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 | 9.5% - 8.5% | 9.0% |
| Perpetuity Growth Rate | 2.0% - 3.0% | 2.5% |
| Fair Value | $108.51 - $141.43 | $122.50 |
| Upside | 1.6% - 32.4% | 14.7% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| Revenue | 26,407 | 27,561 | 29,000 | 30,340 | 31,740 | 33,080 | 34,500 | 35,810 | 37,085 | 38,390 | 39,158 | |
| % Growth | -2.2% | 4.4% | 5.2% | 4.6% | 4.6% | 4.2% | 4.3% | 3.8% | 3.6% | 3.5% | 2.0% | |
| EBITDA | 5,966 | 7,122 | 7,463 | 7,699 | 7,885 | 4,716 | 4,992 | 7,994 | 8,279 | 8,570 | 8,741 | |
| % of Revenue | 22.6% | 25.8% | 25.7% | 25.4% | 24.8% | 14.3% | 14.5% | 22.3% | 22.3% | 22.3% | 22.3% | |
| Calculation of Free Cash Flow | ||||||||||||
| Projected Unlevered Cash Flow | ||||||||||||
| (CHF in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | Terminal | |
| EBITDA | 7,122 | 7,463 | 7,699 | 7,885 | 4,716 | 4,992 | 7,994 | 8,279 | 8,570 | 8,741 | 8,741 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 2,804 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,696) | (1,779) | (1,832) | (1,601) | (1,669) | (1,740) | (1,806) | (1,871) | (1,936) | (1,975) | (1,657) | |
| EBIT | 5,426 | 5,685 | 5,867 | 6,284 | 5,852 | 3,252 | 6,188 | 6,408 | 6,634 | 6,766 | 7,085 | |
| Pro forma Taxes | (1,357) | (1,421) | (1,467) | (1,571) | (1,463) | (813) | (1,547) | (1,602) | (1,658) | (1,692) | (1,771) | |
| NOPAT | 3,254 | 4,070 | 4,263 | 4,400 | 4,713 | 4,389 | 2,439 | 4,641 | 4,806 | 4,975 | 5,075 | 5,314 |
| Capital Expenditures | (1,650) | (1,655) | (1,715) | (1,877) | (2,134) | (1,645) | (1,716) | (1,781) | (1,714) | (1,737) | (1,744) | (1,744) |
| NWC Investment | (4) | 8 | 10 | 9 | 10 | 9 | 10 | 9 | 9 | 9 | 5 | 7 |
| (+) D&A | 1,628 | 1,696 | 1,779 | 1,832 | 1,601 | 1,669 | 1,740 | 1,806 | 1,871 | 1,936 | 1,975 | 1,657 |
| Free Cash Flow | 3,227 | 4,118 | 4,337 | 4,364 | 4,190 | 4,421 | 2,473 | 4,675 | 4,972 | 5,184 | 5,311 | 5,233 |
| % Growth | 28% | 5% | 1% | -4% | 6% | -44% | 89% | 6% | 4% | 2% | -1% | |