Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal EBITDA Multiple | 19.7x - 21.7x | 20.7x |
| Fair Value | $400.19 - $453.99 | $426.61 |
| Upside | -19.8% - -9.0% | -14.5% |
| 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 | 7,088 | 7,434 | 8,032 | 8,653 | 9,065 | 9,722 |
| % Growth | 19.8% | 4.9% | 8.0% | 7.7% | 4.8% | 7.2% |
| EBITDA | 3,232 | 3,667 | 4,015 | 4,422 | 4,616 | 5,032 |
| % of Revenue | 45.6% | 49.3% | 50.0% | 51.1% | 50.9% | 51.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 3,667 | 4,015 | 4,422 | 4,616 | 5,032 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (496) | (485) | (457) | (186) | (101) | |
| EBIT | 3,172 | 3,530 | 3,965 | 4,430 | 4,931 | |
| Pro forma Taxes | (634) | (706) | (793) | (886) | (986) | |
| NOPAT | 2,385 | 2,537 | 2,824 | 3,172 | 3,544 | 3,945 |
| Capital Expenditures | (317) | (349) | (368) | (398) | (413) | (427) |
| NWC Investment | 59 | 17 | 30 | 31 | 21 | 33 |
| (+) D&A | 251 | 496 | 485 | 457 | 186 | 101 |
| Free Cash Flow | 2,378 | 2,701 | 2,971 | 3,262 | 3,338 | 3,652 |
| % Growth | 14% | 10% | 10% | 2% | 9% | |