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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.5% - 10.5% | 11.0% |
| Terminal Revenue Multiple | 1.5x - 1.6x | 1.6x |
| Fair Value | $0.94 - $1.10 | $1.02 |
| Upside | 79.6% - 109.7% | 94.2% |
| 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 | 16,200 | 16,413 | 17,315 | 17,511 | 17,734 | 17,824 | 17,824 | 17,824 | 17,824 | 17,824 | 17,824 |
| % Growth | -2.1% | 1.3% | 5.5% | 1.1% | 1.3% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 2,675 | 3,113 | 3,291 | 3,375 | 3,323 | 3,480 | 3,480 | 3,480 | 3,480 | 3,480 | 3,480 |
| % of Revenue | 16.5% | 19.0% | 19.0% | 19.3% | 18.7% | 19.5% | 19.5% | 19.5% | 19.5% | 19.5% | 19.5% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | ||
| EBITDA | 3,113 | 3,291 | 3,375 | 3,323 | 3,480 | 3,480 | 3,480 | 3,480 | 3,480 | 3,480 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,262) | (1,318) | (1,302) | (1,232) | (1,299) | (1,299) | (1,299) | (1,299) | (1,299) | (1,299) | |
| EBIT | 1,851 | 1,973 | 2,073 | 2,091 | 2,181 | 2,181 | 2,181 | 2,181 | 2,181 | 2,181 | |
| Pro forma Taxes | (315) | (335) | (352) | (355) | (371) | (371) | (371) | (371) | (371) | (371) | |
| NOPAT | 1,484 | 1,536 | 1,638 | 1,721 | 1,736 | 1,810 | 1,810 | 1,810 | 1,810 | 1,810 | 1,810 |
| Capital Expenditures | (1,000) | (1,410) | (1,368) | (1,329) | (1,346) | (1,363) | (1,346) | (1,346) | (1,346) | (1,346) | (1,346) |
| NWC Investment | (17) | 10 | 44 | 9 | 11 | 4 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 887 | 1,262 | 1,318 | 1,302 | 1,232 | 1,299 | 1,299 | 1,299 | 1,299 | 1,299 | 1,299 |
| Free Cash Flow | 1,354 | 1,399 | 1,631 | 1,703 | 1,633 | 1,751 | 1,763 | 1,763 | 1,763 | 1,763 | 1,763 |
| % Growth | 17% | 4% | -4% | 7% | 1% | 0% | 0% | 0% | 0% | ||