| Operating Data | 2027E | 2026E | 2025E | 2024E | 2023E | 2022A | 2021A | 2020A | 2019A | 2018A |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 668,365.8 | 601,426.9 | 541,192.2 | 486,990.2 | 438,216.7 | 394,328.0 | 365,817.0 | 274,515.0 | 260,174.0 | 265,595.0 |
| Revenue Growth % | 7.8 | 33.3 | 5.5 | -2.0 | — | |||||
| EBIT | 190,243.0 | 171,189.6 | 154,044.5 | 138,616.4 | 124,733.6 | 122,034.0 | 111,852.0 | 69,964.0 | 69,313.0 | 76,143.0 |
| EBIT Margin | 30.9 | 30.6 | 25.5 | 26.6 | 28.7 | |||||
| Depreciation | 25,205.0 | 22,680.6 | 20,409.1 | 18,365.0 | 16,525.7 | 11,104.0 | 11,284.0 | 11,056.0 | 12,547.0 | 10,903.0 |
| Depreciation / Rev | 2.8 | 3.1 | 4.0 | 4.8 | 4.1 | |||||
| EBITDA | 215,448.0 | 193,870.2 | 174,453.5 | 156,981.5 | 141,259.3 | 133,138.0 | 123,136.0 | 81,020.0 | 81,860.0 | 87,046.0 |
| EBITDA Margin | 32.2 | 32.2 | 32.2 | 32.2 | 32.2 | 33.8 | 33.7 | 29.5 | 31.5 | 32.8 |
| Balance Sheet Data | 2027E | 2026E | 2025E | 2024E | 2023E | 2022A | 2021A | 2020A | 2019A | 2018A |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash | 168,581.2 | 151,697.3 | 136,504.3 | 122,833.0 | 110,530.9 | 48,304.0 | 62,639.0 | 90,943.0 | 100,557.0 | 66,301.0 |
| Total Cash / Rev | 12.2 | 17.1 | 33.1 | 38.6 | 25.0 | |||||
| Receivables | 105,902.1 | 95,295.7 | 85,751.5 | 77,163.3 | 69,435.1 | 60,932.0 | 51,506.0 | 37,445.0 | 45,804.0 | 48,995.0 |
| Receivables / Rev | 15.5 | 14.1 | 13.6 | 17.6 | 18.4 | |||||
| Inventories | 10,159.2 | 9,141.7 | 8,226.1 | 7,402.2 | 6,660.9 | 4,946.0 | 6,580.0 | 4,061.0 | 4,106.0 | 3,956.0 |
| Inventories / Rev | 1.3 | 1.8 | 1.5 | 1.6 | 1.5 | |||||
| Account Payables | 114,224.6 | 102,784.6 | 92,490.5 | 83,227.3 | 74,891.8 | 64,115.0 | 54,763.0 | 42,296.0 | 46,236.0 | 55,888.0 |
| Account Payables / Rev | 16.3 | 15.0 | 15.4 | 17.8 | 21.0 | |||||
| Capital Expenditures | -23,332.1 | -20,995.3 | -18,892.6 | -17,000.4 | -15,297.8 | -10,708.0 | -11,085.0 | -7,309.0 | -10,495.0 | -13,313.0 |
| Capital Expenditures / Rev | -2.7 | -3.0 | -2.7 | -4.0 | -5.0 |
| Price | 162.0 |
| Beta | 1.3 |
| Diluted Shares Outstanding | 16,325.8 |
| Cost of Debt | |
| Tax Rate | |
| After Tax Cost of Debt | 2.0 |
| Risk Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.8 |
| Total Debt | 120,069.0 |
| Market Value of Equity | 2,644,945.9 |
| Total Capital | 2,765,014.9 |
| Debt Weighting | 4.3 |
| Equity Weighting | 95.7 |
| WACC | 9.5 |
| Build Up Free Cash | 2027E | 2026E | 2025E | 2024E | 2023E | 2022A | 2021A | 2020A | 2019A | 2018A |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 668,365.8 | 601,426.9 | 541,192.2 | 486,990.2 | 438,216.7 | 394,328.0 | 365,817.0 | 274,515.0 | 260,174.0 | 265,595.0 |
| EBITDA | 215,448.0 | 193,870.2 | 174,453.5 | 156,981.5 | 141,259.3 | 133,138.0 | 123,136.0 | 81,020.0 | 81,860.0 | 87,046.0 |
| EBIT | 190,243.0 | 171,189.6 | 154,044.5 | 138,616.4 | 124,733.6 | 122,034.0 | 111,852.0 | 69,964.0 | 69,313.0 | 76,143.0 |
| Tax Rate | 16.2 | 16.2 | 16.2 | 16.2 | 16.2 | 16.2 | 16.2 | 16.2 | 16.2 | 16.2 |
| NOPAT | 159,423.6 | 143,456.9 | 129,089.3 | 116,160.6 | 104,526.8 | 102,264.5 | 93,732.0 | 58,629.8 | 58,084.3 | 63,807.8 |
| Depreciation | 25,205.0 | 22,680.6 | 20,409.1 | 18,365.0 | 16,525.7 | 11,104.0 | 11,284.0 | 11,056.0 | 12,547.0 | 10,903.0 |
| Account Receivables Chg. | 10,606.4 | 9,544.1 | 8,588.3 | 7,728.1 | 8,503.1 | 9,426.0 | 14,061.0 | -8,359.0 | -3,191.0 | 48,995.0 |
| Inventories Chg. | 1,017.5 | 915.6 | 823.9 | 741.4 | 1,714.9 | -1,634.0 | 2,519.0 | -45.0 | 150.0 | 3,956.0 |
| Account Payables Chg. | 11,439.9 | 10,294.2 | 9,263.2 | 8,335.5 | 10,776.8 | 9,352.0 | 12,467.0 | -3,940.0 | -9,652.0 | 55,888.0 |
| Capital Expenditures | -23,332.1 | -20,995.3 | -18,892.6 | -17,000.4 | -15,297.8 | -10,708.0 | -11,085.0 | -7,309.0 | -10,495.0 | -13,313.0 |
| Unlevered Free Cash Flow (UFCF) | 161,112.6 | 144,976.7 | 130,456.8 | 117,391.2 | 106,313.5 | 104,220.5 | 89,818.0 | 66,840.8 | 53,525.3 | 64,334.8 |
| WACC | 9.5 | 9.5 | 9.5 | 9.5 | 9.5 | 9.5 | 9.5 | 9.5 | 9.5 | 9.5 |
| Present Value (PV) UFCF | 102,549.0 | 101,004.2 | 99,482.8 | 97,984.2 | 97,129.0 | — | — | — | — | — |
| Cumulative PV UFCF | 498,149.2 | 395,600.2 | 294,596.0 | 195,113.2 | 97,129.0 | — | — | — | — | — |
| Long Term Growth Rate | |
| WACC | 9.5 |
| Free Cash Flow (T + 1) | 164,334.8 |
| Terminal Value | 2,204,057.7 |
| Present Value of Terminal Value | 1,402,894.0 |
| Enterprise Value | 1,901,043.2 |
| Net Debt | -71,765.0 |
| Equity Value | 1,829,278.2 |
| Shares Outstanding | 16,325.8 |
| Equity Value Per Share | 112.0 |