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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal Revenue Multiple | 10.3x - 11.4x | 10.8x |
| Fair Value | $402.30 - $458.62 | $429.96 |
| Upside | -20.8% - -9.7% | -15.3% |
| 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 | 7,502 | 8,095 | 8,680 | 9,141 | 9,791 |
| % Growth | 19.8% | 5.8% | 7.9% | 7.2% | 5.3% | 7.1% |
| EBITDA | 3,232 | 3,716 | 4,086 | 4,483 | 4,687 | 5,104 |
| % of Revenue | 45.6% | 49.5% | 50.5% | 51.6% | 51.3% | 52.1% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 3,716 | 4,086 | 4,483 | 4,687 | 5,104 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (531) | (534) | (494) | (257) | (173) | |
| EBIT | 3,185 | 3,552 | 3,989 | 4,430 | 4,931 | |
| Pro forma Taxes | (637) | (710) | (798) | (886) | (986) | |
| NOPAT | 2,385 | 2,548 | 2,841 | 3,191 | 3,544 | 3,945 |
| Capital Expenditures | (317) | (345) | (366) | (382) | (394) | (406) |
| NWC Investment | 56 | 20 | 28 | 28 | 22 | 31 |
| (+) D&A | 251 | 531 | 534 | 494 | 257 | 173 |
| Free Cash Flow | 2,375 | 2,754 | 3,038 | 3,332 | 3,429 | 3,743 |
| % Growth | 16% | 10% | 10% | 3% | 9% | |