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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 | $127.28 - $146.91 | $136.91 |
Upside | -3.3% - 11.6% | 4.0% |
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 | 2,692 | 2,968 | 3,281 | 3,706 | 4,169 |
% Growth | 10.0% | 7.5% | 10.3% | 10.5% | 13.0% | 12.5% |
EBITDA | 715 | 843 | 947 | 1,063 | 1,260 | 1,430 |
% of Revenue | 28.5% | 31.3% | 31.9% | 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 | 843 | 947 | 1,063 | 1,260 | 1,430 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
D&A | (141) | (161) | (173) | (220) | (252) | |
EBIT | 702 | 786 | 891 | 1,040 | 1,179 | |
Pro forma Taxes | (119) | (134) | (151) | (177) | (200) | |
NOPAT | 519 | 583 | 652 | 739 | 863 | 978 |
Capital Expenditures | (119) | (180) | (202) | (219) | (212) | (238) |
NWC Investment | (43) | (36) | (53) | (60) | (81) | (89) |
(+) D&A | 89 | 141 | 161 | 173 | 220 | 252 |
Free Cash Flow | 446 | 507 | 559 | 633 | 789 | 903 |
% Growth | 14% | 10% | 13% | 25% | 14% |