| ← Back to Cover | ||||||
| FREE CASH FLOW TO FIRM (FCFF) | ||||||
| ($mm) - Unlevered free cash flow for DCF valuation | ||||||
| Free Cash Flow Build-Up | FY2026E | FY2027E | FY2028E | FY2029E | FY2030E | |
| EBIT (Operating Income) | 979.0 | 1,115.0 | 1,236.0 | 1,374.3 | 1,496.7 | |
| (-) Taxes on EBIT | (244.8) | (278.8) | (309.0) | (343.6) | (374.2) | |
| NOPAT (Net Operating Profit After Tax) | 734.3 | 836.3 | 927.0 | 1,030.7 | 1,122.5 | |
| (+) D&A | 211.7 | 221.9 | 236.3 | 242.9 | 255.0 | |
| (-) Capital Expenditures | (248.7) | (261.7) | (272.6) | (281.2) | (288.6) | |
| (-) Change in Net Working Capital | (18.0) | (14.0) | (6.1) | (15.1) | 6.8 | |
| Unlevered Free Cash Flow (UFCF) | 679.2 | 782.4 | 884.5 | 977.2 | 1,095.7 | |
| DISCOUNTING | ||||||
| Discount Period (Mid-Year) | 0.5 | 1.5 | 2.5 | 3.5 | 4.5 | |
| WACC | 11.0% | 11.0% | 11.0% | 11.0% | 11.0% | |
| Discount Factor | 0.9490 | 0.8547 | 0.7697 | 0.6932 | 0.6243 | |
| PV of UFCF | 644.6 | 668.7 | 680.8 | 677.4 | 684.0 | |
| Sum of PV of UFCF | 3,355.6 | |||||