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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal EBITDA Multiple | 3.2x - 5.2x | 4.2x |
| Fair Value | $6.24 - $8.51 | $7.33 |
| Upside | 68.8% - 129.9% | 98.2% |
| 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 | 5,381 | 5,220 | 6,241 | 6,541 | 7,877 | 7,320 | 7,662 | 7,815 | 7,972 | 8,131 | 8,294 |
| % Growth | -8.6% | -3.0% | 19.6% | 4.8% | 20.4% | -7.1% | 4.7% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 3,226 | 3,775 | 4,491 | 4,550 | 5,820 | 5,100 | 5,379 | 5,487 | 5,597 | 5,709 | 5,823 |
| % of Revenue | 60.0% | 72.3% | 72.0% | 69.6% | 73.9% | 69.7% | 70.2% | 70.2% | 70.2% | 70.2% | 70.2% |
| 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 | |
| EBITDA | 3,775 | 4,491 | 4,550 | 5,820 | 5,100 | 5,379 | 5,487 | 5,597 | 5,709 | 5,823 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,832) | (1,997) | (1,984) | (2,093) | (2,000) | (2,094) | (2,136) | (2,178) | (2,222) | (2,266) | |
| EBIT | 1,943 | 2,494 | 2,566 | 3,727 | 3,100 | 3,286 | 3,351 | 3,418 | 3,487 | 3,556 | |
| Pro forma Taxes | (602) | (773) | (795) | (1,156) | (961) | (1,019) | (1,039) | (1,060) | (1,081) | (1,102) | |
| NOPAT | 1,069 | 1,340 | 1,721 | 1,771 | 2,572 | 2,139 | 2,267 | 2,312 | 2,359 | 2,406 | 2,454 |
| Capital Expenditures | (2,401) | (2,417) | (2,175) | (2,041) | (1,609) | (1,494) | (1,564) | (1,556) | (1,538) | (1,552) | (1,549) |
| NWC Investment | (24) | (8) | 48 | 14 | 63 | (26) | 16 | 7 | 7 | 8 | 8 |
| (+) D&A | 1,677 | 1,832 | 1,997 | 1,984 | 2,093 | 2,000 | 2,094 | 2,136 | 2,178 | 2,222 | 2,266 |
| Free Cash Flow | 321 | 748 | 1,591 | 1,728 | 3,119 | 2,619 | 2,813 | 2,900 | 3,007 | 3,083 | 3,179 |
| % Growth | 133% | 113% | 9% | 80% | -16% | 7% | 3% | 4% | 3% | 3% | |