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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 10.0% - 9.0% | 9.5% |
Perpetuity Growth Rate | 0.0% - 1.0% | 0.5% |
Fair Value | $64.17 - $81.06 | $71.68 |
Upside | -6.6% - 18.0% | 4.3% |
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 | 4,989 | 1,140 | 1,177 | 1,221 | 1,421 | 1,598 | |
% Growth | 1.4% | -77.1% | 3.3% | 3.7% | 16.3% | 12.5% | |
EBITDA | 282 | 397 | 433 | 443 | 556 | 606 | |
% of Revenue | 5.7% | 34.9% | 36.8% | 36.2% | 39.1% | 37.9% |
Calculation of Free Cash Flow | |||||||
Projected Unlevered Cash Flow | |||||||
(USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
EBITDA | 397 | 433 | 443 | 556 | 606 | 606 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
D&A | (165) | (177) | (170) | (160) | (169) | (93) | |
EBIT | 232 | 256 | 273 | 396 | 437 | 513 | |
Pro forma Taxes | (56) | (61) | (65) | (95) | (105) | (123) | |
NOPAT | 188 | 176 | 194 | 207 | 301 | 332 | 390 |
Capital Expenditures | (78) | (60) | (60) | (54) | (92) | (98) | (98) |
NWC Investment | 1 | (43) | 0 | 0 | 2 | 2 | 0 |
(+) D&A | 34 | 165 | 177 | 170 | 160 | 169 | 93 |
Free Cash Flow | 145 | 239 | 312 | 324 | 371 | 405 | 385 |
% Growth | 64% | 31% | 4% | 15% | 9% | -5% |