| Operating Data | 2027E | 2026E | 2025E | 2024E | 2023E | 2022A | 2021A | 2020A | 2019A | 2018A |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 412,678.9 | 356,402.9 | 307,801.1 | 265,827.0 | 229,576.8 | 198,270.0 | 168,088.0 | 143,015.0 | 125,843.0 | 110,360.0 |
| Revenue Growth % | 18.0 | 17.5 | 13.6 | 14.0 | — | |||||
| EBIT | 157,101.9 | 135,678.3 | 117,176.2 | 101,197.1 | 87,397.1 | 83,383.0 | 69,916.0 | 52,959.0 | 42,959.0 | 39,207.0 |
| EBIT Margin | 42.1 | 41.6 | 37.0 | 34.1 | 35.5 | |||||
| Depreciation | 34,478.0 | 29,776.4 | 25,715.8 | 22,209.0 | 19,180.4 | 14,460.0 | 11,686.0 | 12,796.0 | 11,682.0 | 10,261.0 |
| Depreciation / Rev | 7.3 | 7.0 | 8.9 | 9.3 | 9.3 | |||||
| EBITDA | 191,579.9 | 165,454.7 | 142,892.0 | 123,406.2 | 106,577.6 | 97,843.0 | 81,602.0 | 65,755.0 | 54,641.0 | 49,468.0 |
| EBITDA Margin | 46.4 | 46.4 | 46.4 | 46.4 | 46.4 | 49.3 | 48.5 | 46.0 | 43.4 | 44.8 |
| Balance Sheet Data | 2027E | 2026E | 2025E | 2024E | 2023E | 2022A | 2021A | 2020A | 2019A | 2018A |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash | 374,206.3 | 323,176.7 | 279,105.9 | 241,044.9 | 208,174.2 | 104,757.0 | 130,334.0 | 136,527.0 | 133,819.0 | 133,768.0 |
| Total Cash / Rev | 52.8 | 77.5 | 95.5 | 106.3 | 121.2 | |||||
| Receivables | 94,747.3 | 81,826.9 | 70,668.3 | 61,031.5 | 52,708.7 | 44,261.0 | 38,043.0 | 32,011.0 | 29,524.0 | 26,481.0 |
| Receivables / Rev | 22.3 | 22.6 | 22.4 | 23.5 | 24.0 | |||||
| Inventories | 7,289.6 | 6,295.5 | 5,437.0 | 4,695.6 | 4,055.3 | 3,742.0 | 2,636.0 | 1,895.0 | 2,063.0 | 2,662.0 |
| Inventories / Rev | 1.9 | 1.6 | 1.3 | 1.6 | 2.4 | |||||
| Account Payables | 35,183.8 | 30,385.8 | 26,242.2 | 22,663.6 | 19,573.0 | 19,000.0 | 15,163.0 | 12,530.0 | 9,382.0 | 8,617.0 |
| Account Payables / Rev | 9.6 | 9.0 | 8.8 | 7.5 | 7.8 | |||||
| Capital Expenditures | -46,812.6 | -40,428.9 | -34,915.7 | -30,154.3 | -26,042.3 | -23,886.0 | -20,622.0 | -15,441.0 | -13,925.0 | -11,632.0 |
| Capital Expenditures / Rev | -12.0 | -12.3 | -10.8 | -11.1 | -10.5 |
| Price | 332.9 |
| Beta | 0.9 |
| Diluted Shares Outstanding | 7,540.0 |
| Cost of Debt | |
| Tax Rate | |
| After Tax Cost of Debt | 2.9 |
| Risk Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.3 |
| Total Debt | 61,270.0 |
| Market Value of Equity | 2,509,990.6 |
| Total Capital | 2,571,260.6 |
| Debt Weighting | 2.4 |
| Equity Weighting | 97.6 |
| WACC | 8.2 |
| Build Up Free Cash | 2027E | 2026E | 2025E | 2024E | 2023E | 2022A | 2021A | 2020A | 2019A | 2018A |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 412,678.9 | 356,402.9 | 307,801.1 | 265,827.0 | 229,576.8 | 198,270.0 | 168,088.0 | 143,015.0 | 125,843.0 | 110,360.0 |
| EBITDA | 191,579.9 | 165,454.7 | 142,892.0 | 123,406.2 | 106,577.6 | 97,843.0 | 81,602.0 | 65,755.0 | 54,641.0 | 49,468.0 |
| EBIT | 157,101.9 | 135,678.3 | 117,176.2 | 101,197.1 | 87,397.1 | 83,383.0 | 69,916.0 | 52,959.0 | 42,959.0 | 39,207.0 |
| Tax Rate | 13.1 | 13.1 | 13.1 | 13.1 | 13.1 | 13.1 | 13.1 | 13.1 | 13.1 | 13.1 |
| NOPAT | 136,505.8 | 117,890.9 | 101,814.4 | 87,930.2 | 75,939.4 | 72,451.5 | 60,750.0 | 46,016.1 | 37,327.1 | 34,067.0 |
| Depreciation | 34,478.0 | 29,776.4 | 25,715.8 | 22,209.0 | 19,180.4 | 14,460.0 | 11,686.0 | 12,796.0 | 11,682.0 | 10,261.0 |
| Account Receivables Chg. | 12,920.5 | 11,158.5 | 9,636.9 | 8,322.7 | 8,447.7 | 6,218.0 | 6,032.0 | 2,487.0 | 3,043.0 | 26,481.0 |
| Inventories Chg. | 994.1 | 858.5 | 741.4 | 640.3 | 313.3 | 1,106.0 | 741.0 | -168.0 | -599.0 | 2,662.0 |
| Account Payables Chg. | 4,797.9 | 4,143.6 | 3,578.6 | 3,090.6 | 573.0 | 3,837.0 | 2,633.0 | 3,148.0 | 765.0 | 8,617.0 |
| Capital Expenditures | -46,812.6 | -40,428.9 | -34,915.7 | -30,154.3 | -26,042.3 | -23,886.0 | -20,622.0 | -15,441.0 | -13,925.0 | -11,632.0 |
| Unlevered Free Cash Flow (UFCF) | 115,054.7 | 99,364.9 | 85,814.8 | 74,112.4 | 60,889.6 | 59,538.5 | 47,674.0 | 44,200.1 | 33,405.1 | 12,170.0 |
| WACC | 8.2 | 8.2 | 8.2 | 8.2 | 8.2 | 8.2 | 8.2 | 8.2 | 8.2 | 8.2 |
| Present Value (PV) UFCF | 77,632.4 | 72,534.4 | 67,771.2 | 63,320.8 | 56,282.1 | — | — | — | — | — |
| Cumulative PV UFCF | 337,541.1 | 259,908.7 | 187,374.2 | 119,603.0 | 56,282.1 | — | — | — | — | — |
| Long Term Growth Rate | |
| WACC | 8.2 |
| Free Cash Flow (T + 1) | 117,355.7 |
| Terminal Value | 1,897,030.5 |
| Present Value of Terminal Value | 1,280,009.6 |
| Enterprise Value | 1,617,550.7 |
| Net Debt | 43,487.0 |
| Equity Value | 1,661,037.7 |
| Shares Outstanding | 7,540.0 |
| Equity Value Per Share | 220.3 |