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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Terminal EBITDA Multiple | 4.2x - 6.2x | 5.2x |
| Fair Value | $43.58 - $65.76 | $54.44 |
| Upside | 44.3% - 117.7% | 80.3% |
| 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 | 5,804 | 5,814 | 5,948 | 6,169 | 6,387 | 6,528 |
| % Growth | 2.5% | 0.2% | 2.3% | 3.7% | 3.5% | 2.2% |
| EBITDA | 2,318 | 2,588 | 2,671 | 2,733 | 2,711 | 2,606 |
| % of Revenue | 39.9% | 44.5% | 44.9% | 44.3% | 42.4% | 39.9% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 2,588 | 2,671 | 2,733 | 2,711 | 2,606 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,193) | (1,227) | (1,211) | (1,151) | (1,050) | |
| EBIT | 1,395 | 1,444 | 1,521 | 1,560 | 1,556 | |
| Pro forma Taxes | (307) | (318) | (335) | (343) | (342) | |
| NOPAT | 1,005 | 1,088 | 1,127 | 1,187 | 1,217 | 1,214 |
| Capital Expenditures | (540) | (680) | (711) | (793) | (823) | (1,000) |
| NWC Investment | 14 | 1 | 14 | 22 | 22 | 14 |
| (+) D&A | 1,030 | 1,193 | 1,227 | 1,211 | 1,151 | 1,050 |
| Free Cash Flow | 1,509 | 1,602 | 1,656 | 1,627 | 1,567 | 1,278 |
| % Growth | 6% | 3% | -2% | -4% | -18% | |