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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.8% - 10.8% | 11.3% |
| Perpetuity Growth Rate | 0.2% - 1.3% | 0.8% |
| Fair Value | $0.38 - $0.48 | $0.42 |
| Upside | 55.8% - 96.9% | 74.5% |
| 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 | 4,451 | 5,158 | 5,834 | 6,730 | 7,571 | 8,139 | 8,424 | 8,592 | 8,764 | 8,940 | 9,118 | |
| % Growth | 6.1% | 15.9% | 13.1% | 15.4% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 430 | 469 | 651 | 647 | 917 | 1,067 | 1,104 | 1,126 | 1,149 | 1,172 | 1,195 | |
| % of Revenue | 9.7% | 9.1% | 11.2% | 9.6% | 12.1% | 13.1% | 13.1% | 13.1% | 13.1% | 13.1% | 13.1% | |
| 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 | 469 | 651 | 647 | 917 | 1,067 | 1,104 | 1,126 | 1,149 | 1,172 | 1,195 | 1,195 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (89) | (177) | (118) | (132) | (142) | (147) | (150) | (153) | (156) | (159) | (313) | |
| EBIT | 380 | 474 | 529 | 784 | 925 | 957 | 976 | 996 | 1,016 | 1,036 | 882 | |
| Pro forma Taxes | (103) | (128) | (143) | (212) | (250) | (258) | (264) | (269) | (274) | (280) | (238) | |
| NOPAT | 147 | 277 | 346 | 386 | 573 | 675 | 699 | 713 | 727 | 741 | 756 | 644 |
| Capital Expenditures | (375) | (900) | (249) | (100) | (416) | (448) | (321) | (328) | (334) | (328) | (330) | (330) |
| NWC Investment | (42) | (116) | (112) | (148) | (139) | (94) | (47) | (28) | (28) | (29) | (29) | (11) |
| (+) D&A | 228 | 89 | 177 | 118 | 132 | 142 | 147 | 150 | 153 | 156 | 159 | 313 |
| Free Cash Flow | (42) | (650) | 162 | 256 | 150 | 276 | 478 | 507 | 517 | 541 | 556 | 616 |
| % Growth | NM | NM | 58% | -41% | 84% | 73% | 6% | 2% | 5% | 3% | 11% | |