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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 12.3% - 11.3% | 11.8% |
Terminal EBITDA Multiple | 9.7x - 11.7x | 10.7x |
Fair Value | ₪1.11 - ₪1.46 | ₪1.28 |
Upside | 17.5% - 55.2% | 35.7% |
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 | 7,542 | 7,542 | 7,542 | 7,542 | 7,542 | 7,542 | 7,542 | 7,542 | 7,542 | 7,542 | 7,542 |
% Growth | -9.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
EBITDA | 371 | 300 | 300 | 300 | 300 | 300 | 300 | 300 | 300 | 300 | 300 |
% of Revenue | 4.9% | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% |
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 | 300 | 300 | 300 | 300 | 300 | 300 | 300 | 300 | 300 | 300 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
D&A | (141) | (141) | (141) | (141) | (141) | (141) | (141) | (141) | (141) | (141) | |
EBIT | 159 | 159 | 159 | 159 | 159 | 159 | 159 | 159 | 159 | 159 | |
Pro forma Taxes | (25) | (25) | (25) | (25) | (25) | (25) | (25) | (25) | (25) | (25) | |
NOPAT | 177 | 133 | 133 | 133 | 133 | 133 | 133 | 133 | 133 | 133 | 133 |
Capital Expenditures | (187) | (130) | (160) | (160) | (160) | (160) | (160) | (160) | (160) | (160) | (160) |
NWC Investment | 35 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
(+) D&A | 160 | 141 | 141 | 141 | 141 | 141 | 141 | 141 | 141 | 141 | 141 |
Free Cash Flow | 185 | 145 | 115 | 115 | 115 | 115 | 115 | 115 | 115 | 115 | 115 |
% Growth | -22% | -21% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |