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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Perpetuity Growth Rate | 3.3% - 4.3% | 3.8% |
| Fair Value | $14.67 - $21 | $17.31 |
| Upside | 4.1% - 49.0% | 22.8% |
| 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 | |
| Revenue | 5,810 | 6,066 | 6,373 | 6,685 | 7,080 | 7,540 | |
| % Growth | 4.7% | 4.4% | 5.1% | 4.9% | 5.9% | 6.5% | |
| EBITDA | 1,335 | 1,589 | 1,684 | 1,831 | 1,894 | 2,062 | |
| % of Revenue | 23.0% | 26.2% | 26.4% | 27.4% | 26.8% | 27.3% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 1,589 | 1,684 | 1,831 | 1,894 | 2,062 | 2,062 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (405) | (398) | (475) | (468) | (557) | (511) | |
| EBIT | 1,184 | 1,286 | 1,356 | 1,426 | 1,505 | 1,551 | |
| Pro forma Taxes | (130) | (142) | (149) | (157) | (166) | (171) | |
| NOPAT | 789 | 1,054 | 1,145 | 1,207 | 1,269 | 1,339 | 1,381 |
| Capital Expenditures | (381) | (466) | (483) | (503) | (531) | (538) | (538) |
| NWC Investment | (111) | (109) | (130) | (132) | (168) | (195) | (120) |
| (+) D&A | 449 | 405 | 398 | 475 | 468 | 557 | 511 |
| Free Cash Flow | 746 | 884 | 929 | 1,046 | 1,039 | 1,164 | 1,234 |
| % Growth | 19% | 5% | 13% | -1% | 12% | 6% | |