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Line 1,709: |
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| |}
| |
| {| class="wikitable"
| |
| | colspan="11" |Balance Sheet Data - (USD 'MM)
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |Year
| |
| |2018
| |
| |2019
| |
| |2020
| |
| |2021
| |
| |2022
| |
| |2023
| |
| |2024
| |
| |2025
| |
| |2026
| |
| |2027
| |
| |-
| |
| |A/F
| |
| |Actual
| |
| |Actual
| |
| |Actual
| |
| |Actual
| |
| |Actual
| |
| |Forecast
| |
| |Forecast
| |
| |Forecast
| |
| |Forecast
| |
| |Forecast
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |Total Cash
| |
| |275
| |
| |186
| |
| |478
| |
| |1,048
| |
| |1,384
| |
| |1,131
| |
| |1,338
| |
| |1,583
| |
| |1,873
| |
| |2,216
| |
| |-
| |
| |Total Cash, %
| |
| |15.2%
| |
| |9.1%
| |
| |21.7%
| |
| |38.9%
| |
| |39.5%
| |
| |27.3%
| |
| |27.3%
| |
| |27.3%
| |
| |27.3%
| |
| |27.3%
| |
| |-
| |
| |Account Receivables
| |
| |367
| |
| |387
| |
| |377
| |
| |501
| |
| |628
| |
| |751
| |
| |889
| |
| |1,052
| |
| |1,244
| |
| |1,472
| |
| |-
| |
| |Account Receivables, %
| |
| |20.3%
| |
| |18.9%
| |
| |17.1%
| |
| |18.6%
| |
| |18.0%
| |
| |18.1%
| |
| |18.1%
| |
| |18.1%
| |
| |18.1%
| |
| |18.1%
| |
| |-
| |
| |Inventories
| |
| |17
| |
| |21
| |
| |20
| |
| |45
| |
| |59
| |
| |55
| |
| |65
| |
| |77
| |
| |91
| |
| |107
| |
| |-
| |
| |Inventories, %
| |
| |0.9%
| |
| |1.0%
| |
| |0.9%
| |
| |1.7%
| |
| |1.7%
| |
| |1.3%
| |
| |1.3%
| |
| |1.3%
| |
| |1.3%
| |
| |1.3%
| |
| |-
| |
| |Accounts Payable
| |
| |134
| |
| |271
| |
| |319
| |
| |370
| |
| |399
| |
| |547
| |
| |647
| |
| |766
| |
| |906
| |
| |1,072
| |
| |-
| |
| |Accounts Payable, %
| |
| |7.4%
| |
| |13.3%
| |
| |14.4%
| |
| |13.7%
| |
| |11.4%
| |
| |13.2%
| |
| |13.2%
| |
| |13.2%
| |
| |13.2%
| |
| |13.2%
| |
| |-
| |
| |Capital Expenditure
| |
| |(288)
| |
| |(375)
| |
| |(604)
| |
| |(463)
| |
| |(337)
| |
| |(495)
| |
| |(559)
| |
| |(594)
| |
| |(653)
| |
| |(701)
| |
| |-
| |
| |Capital Expenditure, %
| |
| |15.9%
| |
| |18.3%
| |
| |27.4%
| |
| |17.2%
| |
| |9.6%
| |
| |18.1%
| |
| |18.1%
| |
| |18.1%
| |
| |18.1%
| |
| |18.1%
| |
| |}
| |
| {| class="wikitable"
| |
| | colspan="11" |Build Up Free Cash Flow - (USD 'MM)
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |Year
| |
| |2018
| |
| |2019
| |
| |2020
| |
| |2021
| |
| |2022
| |
| |2023
| |
| |2024
| |
| |2025
| |
| |2026
| |
| |2027
| |
| |-
| |
| |A/F
| |
| |Actual
| |
| |Actual
| |
| |Actual
| |
| |Actual
| |
| |Actual
| |
| |Forecast
| |
| |Forecast
| |
| |Forecast
| |
| |Forecast
| |
| |Forecast
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |Revenue
| |
| |1,806
| |
| |2,042
| |
| |2,206
| |
| |2,693
| |
| |3,501
| |
| |4,142
| |
| |4,899
| |
| |5,796
| |
| |6,857
| |
| |8,111
| |
| |-
| |
| |EBITDA
| |
| |662
| |
| |808
| |
| |924
| |
| |1,265
| |
| |1,513
| |
| |1,777
| |
| |2,103
| |
| |2,487
| |
| |2,943
| |
| |3,481
| |
| |-
| |
| |EBIT
| |
| |584
| |
| |716
| |
| |816
| |
| |1,136
| |
| |1,375
| |
| |1,590
| |
| |1,881
| |
| |2,225
| |
| |2,632
| |
| |3,114
| |
| |-
| |
| |Tax Rate, %
| |
| |25.7%
| |
| |16.1%
| |
| |12.6%
| |
| |16.5%
| |
| |18.7%
| |
| |16.0%
| |
| |16.0%
| |
| |16.0%
| |
| |16.0%
| |
| |16.0%
| |
| |-
| |
| |EBIAT
| |
| |434
| |
| |601
| |
| |713
| |
| |949
| |
| |1,118
| |
| |1,336
| |
| |1,581
| |
| |1,870
| |
| |2,212
| |
| |2,617
| |
| |-
| |
| |Depreciation
| |
| |77
| |
| |91
| |
| |108
| |
| |129
| |
| |138
| |
| |187
| |
| |222
| |
| |262
| |
| |310
| |
| |367
| |
| |-
| |
| |Accounts Receivable
| |
| |(49)
| |
| |(20)
| |
| |10
| |
| |(124)
| |
| |(128)
| |
| |(123)
| |
| |(138)
| |
| |(163)
| |
| |(192)
| |
| |(228)
| |
| |-
| |
| |Inventories
| |
| |(7)
| |
| |(4)
| |
| |1
| |
| |(25)
| |
| |(14)
| |
| |4
| |
| |(10)
| |
| |(12)
| |
| |(14)
| |
| |(17)
| |
| |-
| |
| |Accounts Payable
| |
| |63
| |
| |137
| |
| |48
| |
| |51
| |
| |29
| |
| |148
| |
| |100
| |
| |118
| |
| |140
| |
| |166
| |
| |-
| |
| |Capital Expenditure
| |
| |(288)
| |
| |(375)
| |
| |(604)
| |
| |(463)
| |
| |(337)
| |
| |(495)
| |
| |(559)
| |
| |(594)
| |
| |(653)
| |
| |(701)
| |
| |-
| |
| |UFCF
| |
| |231
| |
| |431
| |
| |276
| |
| |517
| |
| |806
| |
| |1,057
| |
| |1,196
| |
| |1,482
| |
| |1,802
| |
| |2,204
| |
| |-
| |
| |WACC, %
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |10.0%
| |
| |10.0%
| |
| |10.0%
| |
| |10.0%
| |
| |10.0%
| |
| |-
| |
| |PV UFCF
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |961
| |
| |989
| |
| |1,113
| |
| |1,231
| |
| |1,368
| |
| |-
| |
| |SUM PV UFCF
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |5,663
| |
| |}
| |
| {| class="wikitable"
| |
| | colspan="11" |Valuation - (USD 'MM)
| |
| |-
| |
| |Terminal Value (Perpetuity Growth method) - (USD 'MM)
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |Intrinsic Value
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |Long-term growth rate, %
| |
| |
| |
| |4.0%
| |
| |
| |
| |
| |
| |Enterprise Value - (USD 'MM)
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |29,380
| |
| |-
| |
| |WACC, %
| |
| |
| |
| |10.0%
| |
| |
| |
| |
| |
| |Net Debt - (USD 'MM)
| |
| |
| |
| |
| |
| |
| |
| |
| |
| | -1,265
| |
| |-
| |
| |Free cash flow (t + 1)
| |
| |
| |
| |2,292
| |
| |
| |
| |
| |
| |Equity Value - (USD 'MM)
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |30,644
| |
| |-
| |
| |Terminal Value
| |
| |
| |
| |38,197
| |
| |
| |
| |
| |
| |Shares Outstanding, MM
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |482
| |
| |-
| |
| |Present Value of Terminal Value
| |
| |
| |
| |23,717
| |
| |
| |
| |
| |
| |Equity Value Per Share, USD
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |63.54
| |
| |} | | |} |
|
| |
|