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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.0% - 8.0% | 8.5% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | $7.06 - $8.66 | $7.58 |
| Upside | 64.2% - 101.5% | 76.2% |
| 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 | |
| Revenue | 5,381 | 5,499 | 6,611 | 6,639 | 7,860 | 7,542 | |
| % Growth | -8.6% | 2.2% | 20.2% | 0.4% | 18.4% | -4.0% | |
| EBITDA | 3,226 | 3,897 | 4,649 | 4,656 | 5,809 | 5,305 | |
| % of Revenue | 60.0% | 70.9% | 70.3% | 70.1% | 73.9% | 70.3% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 3,897 | 4,649 | 4,656 | 5,809 | 5,305 | 5,305 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,811) | (2,067) | (1,913) | (2,081) | (2,007) | (1,419) | |
| EBIT | 2,086 | 2,583 | 2,743 | 3,728 | 3,298 | 3,886 | |
| Pro forma Taxes | (647) | (801) | (850) | (1,156) | (1,022) | (1,205) | |
| NOPAT | 1,069 | 1,439 | 1,782 | 1,893 | 2,572 | 2,276 | 2,681 |
| Capital Expenditures | (2,401) | (2,417) | (2,175) | (2,041) | (1,609) | (1,494) | (1,494) |
| NWC Investment | (24) | 6 | 53 | 1 | 58 | (15) | 0 |
| (+) D&A | 1,677 | 1,811 | 2,067 | 1,913 | 2,081 | 2,007 | 1,419 |
| Free Cash Flow | 321 | 839 | 1,726 | 1,766 | 3,102 | 2,774 | 2,607 |
| % Growth | 162% | 106% | 2% | 76% | -11% | -6% | |