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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Terminal Revenue Multiple | 9.3x - 10.3x | 9.8x |
| Fair Value | $683.05 - $770.91 | $726.22 |
| Upside | -21.1% - -11.0% | -16.1% |
| 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 | 2,743 | 3,157 | 3,640 | 4,186 | 4,612 |
| % Growth | 21.2% | 24.3% | 15.1% | 15.3% | 15.0% | 10.2% |
| EBITDA | 576 | 1,007 | 1,172 | 1,386 | 1,848 | 2,123 |
| % of Revenue | 26.1% | 36.7% | 37.1% | 38.1% | 44.2% | 46.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 1,007 | 1,172 | 1,386 | 1,848 | 2,123 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (46) | (51) | (60) | (69) | (77) | |
| EBIT | 961 | 1,121 | 1,326 | 1,779 | 2,046 | |
| Pro forma Taxes | (115) | (134) | (159) | (213) | (246) | |
| NOPAT | 475 | 846 | 986 | 1,167 | 1,566 | 1,801 |
| Capital Expenditures | (146) | (174) | (180) | (200) | (245) | (274) |
| NWC Investment | (66) | (92) | (71) | (83) | (94) | (73) |
| (+) D&A | 36 | 46 | 51 | 60 | 69 | 77 |
| Free Cash Flow | 299 | 626 | 786 | 944 | 1,296 | 1,530 |
| % Growth | 110% | 26% | 20% | 37% | 18% | |