |
| Revenue | 15,845 | 16,129 | 17,241 | 18,338 | 20,154 | 21,373 | 22,121 | 22,563 | 23,015 | 23,475 | 23,945 |
| % Growth | -1.2% | 1.8% | 6.9% | 6.4% | 9.9% | 6.1% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 3,762 | 3,929 | 4,212 | 4,504 | 5,084 | 5,155 | 5,335 | 5,442 | 5,551 | 5,662 | 5,775 |
| % of Revenue | 23.7% | 24.4% | 24.4% | 24.6% | 25.2% | 24.1% | 24.1% | 24.1% | 24.1% | 24.1% | 24.1% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (USD in millions) | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 | Sep-30 | Sep-31 | Sep-32 | Sep-33 | Sep-34 | |
| EBITDA | 3,929 | 4,212 | 4,504 | 5,084 | 5,155 | 5,335 | 5,442 | 5,551 | 5,662 | 5,775 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (790) | (779) | (815) | (970) | (1,435) | (1,485) | (1,515) | (1,545) | (1,576) | (1,608) | |
| EBIT | 3,139 | 3,433 | 3,689 | 4,114 | 3,720 | 3,850 | 3,927 | 4,006 | 4,086 | 4,168 | |
| Pro forma Taxes | (345) | (378) | (406) | (453) | (409) | (424) | (432) | (441) | (449) | (458) | |
| NOPAT | 2,613 | 2,794 | 3,055 | 3,283 | 3,662 | 3,311 | 3,427 | 3,495 | 3,565 | 3,636 | 3,709 |
| Capital Expenditures | (680) | (796) | (836) | (874) | (1,011) | (1,069) | (985) | (1,004) | (1,019) | (1,003) | (1,009) |
| NWC Investment | 30 | (45) | (177) | (174) | (289) | (194) | (119) | (70) | (72) | (73) | (75) |
| (+) D&A | 826 | 790 | 779 | 815 | 970 | 1,435 | 1,485 | 1,515 | 1,545 | 1,576 | 1,608 |
| Free Cash Flow | 2,789 | 2,743 | 2,822 | 3,050 | 3,332 | 3,483 | 3,808 | 3,936 | 4,019 | 4,137 | 4,234 |
| % Growth | -2% | 3% | 8% | 9% | 5% | 9% | 3% | 2% | 3% | 2% | |