1. 5Y Projections
Forecasting FCF Year 0 1 2 3 4 5
in millions 2015 2016 2017 2018 2019 2020 2021 Assumptions:
Revenue 19162.7 21173.7 23395.8 25354.8 26939.8 28052.5 29211.0 Sales Growth Rate 10.49%
growth % 10.5% 10.5% 8.4% 6.3% 4.1% 4.1% Economy Rate 4.13%
Adjusted Operating Income 1497.2 1654.3 1827.9 1981.0 2104.8 2191.7 2282.3
% of growth 7.8% 7.8% 7.8% 7.8% 7.8% 7.8% 7.8% Rev % decrease in Growth/yr, after 2017 2.12%
Net Capex 1260.8 1114.5 923.6 667.3 354.5 0.0 0.0 Net CapEx % Decrease/yr 1.32%
% of growth 6.6% 5.3% 3.9% 2.6% 1.3% 0.0% 0.0%
Change in WC 236.4 175.1 193.5 170.6 138.0 96.9 100.9 WACC 7.09%
% of change of growth 8.7% 8.7% 8.7% 8.7% 8.7% 8.7% 8.7% Perpetual Growth Rate [1] 4.00%
FCF 364.7 710.8 1,143.1 1,612.3 2,094.8 2,181.4 70,482.3 <-----Terminal Value
PV 364.7 663.7 996.6 1,312.6 1,592.5 1,548.4 50,030.6
Enterprise Value, 5 yr.
forecast
$56,144.47

2. [1] Online Estimate