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 31 Aug 2026; TTM financials updated 06 Nov 2026 12:55.
Starts from TTM through 31 Aug 2026 financials in USD and a share price of USD 36.46. Growth begins at 3.0% a year (capped from 11.5% because the latest annual revenue declined) and fades to 2.4% by year 10. Margins held at EBITDA 18.2%, net -4.9%, free cash flow 8.5% 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.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | -5.7% | USD 1.36B | -1.3% |
| Base | 0.3% | USD 1.94B | 2.3% |
| Bull | 6.3% | USD 2.72B | 5.8% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| TTM through 31 Aug 2026 | – | USD 18.30B | USD 3.34B | -USD 894.80M | USD 1.55B | -1.66 | 2.87 | n/a | n/a | 36.46 |
| Year 1 | 0.3% | USD 18.35B | USD 3.35B | -USD 897.22M | USD 1.55B | -1.67 | 2.88 | n/a | n/a | 35.73 |
| Year 2 | 1.6% | USD 18.64B | USD 3.40B | -USD 911.59M | USD 1.58B | -1.69 | 2.93 | n/a | n/a | 35.46 |
| Year 3 | 2.9% | USD 19.17B | USD 3.50B | -USD 937.72M | USD 1.62B | -1.74 | 3.01 | n/a | n/a | 35.61 |
| Year 4 | 2.8% | USD 19.71B | USD 3.60B | -USD 963.97M | USD 1.67B | -1.79 | 3.10 | n/a | n/a | 35.71 |
| Year 5 | 2.7% | USD 20.25B | USD 3.70B | -USD 990.32M | USD 1.71B | -1.84 | 3.18 | n/a | n/a | 35.77 |
| Year 6 | 2.7% | USD 20.79B | USD 3.79B | -USD 1.02B | USD 1.76B | -1.89 | 3.27 | n/a | n/a | 36.73 |
| Year 7 | 2.6% | USD 21.33B | USD 3.89B | -USD 1.04B | USD 1.80B | -1.94 | 3.35 | n/a | n/a | 37.68 |
| Year 8 | 2.5% | USD 21.87B | USD 3.99B | -USD 1.07B | USD 1.85B | -1.99 | 3.44 | n/a | n/a | 38.64 |
| Year 9 | 2.5% | USD 22.41B | USD 4.09B | -USD 1.10B | USD 1.89B | -2.04 | 3.52 | n/a | n/a | 39.59 |
| Year 10 | 2.4% | USD 22.95B | USD 4.19B | -USD 1.12B | USD 1.94B | -2.09 | 3.61 | n/a | n/a | 40.54 |
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.