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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal EBITDA Multiple | 14.9x - 16.9x | 15.9x |
| Fair Value | $130.17 - $150.21 | $140 |
| Upside | 1.1% - 16.7% | 8.7% |
| 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 |
| Revenue | 2,504 | 2,690 | 2,958 | 3,281 | 3,706 | 4,169 |
| % Growth | 10.0% | 7.4% | 10.0% | 10.9% | 13.0% | 12.5% |
| EBITDA | 715 | 846 | 950 | 1,063 | 1,260 | 1,430 |
| % of Revenue | 28.5% | 31.4% | 32.1% | 32.4% | 34.0% | 34.3% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (CHF in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 846 | 950 | 1,063 | 1,260 | 1,430 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (146) | (166) | (173) | (220) | (252) | |
| EBIT | 700 | 785 | 891 | 1,040 | 1,179 | |
| Pro forma Taxes | (119) | (133) | (151) | (177) | (200) | |
| NOPAT | 519 | 581 | 651 | 739 | 863 | 978 |
| Capital Expenditures | (119) | (180) | (202) | (219) | (212) | (238) |
| NWC Investment | (43) | (36) | (51) | (62) | (81) | (89) |
| (+) D&A | 89 | 146 | 166 | 173 | 220 | 252 |
| Free Cash Flow | 446 | 511 | 563 | 631 | 789 | 903 |
| % Growth | 15% | 10% | 12% | 25% | 14% | |