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 09:56; TTM through 30 Sep 2026; TTM financials updated 06 Nov 2026 12:43.
Starts from TTM through 30 Sep 2026 financials in USD and a share price of USD 72.08. Growth begins at 17.7% a year (the valuation's blended assumption) and fades to 3.1% by year 10. Margins held at EBITDA 1.5%, net 6.2%, free cash flow 4.1% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.
Confidence: Earnings-based DCF agrees; trailing-twelve-month data; profit and cash flow steady for 3 years.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | 19.6% | USD 2.40B | 8.0% |
| Base | 25.6% | USD 3.29B | 11.4% |
| Bull | 31.6% | USD 4.46B | 14.9% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| TTM through 30 Sep 2026 | – | USD 27.45B | USD 407.00M | USD 1.71B | USD 1.11B | 2.31 | 1.50 | n/a | n/a | 72.08 |
| Year 1 | 25.6% | USD 34.48B | USD 511.15M | USD 2.14B | USD 1.40B | 2.90 | 1.89 | n/a | n/a | 81.26 |
| Year 2 | 20.8% | USD 41.65B | USD 617.53M | USD 2.59B | USD 1.69B | 3.50 | 2.28 | n/a | n/a | 86.99 |
| Year 3 | 14.4% | USD 47.66B | USD 706.56M | USD 2.96B | USD 1.93B | 4.00 | 2.61 | n/a | n/a | 86.72 |
| Year 4 | 12.8% | USD 53.76B | USD 797.00M | USD 3.34B | USD 2.18B | 4.52 | 2.95 | n/a | n/a | 83.38 |
| Year 5 | 11.2% | USD 59.77B | USD 886.13M | USD 3.71B | USD 2.42B | 5.02 | 3.28 | n/a | n/a | 76.65 |
| Year 6 | 9.6% | USD 65.48B | USD 970.90M | USD 4.07B | USD 2.66B | 5.50 | 3.59 | n/a | n/a | 83.98 |
| Year 7 | 7.9% | USD 70.69B | USD 1.05B | USD 4.39B | USD 2.87B | 5.94 | 3.87 | n/a | n/a | 90.66 |
| Year 8 | 6.3% | USD 75.17B | USD 1.11B | USD 4.67B | USD 3.05B | 6.31 | 4.12 | n/a | n/a | 96.40 |
| Year 9 | 4.7% | USD 78.71B | USD 1.17B | USD 4.89B | USD 3.19B | 6.61 | 4.31 | n/a | n/a | 100.95 |
| Year 10 | 3.1% | USD 81.15B | USD 1.20B | USD 5.04B | USD 3.29B | 6.82 | 4.45 | n/a | n/a | 104.08 |
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.