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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 10.0% - 9.0% | 9.5% |
Terminal EBITDA Multiple | 17.8x - 19.8x | 18.8x |
Fair Value | $232.49 - $264.78 | $248.35 |
Upside | -19.3% - -8.0% | -13.7% |
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 |
Revenue | 1,557 | 1,644 | 1,671 | 1,825 | 1,981 | 2,160 |
% Growth | 4.3% | 5.5% | 1.7% | 9.2% | 8.6% | 9.0% |
EBITDA | 1,095 | 1,170 | 1,168 | 1,272 | 1,424 | 1,596 |
% of Revenue | 70.3% | 71.2% | 69.9% | 69.7% | 71.9% | 73.9% |
Calculation of Free Cash Flow | ||||||
Projected Unlevered Cash Flow | ||||||
(USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
EBITDA | 1,170 | 1,168 | 1,272 | 1,424 | 1,596 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
D&A | (50) | (38) | (40) | (59) | (63) | |
EBIT | 1,120 | 1,130 | 1,232 | 1,365 | 1,533 | |
Pro forma Taxes | (235) | (237) | (259) | (287) | (322) | |
NOPAT | 836 | 885 | 893 | 973 | 1,078 | 1,211 |
Capital Expenditures | (28) | (33) | (35) | (36) | (40) | (43) |
NWC Investment | 48 | 65 | 20 | 115 | 117 | 134 |
(+) D&A | 37 | 50 | 38 | 40 | 59 | 63 |
Free Cash Flow | 893 | 966 | 916 | 1,092 | 1,214 | 1,365 |
% Growth | 8% | -5% | 19% | 11% | 12% |