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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.3% - 7.2% | 7.8% |
| Terminal Revenue Multiple | 0.7x - 0.8x | 0.7x |
| Fair Value | $49.92 - $56.19 | $52.99 |
| Upside | -1.5% - 10.9% | 4.6% |
| 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 | 17,878 | 18,026 | 18,400 | 19,021 | 18,724 | 19,121 |
| % Growth | 3.0% | 0.8% | 2.1% | 3.4% | -1.6% | 2.1% |
| EBITDA | 2,178 | 2,218 | 1,994 | 1,780 | 1,685 | 1,721 |
| % of Revenue | 12.2% | 12.3% | 10.8% | 9.4% | 9.0% | 9.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 2,218 | 1,994 | 1,780 | 1,685 | 1,721 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (440) | (455) | (675) | (562) | (574) | |
| EBIT | 1,778 | 1,539 | 1,105 | 1,123 | 1,147 | |
| Pro forma Taxes | (462) | (400) | (287) | (292) | (298) | |
| NOPAT | 1,291 | 1,316 | 1,139 | 818 | 831 | 849 |
| Capital Expenditures | (476) | (475) | (577) | (553) | (562) | (574) |
| NWC Investment | (22) | (6) | (16) | (27) | 13 | (17) |
| (+) D&A | 434 | 440 | 455 | 675 | 562 | 574 |
| Free Cash Flow | 1,226 | 1,274 | 1,001 | 913 | 844 | 832 |
| % Growth | 4% | -21% | -9% | -8% | -1% | |