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 Jun 2026; TTM financials updated 06 Nov 2026 12:52.
Starts from TTM through 30 Jun 2026 financials in USD and a share price of USD 23.52. Growth begins at 18.5% a year (the valuation's blended assumption) and fades to 3.1% by year 10. Margins held at EBITDA 2.6%, net -2.7%, free cash flow 9.9% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.
Confidence: EV/EBITDA (12x) disagrees strongly; trailing-twelve-month data; value is more than 1.5x the EV/EBITDA (12x) value.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | 7.8% | USD 1.17B | 6.6% |
| Base | 13.8% | USD 1.61B | 10.1% |
| Bull | 19.8% | USD 2.20B | 13.6% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| TTM through 30 Jun 2026 | – | USD 6.22B | USD 163.34M | -USD 166.90M | USD 615.76M | -0.34 | 1.24 | n/a | n/a | 23.52 |
| Year 1 | 13.8% | USD 7.08B | USD 185.95M | -USD 190.00M | USD 700.99M | -0.38 | 1.41 | n/a | n/a | 26.31 |
| Year 2 | 15.3% | USD 8.17B | USD 214.46M | -USD 219.13M | USD 808.46M | -0.44 | 1.63 | n/a | n/a | 29.82 |
| Year 3 | 15.1% | USD 9.40B | USD 246.86M | -USD 252.24M | USD 930.61M | -0.51 | 1.88 | n/a | n/a | 33.71 |
| Year 4 | 13.4% | USD 10.66B | USD 279.93M | -USD 286.02M | USD 1.06B | -0.58 | 2.13 | n/a | n/a | 37.53 |
| Year 5 | 11.7% | USD 11.91B | USD 312.61M | -USD 319.43M | USD 1.18B | -0.64 | 2.38 | n/a | n/a | 41.13 |
| Year 6 | 10.0% | USD 13.10B | USD 343.76M | -USD 351.25M | USD 1.30B | -0.71 | 2.61 | n/a | n/a | 45.23 |
| Year 7 | 8.2% | USD 14.18B | USD 372.11M | -USD 380.21M | USD 1.40B | -0.77 | 2.83 | n/a | n/a | 48.96 |
| Year 8 | 6.5% | USD 15.10B | USD 396.41M | -USD 405.05M | USD 1.49B | -0.82 | 3.01 | n/a | n/a | 52.16 |
| Year 9 | 4.8% | USD 15.83B | USD 415.50M | -USD 424.55M | USD 1.57B | -0.86 | 3.16 | n/a | n/a | 54.67 |
| Year 10 | 3.1% | USD 16.32B | USD 428.38M | -USD 437.71M | USD 1.61B | -0.88 | 3.26 | n/a | n/a | 56.36 |
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.