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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 12.0% - 11.0% | 11.5% |
| Perpetuity Growth Rate | 4.5% - 5.5% | 5.0% |
| Fair Value | $123.72 - $163.79 | $140.68 |
| Upside | -22.3% - 2.9% | -11.6% |
| 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 | 25,785 | 32,958 | 39,864 | 47,864 | 54,390 | 60,400 | |
| % Growth | 13.7% | 27.8% | 21.0% | 20.1% | 13.6% | 11.0% | |
| EBITDA | 5,150 | 6,806 | 10,691 | 13,408 | 14,270 | 18,904 | |
| % of Revenue | 20.0% | 20.7% | 26.8% | 28.0% | 26.2% | 31.3% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 6,806 | 10,691 | 13,408 | 14,270 | 18,904 | 18,904 | |
| Other Income / (Exp) | 5,078 | 5,756 | 7,197 | 0 | 3,997 | 3,997 | |
| D&A | (4,670) | (5,648) | (6,782) | (2,613) | (2,901) | (1,140) | |
| EBIT | 7,214 | 10,799 | 13,823 | 11,657 | 20,000 | 21,761 | |
| Pro forma Taxes | (1,154) | (1,728) | (2,212) | (1,865) | (3,200) | (3,482) | |
| NOPAT | 1,752 | 6,060 | 9,071 | 11,611 | 9,792 | 16,800 | 18,280 |
| Capital Expenditures | (636) | (838) | (832) | (800) | (950) | (1,200) | (1,200) |
| NWC Investment | (858) | (1,983) | (1,909) | (2,212) | (1,804) | (1,661) | (835) |
| (+) D&A | 3,064 | 4,670 | 5,648 | 6,782 | 2,613 | 2,901 | 1,140 |
| Free Cash Flow | 3,322 | 7,909 | 11,978 | 15,381 | 9,650 | 16,840 | 17,385 |
| % Growth | 138% | 51% | 28% | -37% | 75% | 3% | |