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; Fiscal year 2026; Annual financials downloaded 04 Nov 2026 15:22.
Starts from Fiscal year 2026 financials in USD and a share price of USD 27.54. Growth begins at 2.4% a year (the valuation's blended assumption) and fades to 2.9% by year 10. Margins held at EBITDA 21.1%, net -2.6%, free cash flow 11.9% of revenue. Bear and bull move starting growth by 2.2 points and long-run growth by 1 point.
Confidence: EV/EBITDA (12x) is somewhat apart; annual data only.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | -3.1% | USD 11.86B | -2.2% |
| Base | -0.8% | USD 13.91B | -0.7% |
| Bull | 1.4% | USD 16.29B | 0.9% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| Fiscal year 2026 | – | USD 124.80B | USD 26.39B | -USD 3.27B | USD 14.88B | -0.54 | 2.47 | n/a | n/a | 27.54 |
| Year 1 | -0.8% | USD 123.76B | USD 26.17B | -USD 3.24B | USD 14.03B | -0.54 | 2.33 | n/a | n/a | 26.29 |
| Year 2 | 0.8% | USD 124.78B | USD 26.38B | -USD 3.27B | USD 13.42B | -0.54 | 2.23 | n/a | n/a | 25.44 |
| Year 3 | 2.5% | USD 127.95B | USD 27.05B | -USD 3.35B | USD 13.01B | -0.56 | 2.16 | n/a | n/a | 24.96 |
| Year 4 | 2.6% | USD 131.25B | USD 27.75B | -USD 3.44B | USD 12.58B | -0.57 | 2.09 | n/a | n/a | 24.41 |
| Year 5 | 2.6% | USD 134.72B | USD 28.48B | -USD 3.53B | USD 12.12B | -0.59 | 2.02 | n/a | n/a | 23.80 |
| Year 6 | 2.7% | USD 138.34B | USD 29.25B | -USD 3.62B | USD 12.45B | -0.60 | 2.07 | n/a | n/a | 24.44 |
| Year 7 | 2.7% | USD 142.14B | USD 30.05B | -USD 3.72B | USD 12.79B | -0.62 | 2.13 | n/a | n/a | 25.11 |
| Year 8 | 2.8% | USD 146.11B | USD 30.89B | -USD 3.83B | USD 13.15B | -0.64 | 2.19 | n/a | n/a | 25.81 |
| Year 9 | 2.8% | USD 150.27B | USD 31.77B | -USD 3.94B | USD 13.52B | -0.65 | 2.25 | n/a | n/a | 26.55 |
| Year 10 | 2.9% | USD 154.63B | USD 32.69B | -USD 4.05B | USD 13.91B | -0.67 | 2.31 | n/a | n/a | 27.32 |
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.