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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal EBITDA Multiple | 12.4x - 14.4x | 13.4x |
| Fair Value | $111.86 - $130.66 | $121.08 |
| Upside | 8.4% - 26.6% | 17.3% |
| Select Revenue and EBITDA Forecast | ||||||
| (CHF in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
| Revenue | 26,407 | 27,410 | 28,812 | 29,678 | 31,680 | 33,080 |
| % Growth | -2.2% | 3.8% | 5.1% | 3.0% | 6.7% | 4.4% |
| EBITDA | 5,966 | 7,122 | 7,447 | 7,754 | 7,885 | 4,716 |
| % of Revenue | 22.6% | 26.0% | 25.8% | 26.1% | 24.9% | 14.3% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (CHF in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 7,122 | 7,447 | 7,754 | 7,885 | 4,716 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 2,847 | |
| D&A | (1,778) | (1,810) | (1,887) | (1,640) | (1,712) | |
| EBIT | 5,344 | 5,637 | 5,867 | 6,246 | 5,852 | |
| Pro forma Taxes | (1,336) | (1,409) | (1,467) | (1,561) | (1,463) | |
| NOPAT | 3,254 | 4,008 | 4,228 | 4,400 | 4,684 | 4,389 |
| Capital Expenditures | (1,650) | (1,653) | (1,700) | (1,805) | (2,068) | (1,645) |
| NWC Investment | (4) | 7 | 10 | 6 | 14 | 10 |
| (+) D&A | 1,628 | 1,778 | 1,810 | 1,887 | 1,640 | 1,712 |
| Free Cash Flow | 3,227 | 4,140 | 4,347 | 4,489 | 4,269 | 4,465 |
| % Growth | 28% | 5% | 3% | -5% | 5% | |