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	EXECUTIVE SUMMARY
	DCF Valuation Overview
	VALUATION SUMMARY	Gordon Growth	Exit Multiple	Blended
	Enterprise Value ($mm)	11,568.2	16,478.4	14,023.3
	Equity Value ($mm)	10,418.2	15,328.4	12,873.3
	Implied Share Price	$41.67	$61.31	$51.49
	Current Share Price	$42.00
	Upside / (Downside)	-0.8%	46.0%	22.6%
	KEY ASSUMPTIONS
	WACC	11.04%
	Terminal Growth Rate	2.5%
	Exit EV/EBITDA Multiple	12.0x
	TV as % of EV (Blended)	76.1%
	FINANCIAL HIGHLIGHTS	FY2025A	FY2026E	FY2030E
	Revenue ($mm)	4,900.0	5,292.0	6,711.5
	EBITDA ($mm)	1,053.5	1,190.7	1,751.7
	Net Income ($mm)	606.0	702.9	1,108.3
	EBITDA Margin	25.5%	22.5%	26.1%
	EPS	$2.42	$2.81	$4.43
	MODEL STATUS
	Error Check Status	ALL PASS