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 12:46.
Starts from TTM through 30 Sep 2026 financials in USD and a share price of USD 121.69. Growth begins at 3.9% a year (the valuation's blended assumption) and fades to 2.3% by year 10. Margins held at EBITDA 56.8%, net 17.4%, free cash flow 21.3% of revenue. Bear and bull move starting growth by 5.0 points and long-run growth by 1 point.
Confidence: Earnings-based DCF disagrees strongly; trailing-twelve-month data; profit and cash flow steady for 3 years; value is more than 1.5x the Earnings-based 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 | -2.7% | USD 3.29 | -6.1% |
| Base | 2.4% | USD 4.43 | -3.3% |
| Bull | 7.4% | USD 5.92 | -0.4% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| TTM through 30 Sep 2026 | – | USD 2.22B | USD 1.26B | USD 387.68M | USD 474.50M | 3.34 | 4.09 | 6.17 | 45.57 | 121.69 |
| Year 1 | 2.4% | USD 2.28B | USD 1.29B | USD 396.83M | USD 485.69M | 3.42 | 4.19 | 3.42 | 45.57 | 123.16 |
| Year 2 | 3.0% | USD 2.35B | USD 1.33B | USD 408.81M | USD 500.36M | 3.53 | 4.32 | 3.53 | 45.57 | 125.43 |
| Year 3 | 3.5% | USD 2.43B | USD 1.38B | USD 423.14M | USD 517.90M | 3.65 | 4.47 | 3.65 | 45.57 | 128.32 |
| Year 4 | 3.3% | USD 2.51B | USD 1.42B | USD 437.24M | USD 535.16M | 3.77 | 4.62 | 3.77 | 45.57 | 131.05 |
| Year 5 | 3.2% | USD 2.59B | USD 1.47B | USD 451.06M | USD 552.08M | 3.89 | 4.76 | 3.89 | 45.57 | 133.60 |
| Year 6 | 3.0% | USD 2.67B | USD 1.51B | USD 464.55M | USD 568.58M | 4.01 | 4.90 | 4.01 | 45.57 | 137.59 |
| Year 7 | 2.8% | USD 2.74B | USD 1.56B | USD 477.63M | USD 584.59M | 4.12 | 5.04 | 4.12 | 45.57 | 141.46 |
| Year 8 | 2.6% | USD 2.81B | USD 1.60B | USD 490.26M | USD 600.05M | 4.23 | 5.18 | 4.23 | 45.57 | 145.21 |
| Year 9 | 2.5% | USD 2.88B | USD 1.64B | USD 502.38M | USD 614.89M | 4.33 | 5.30 | 4.33 | 45.57 | 148.79 |
| Year 10 | 2.3% | USD 2.95B | USD 1.67B | USD 513.94M | USD 629.03M | 4.43 | 5.42 | 4.43 | 45.57 | 152.22 |
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.