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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 10.8% - 9.8% | 10.3% |
Terminal EBITDA Multiple | 18.8x - 20.8x | 19.8x |
Fair Value | $600 - $677.31 | $637.97 |
Upside | -17.2% - -6.5% | -12.0% |
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 |
Revenue | 2,207 | 2,655 | 3,050 | 3,500 | 4,252 | 4,764 |
% Growth | 21.2% | 20.3% | 14.9% | 14.8% | 21.5% | 12.0% |
EBITDA | 576 | 971 | 1,159 | 1,357 | 1,736 | 1,997 |
% of Revenue | 26.1% | 36.6% | 38.0% | 38.8% | 40.8% | 41.9% |
Calculation of Free Cash Flow | ||||||
Projected Unlevered Cash Flow | ||||||
(USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
EBITDA | 971 | 1,159 | 1,357 | 1,736 | 1,997 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
D&A | (40) | (59) | (51) | (61) | (69) | |
EBIT | 931 | 1,100 | 1,306 | 1,675 | 1,928 | |
Pro forma Taxes | (112) | (132) | (157) | (201) | (231) | |
NOPAT | 475 | 819 | 968 | 1,149 | 1,474 | 1,697 |
Capital Expenditures | (146) | (142) | (157) | (187) | (234) | (262) |
NWC Investment | (72) | (83) | (73) | (84) | (140) | (95) |
(+) D&A | 36 | 40 | 59 | 51 | 61 | 69 |
Free Cash Flow | 293 | 634 | 796 | 929 | 1,162 | 1,409 |
% Growth | 116% | 26% | 17% | 25% | 21% |