Definitive Analysis
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Fair Value Summary

5-Year Range103.63 – 208.06
5-Year Selected155.85
Upside (5Y)-44.10%
10-Year Range112.08 – 210.63
10-Year Selected161.35
Upside (10Y)-42.12%
Current Price278.78

DA 10-Year Projection — COMPANY

Metric2026202720282029203020312032203320342035
Revenue438,477461,327484,668508,457532,644557,175581,993607,035632,235657,524
Cost Of Revenue256,828270,212283,884297,818311,985326,353340,889355,557370,318385,130
Gross Profit181,649191,115200,785210,640220,660230,822241,103251,478261,917272,394
R&D28,46229,94531,46033,00534,57536,16737,77839,40341,03942,681
SG&A28,93030,43731,97833,54735,14336,76138,39940,05141,71443,382
Operating Expenses57,39260,38363,43866,55269,71872,92876,17779,45482,75386,063
Operating Income124,257130,732137,347144,088150,942157,894164,927172,023179,165186,331
D&A16,18017,02417,88518,76319,65520,56021,47622,40023,33024,263
EBITDA140,437147,756155,232162,851170,597178,454186,403194,423202,495210,595
Tax Adjustment26,09427,45428,84330,25831,69833,15834,63536,12537,62539,130
Change In WC1,7571,8491,9422,0382,1342,2332,3322,4332,5342,635
CapEx-16,508-17,369-18,247-19,143-20,054-20,977-21,912-22,854-23,803-24,755
UFCF129,095135,822142,694149,698156,819164,041171,348178,720186,140193,585
Net Interest (Taxed)1,4521,5281,6051,6841,7641,8451,9272,0102,0942,177
Net Debt Issued-7,256-7,634-8,020-8,414-8,814-9,220-9,631-10,045-10,462-10,881
LFCF123,291129,715136,278142,967149,768156,666163,644170,685177,771184,882

Discount Periods

Metric2026202720282029203020312032203320342035Terminal
Beginning Date2025-09-272026-09-272027-09-272028-09-272029-09-272030-09-272031-09-272032-09-272033-09-272034-09-27
End Date2026-09-272027-09-272028-09-272029-09-272030-09-272031-09-272032-09-272033-09-272034-09-272035-09-27
Mid-Year Convention2026-03-272027-03-272028-03-272029-03-272030-03-272031-03-272032-03-272033-03-272034-03-272035-03-27
Discount Period0.1971.1972.1973.1974.1975.1976.1977.1978.1979.1979.697

Projected Flows & Present Values (Base Case: 10.0%)

Metric2026202720282029203020312032203320342035
EBITDA (Proj)140,437147,756155,232162,851170,597178,454186,403194,423202,495210,595
Unlevered FCF (Proj)129,095135,822142,694149,698156,819164,041171,348178,720186,140193,585
Levered FCF (Proj)123,291129,715136,278142,967149,768156,666163,644170,685177,771184,882
Discount Factor0.9810.8920.8110.7370.6700.6090.5540.5040.4580.416
PV of EBITDA137,825131,825125,904120,076114,353108,745103,26297,91492,70887,651
PV of UFCF126,693121,178115,735110,378105,11799,96294,92290,00685,22080,572
PV of LFCF120,997115,729110,532105,416100,39195,46890,65585,95981,38976,950

DCF Valuation — Base Case

Metric UFCF (5y) LFCF (5y) EBITDA (5y) UFCF (10y) LFCF (10y) EBITDA (10y)
PV of Projection Period 579,101553,065629,983 1,029,784983,4851,120,264
Terminal Value (Future) 2,384,2712,277,0752,593,762 2,964,0582,830,7953,224,491
PV of Terminal Value 1,523,8221,455,3111,657,710 1,176,2561,123,3721,279,606
(-) Net Debt 43,96043,96043,960 43,96043,96043,960
Equity Value 2,058,9631,964,4162,243,733 2,162,0802,062,8972,355,910
(/) Shares Outstanding (M) 15,004.715,004.715,004.7 15,004.715,004.715,004.7
Fair Value 137.22130.92149.54 144.09137.48157.01
Current Price 278.78278.78278.78 278.78278.78278.78
Upside / Downside -50.78%-53.04%-46.36% -48.31%-50.68%-43.68%
Safety Margin 25.00%25.00%25.00% 25.00%25.00%25.00%
Buy Price 102.9298.19112.15 108.07103.11117.76

DCF Valuation — Low Case

Metric UFCF (5y) LFCF (5y) EBITDA (5y) UFCF (10y) LFCF (10y) EBITDA (10y)
PV of Projection Period 568,226542,679618,153 990,936946,3841,078,003
Terminal Value (Future) 1,805,6501,724,4681,964,301 2,244,7332,143,8102,441,963
PV of Terminal Value 1,105,9911,056,2661,203,167 815,958779,273887,651
(-) Net Debt 43,96043,96043,960 43,96043,96043,960
Equity Value 1,630,2571,554,9851,777,360 1,762,9341,681,6971,921,694
(/) Shares Outstanding (M) 15,004.715,004.715,004.7 15,004.715,004.715,004.7
Fair Value 108.65103.63118.45 117.49112.08128.07
Current Price 278.78278.78278.78 278.78278.78278.78
Upside / Downside -61.03%-62.83%-57.51% -57.85%-59.80%-54.06%
Safety Margin 25.00%25.00%25.00% 25.00%25.00%25.00%
Buy Price 81.4977.7288.84 88.1284.0696.05

DCF Valuation — High Case

Metric UFCF (5y) LFCF (5y) EBITDA (5y) UFCF (10y) LFCF (10y) EBITDA (10y)
PV of Projection Period 590,384563,841642,258 1,071,2511,023,0881,165,375
Terminal Value (Future) 3,477,2223,320,8873,782,743 4,322,7844,128,4324,702,598
PV of Terminal Value 2,319,7452,215,4492,523,565 1,874,2991,790,0302,038,981
(-) Net Debt 43,96043,96043,960 43,96043,96043,960
Equity Value 2,866,1692,735,3303,121,863 2,901,5902,769,1583,160,396
(/) Shares Outstanding (M) 15,004.715,004.715,004.7 15,004.715,004.715,004.7
Fair Value 191.02182.30208.06 193.38184.55210.63
Current Price 278.78278.78278.78 278.78278.78278.78
Upside / Downside -31.48%-34.61%-25.37% -30.63%-33.80%-24.45%
Safety Margin 25.00%25.00%25.00% 25.00%25.00%25.00%
Buy Price 143.26136.72156.04 145.03138.41157.97