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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.5% - 10.5% | 11.0% |
| Terminal Revenue Multiple | 9.2x - 10.2x | 9.7x |
| Fair Value | $35.25 - $40.91 | $37.98 |
| Upside | -58.9% - -52.3% | -55.8% |
| 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 | 2,866 | 3,757 | 4,789 | 6,264 | 9,245 | 12,482 | 14,978 | 16,850 | 18,114 | 18,748 | 19,123 |
| % Growth | 28.8% | 31.1% | 27.5% | 30.8% | 47.6% | 35.0% | 20.0% | 12.5% | 7.5% | 3.5% | 2.0% |
| EBITDA | 342 | 1,597 | 2,120 | 2,930 | 1,803 | 1,963 | 2,730 | 3,240 | 3,573 | 3,698 | 3,772 |
| % of Revenue | 11.9% | 42.5% | 44.3% | 46.8% | 19.5% | 15.7% | 18.2% | 19.2% | 19.7% | 19.7% | 19.7% |
| 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 | 1,597 | 2,120 | 2,930 | 1,803 | 1,963 | 2,730 | 3,240 | 3,573 | 3,698 | 3,772 | |
| Other Income / (Exp) | 0 | 0 | 0 | 2,159 | 3,014 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (34) | (100) | (138) | (204) | (276) | (331) | (373) | (400) | (414) | (423) | |
| EBIT | 1,563 | 2,020 | 2,791 | 3,757 | 4,702 | 2,399 | 2,867 | 3,173 | 3,284 | 3,350 | |
| Pro forma Taxes | (219) | (283) | (391) | (526) | (658) | (336) | (401) | (444) | (460) | (469) | |
| NOPAT | 267 | 1,344 | 1,737 | 2,400 | 3,231 | 4,043 | 2,063 | 2,466 | 2,729 | 2,824 | 2,881 |
| Capital Expenditures | (13) | (23) | (38) | (62) | (92) | (125) | (93) | (103) | (107) | (101) | (103) |
| NWC Investment | 28 | 40 | 46 | 65 | 132 | 144 | 111 | 83 | 56 | 28 | 17 |
| (+) D&A | 32 | 34 | 100 | 138 | 204 | 276 | 331 | 373 | 400 | 414 | 423 |
| Free Cash Flow | 314 | 1,395 | 1,845 | 2,542 | 3,475 | 4,338 | 2,412 | 2,818 | 3,078 | 3,166 | 3,217 |
| % Growth | 32% | 38% | 37% | 25% | -44% | 17% | 9% | 3% | 2% | ||