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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal Revenue Multiple | 3.8x - 4.3x | 4.0x |
| Fair Value | $274.30 - $306.85 | $290.05 |
| Upside | 76.4% - 97.4% | 86.6% |
| 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 | 2,735 | 2,928 | 3,142 | 3,418 | 3,949 | 4,435 | 4,768 | 4,935 | 5,034 | 5,134 | 5,237 |
| % Growth | 15.0% | 7.1% | 7.3% | 8.8% | 15.5% | 12.3% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% |
| EBITDA | 751 | 1,020 | 1,111 | 1,200 | 1,521 | 1,725 | 1,878 | 1,944 | 1,983 | 2,022 | 2,063 |
| % of Revenue | 27.5% | 34.8% | 35.4% | 35.1% | 38.5% | 38.9% | 39.4% | 39.4% | 39.4% | 39.4% | 39.4% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | ||
| EBITDA | 1,020 | 1,111 | 1,200 | 1,521 | 1,725 | 1,878 | 1,944 | 1,983 | 2,022 | 2,063 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (98) | (96) | (81) | (427) | (533) | (573) | (593) | (605) | (617) | (629) | |
| EBIT | 923 | 1,015 | 1,119 | 1,094 | 1,192 | 1,305 | 1,351 | 1,378 | 1,406 | 1,434 | |
| Pro forma Taxes | (203) | (223) | (246) | (241) | (262) | (287) | (297) | (303) | (309) | (315) | |
| NOPAT | 426 | 720 | 792 | 873 | 853 | 930 | 1,018 | 1,054 | 1,075 | 1,096 | 1,118 |
| Capital Expenditures | (35) | (34) | (34) | (33) | (112) | (123) | (89) | (93) | (94) | (92) | (93) |
| NWC Investment | 17 | 9 | 10 | 13 | 26 | 24 | 16 | 8 | 5 | 5 | 5 |
| (+) D&A | 205 | 98 | 96 | 81 | 427 | 533 | 573 | 593 | 605 | 617 | 629 |
| Free Cash Flow | 613 | 792 | 864 | 934 | 1,194 | 1,364 | 1,518 | 1,562 | 1,590 | 1,626 | 1,660 |
| % Growth | 9% | 8% | 28% | 14% | 11% | 3% | 2% | 2% | 2% | ||