Project revenue, EBITDA, net income and free cash flow for the next 5 or 10 years. Growth starts at the same rate the valuation uses and fades to the long-run rate, with margins held at today's level. Bear and bull cases move growth by the company's own revenue volatility. It is a model of what the assumptions imply, not a prediction.
Price updated 06 Nov 2026 09:57; TTM through 30 Sep 2026; TTM financials updated 05 Nov 2026 16:07.
Starts from TTM through 30 Sep 2026 financials in USD and a share price of USD 37.01. Growth begins at 3.5% a year (the valuation's blended assumption) and fades to 2.3% by year 10. Margins held at EBITDA 90.4%, net 40.8%, free cash flow 50.4% of revenue. Bear and bull move starting growth by 2.7 points and long-run growth by 1 point.
Confidence: Free-cash-flow DCF is somewhat apart; trailing-twelve-month data; profit and cash flow steady for 3 years; value is more than 1.5x the Free-cash-flow DCF value; real estate: free cash flow after property spending is a poor guide; funds from operations fit better.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | -0.3% | USD 1.61 | -4.8% |
| Base | 2.4% | USD 1.94 | -3.1% |
| Bull | 5.1% | USD 2.32 | -1.3% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| TTM through 30 Sep 2026 | – | USD 1.71B | USD 1.55B | USD 697.86M | USD 863.11M | 2.15 | 2.66 | 2.64 | 9.65 | 37.01 |
| Year 1 | 2.4% | USD 1.75B | USD 1.58B | USD 669.85M | USD 884.08M | 2.07 | 2.73 | 2.07 | 9.65 | 35.68 |
| Year 2 | 2.9% | USD 1.81B | USD 1.63B | USD 643.04M | USD 909.79M | 1.98 | 2.81 | 1.98 | 9.65 | 34.41 |
| Year 3 | 3.2% | USD 1.86B | USD 1.68B | USD 616.14M | USD 939.34M | 1.90 | 2.90 | 1.90 | 9.65 | 33.11 |
| Year 4 | 3.1% | USD 1.92B | USD 1.74B | USD 586.05M | USD 968.59M | 1.81 | 2.99 | 1.81 | 9.65 | 31.64 |
| Year 5 | 3.0% | USD 1.98B | USD 1.79B | USD 552.76M | USD 997.43M | 1.71 | 3.08 | 1.71 | 9.65 | 29.97 |
| Year 6 | 2.8% | USD 2.04B | USD 1.84B | USD 568.47M | USD 1.03B | 1.75 | 3.17 | 1.75 | 9.65 | 30.82 |
| Year 7 | 2.7% | USD 2.09B | USD 1.89B | USD 583.86M | USD 1.05B | 1.80 | 3.25 | 1.80 | 9.65 | 31.66 |
| Year 8 | 2.6% | USD 2.14B | USD 1.94B | USD 598.87M | USD 1.08B | 1.85 | 3.34 | 1.85 | 9.65 | 32.47 |
| Year 9 | 2.4% | USD 2.20B | USD 1.98B | USD 613.46M | USD 1.11B | 1.89 | 3.42 | 1.89 | 9.65 | 33.26 |
| Year 10 | 2.3% | USD 2.25B | USD 2.03B | USD 627.57M | USD 1.13B | 1.94 | 3.49 | 1.94 | 9.65 | 34.03 |
EPS and free cash flow per share assume today's share count. Dividends assume today's payout ratio and book value grows with retained earnings. The implied share price follows the valuation models and is not a price target; override growth settings do not change the model fair value. Margins stay at today's level except where the notes say they drift toward their average, so it does not model margin expansion, buybacks, acquisitions or recessions. It is for information and education only and is not investment advice. See the methodology for how the growth rate is blended.