BUILD UP FREE CASH | 2020-09-26 (A) | 2021-09-25 (A) | 2022-09-24 (A) | 2023-09-30 (E) | 2024-09-30 (E) | 2025-09-30 (E) | 2026-09-30 (E) | 2027-09-30 (E) |
|---|---|---|---|---|---|---|---|---|
Revenue | 274,515.0 | 365,817.0 | 394,328.0 | 383,295.9 | 405,917.8 | 431,478.7 | 458,649.1 | 487,530.5 |
Revenue % Chg. | 5.5% | 33.3% | 7.8% | |||||
EBIT | 66,288.0 | 108,949.0 | 119,437.0 | 113,124.5 | 120,944.4 | 128,851.6 | 136,965.4 | 145,590.2 |
EBIT Margin | 24.1% | 29.8% | 30.3% | |||||
Tax Rate | 14.4% | 13.3% | 16.2% | |||||
NOPAT | 56,723.9 | 94,456.4 | 100,083.0 | 96,042.7 | 101,653.8 | 108,434.5 | 115,262.7 | 122,520.8 |
NOPAT Margin | 20.7% | 25.8% | 25.4% | 25.1% | 25.0% | 25.1% | 25.1% | 25.1% |
D&A | 11,056.0 | 11,284.0 | 11,104.0 | 11,804.1 | 11,911.5 | 12,599.4 | 13,392.8 | 14,236.2 |
D&A / Revenue | 4.0% | 3.1% | 2.8% | |||||
Capex | -7,309.0 | -11,085.0 | -10,708.0 | -11,605.8 | -12,047.6 | -12,700.1 | -13,499.8 | -14,349.9 |
Capex / Revenue | -2.7% | -3.0% | -2.7% | |||||
Chg. NWC | 5,690.0 | -4,911.0 | 1,200.0 | 1,321.8 | 1,399.9 | 1,488.0 | 1,581.7 | 1,681.3 |
Chg. NWC / Revenue | 2.1% | -1.3% | 0.3% | |||||
Unlevered FCF (UFCF) | 66,160.9 | 89,744.4 | 101,679.0 | 97,562.9 | 102,917.5 | 109,821.8 | 116,737.4 | 124,088.4 |
UFCF % Chg. | 26.5% | 35.6% | 13.3% | -4.0% | 5.5% | 6.7% | 6.3% | 6.3% |
PV of UFCF | — | — | — | 88,320.0 | 84,340.9 | 81,472.6 | 78,398.4 | 75,440.2 |
Sum of PV of UFCF | — | — | — | 88,320.0 | 172,660.8 | 254,133.4 | 332,531.9 | 407,972.1 |
| Cost of Debt | |
| Tax Rate | |
| After Tax Cost of Debt | 1.9% |
| Risk Free Rate | |
| Market Risk Premium | |
| Beta | 1.3 |
| Cost of Equity | 10.9% |
| Total Debt | 132,480.0 |
| Market Cap | 2,719,262.0 |
| Total Capital | 2,851,742.0 |
| Debt Weighting | 4.6% |
| Equity Weighting | 95.4% |
| WACC | 10.5% |
| Exit Multiple EV/FCF | |
| Terminal Value | 3,007,809.9 |
| PV of Terminal Value | 1,655,375.4 |
| Cumulative PV of UFCF | 407,972.1 |
| Net Debt | -57,263.0 |
| Equity Value | 2,120,610.4 |
| Shares Outstanding | 15,634.2 |
| Implied Share Price | 135.6 |
| Current Share Price | 173.9 |
| Implied Upside / (Downside) | -22.0% |