Financial Modeling

Operating Data
2027E
2026E
2025E
2024E
2023E
2022A
2021A
2020A
2019A
2018A
2017A
Revenue
576,841.2
519,068.9
467,082.6
420,302.9
378,208.3
340,329.6
315,733.9
236,930.8
224,557.6
229,234.0
229,234.0
Revenue Growth %
7.8
33.3
5.5
-2.0
EBITDA
185,945.0
167,322.1
150,564.3
135,484.8
121,915.6
114,906.4
106,277.8
69,927.4
70,653.8
75,129.1
76,569.0
EBITDA Margin
33.8
33.7
29.5
31.5
32.8
33.4
EBIT
164,191.5
147,747.3
132,949.9
119,634.6
107,652.9
105,322.9
96,538.6
60,385.1
59,824.4
65,718.7
66,412.0
EBIT Margin
30.9
30.6
25.5
26.6
28.7
29.0
Depreciation
21,753.5
19,574.8
17,614.3
15,850.2
14,262.7
9,583.4
9,739.1
9,542.3
10,829.4
9,410.3
10,157.0
Depreciation / Rev
2.8
3.1
4.0
4.8
4.1
4.4
Balance Sheet Data
2027E
2026E
2025E
2024E
2023E
2022A
2021A
2020A
2019A
2018A
2017A
Total Cash
145,496.0
130,924.2
117,811.7
106,012.5
95,395.1
41,689.4
54,063.3
78,491.9
86,791.3
57,224.1
74,181.0
Total Cash / Rev
12.2
17.1
33.1
38.6
25.0
32.4
Receivables
91,400.1
82,246.1
74,008.9
66,596.7
59,926.8
52,588.1
44,454.4
32,318.4
39,533.7
42,287.4
35,673.0
Receivables / Rev
15.5
14.1
13.6
17.6
18.4
15.6
Inventories
8,768.0
7,889.8
7,099.7
6,388.6
5,748.8
4,268.7
5,679.1
3,505.0
3,543.9
3,414.4
4,855.0
Inventories / Rev
1.3
1.8
1.5
1.6
1.5
2.1
Account Payables
98,582.9
88,709.5
79,825.0
71,830.3
64,636.3
55,335.2
47,265.5
36,505.2
39,906.5
48,236.7
49,049.0
Account Payables / Rev
16.3
15.0
15.4
17.8
21.0
21.4
Capital Expenditures
-20,137.0
-18,120.3
-16,305.5
-14,672.4
-13,202.9
-9,241.7
-9,567.4
-6,308.3
-9,058.3
-11,490.4
-12,795.0
Capital Expenditures / Rev
-2.7
-3.0
-2.7
-4.0
-5.0
-5.6
Price
145.4
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
9.4
Total Debt
120,069.0
Market Value of Equity
2,374,263.9
Total Capital
2,494,332.9
Debt Weighting
4.8
Equity Weighting
95.2
WACC
9.0
Build Up Free Cash
2027E
2026E
2025E
2024E
2023E
2022A
2021A
2020A
2019A
2018A
2017A
Revenue
576,841.2
519,068.9
467,082.6
420,302.9
378,208.3
340,329.6
315,733.9
236,930.8
224,557.6
229,234.0
229,234.0
EBITDA
185,945.0
167,322.1
150,564.3
135,484.8
121,915.6
114,906.4
106,277.8
69,927.4
70,653.8
75,129.1
76,569.0
EBIT
164,191.5
147,747.3
132,949.9
119,634.6
107,652.9
105,322.9
96,538.6
60,385.1
59,824.4
65,718.7
66,412.0
Tax Rate
16.2
16.2
16.2
16.2
16.2
16.2
16.2
16.2
16.2
16.2
13.3
NOPAT
137,592.5
123,812.2
111,412.1
100,253.8
90,213.1
88,260.6
80,899.4
50,602.7
50,132.9
55,072.3
57,579.2
Depreciation
21,753.5
19,574.8
17,614.3
15,850.2
14,262.7
9,583.4
9,739.1
9,542.3
10,829.4
9,410.3
10,157.0
Account Receivables Chg.
9,154.0
8,237.2
7,412.2
6,669.9
7,338.7
8,133.7
12,136.1
-7,215.3
-2,753.7
6,614.4
35,673.0
Inventories Chg.
878.1
790.2
711.0
639.8
1,480.1
-1,410.4
2,174.1
-38.9
129.5
-1,440.6
4,855.0
Account Payables Chg.
9,873.4
8,884.5
7,994.7
7,194.0
9,301.0
8,069.7
10,760.3
-3,401.4
-8,330.2
-812.3
49,049.0
Capital Expenditures
-20,137.0
-18,120.3
-16,305.5
-14,672.4
-13,202.9
-9,241.7
-9,567.4
-6,308.3
-9,058.3
-11,490.4
-12,795.0
Unlevered Free Cash Flow (UFCF)
139,050.2
125,123.9
112,592.4
101,315.9
91,755.2
89,948.9
77,521.2
57,689.6
46,198.0
47,006.1
63,462.2
WACC
9.0
9.0
9.0
9.0
9.0
9.0
9.0
9.0
9.0
9.0
9.7
Present Value (PV) UCFC
90,178.4
88,488.2
86,829.6
85,202.0
84,142.8
Cumulative PV UCFC
434,840.9
344,662.5
256,174.4
169,344.8
84,142.8
Long Term Growth Rate
WACC
9.0
Free Cash Flow (T + 1)
141,831.2
Terminal Value
2,012,643.1
Present Value of Terminal Value
1,305,262.8
Enterprise Value
1,740,103.7
Net Debt
-78,379.6
Equity Value
1,661,724.1
Shares Outstanding
16,325.8
Equity Value Per Share
101.8