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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 12.0% - 11.0% | 11.5% |
| Terminal EBITDA Multiple | 22.0x - 24.0x | 23.0x |
| Fair Value | $163.14 - $185.06 | $173.76 |
| Upside | 7.9% - 22.4% | 15.0% |
| 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 | 25,785 | 32,956 | 39,864 | 47,864 | 54,390 | 60,400 | 64,929 | 67,202 | 68,546 | 69,917 | 71,315 |
| % Growth | 13.7% | 27.8% | 21.0% | 20.1% | 13.6% | 11.0% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% |
| EBITDA | 5,150 | 6,737 | 10,282 | 13,375 | 14,270 | 18,904 | 20,646 | 21,369 | 21,796 | 22,232 | 22,677 |
| % of Revenue | 20.0% | 20.4% | 25.8% | 27.9% | 26.2% | 31.3% | 31.8% | 31.8% | 31.8% | 31.8% | 31.8% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 6,737 | 10,282 | 13,375 | 14,270 | 18,904 | 20,646 | 21,369 | 21,796 | 22,232 | 22,677 | |
| Other Income / (Exp) | 5,137 | 6,141 | 7,229 | 0 | 3,997 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (4,670) | (5,648) | (6,782) | (2,613) | (2,901) | (3,119) | (3,228) | (3,293) | (3,358) | (3,426) | |
| EBIT | 7,205 | 10,776 | 13,823 | 11,657 | 20,000 | 17,528 | 18,141 | 18,504 | 18,874 | 19,251 | |
| Pro forma Taxes | (1,153) | (1,724) | (2,212) | (1,865) | (3,200) | (2,804) | (2,903) | (2,961) | (3,020) | (3,080) | |
| NOPAT | 1,752 | 6,052 | 9,051 | 11,611 | 9,792 | 16,800 | 14,723 | 15,238 | 15,543 | 15,854 | 16,171 |
| Capital Expenditures | (636) | (842) | (860) | (809) | (950) | (1,200) | (986) | (1,021) | (1,041) | (1,016) | (1,026) |
| NWC Investment | (858) | (1,983) | (1,910) | (2,212) | (1,804) | (1,661) | (1,252) | (628) | (372) | (379) | (387) |
| (+) D&A | 3,064 | 4,670 | 5,648 | 6,782 | 2,613 | 2,901 | 3,119 | 3,228 | 3,293 | 3,358 | 3,426 |
| Free Cash Flow | 3,322 | 7,896 | 11,930 | 15,372 | 9,650 | 16,840 | 15,603 | 16,817 | 17,423 | 17,817 | 18,184 |
| % Growth | 138% | 51% | 29% | -37% | 75% | -7% | 8% | 4% | 2% | 2% | |