Loading verified market, valuation, and statement data.
2. Company Fundamentals
2.1 Competitiveness
| Metric |
Value |
| Operating Margins |
21.0% |
| Profit Margins |
10.89% |
| Return on Equity |
24.26% |
| Return on Assets |
5.95% |
| Free Float |
0.6B |
| Dividend Yield |
2.05% |
| Short Int % Utilisation |
2.18% |
2.2 Growth
| Metric |
Value |
| Revenue Growth |
2.4% |
| Free Cash Flow |
2.94B |
| EBITDA |
18.4 (Ratio) |
| Enterprise Value |
156.89B |
| EV/Revenue |
4.17 |
| EV/EBITDA |
18.4 |
Revenue growth of 2.4% suggests mature or challenged top-line momentum.
2.3 Management
| Role |
Metric |
| Consensus Rating |
N/A |
2.4 Return
| Metric |
Value |
| Expected Return (Ann.)* |
15.10% |
| Risk / Std Dev (Ann.)* |
26.73% |
| 1-Year Price Return* |
10.99% |
Latest Market Data (as of 2026-08-14, US Eastern time):
| Metric |
Value |
| Last Price |
$233.96 |
| 52-Week Range |
$195.87 – $260.28 |
| Observation Count |
251 trading days |
The return and risk statistics use daily adjusted closes from the retrieved one-year series and annualise daily moments using 252 trading days. The last price is the latest regular-market price reported for the stated date. Source: Yahoo Finance market data.
2.5 FCFF DCF Valuation
Valuation basis: This research model follows a five-year, unlevered FCFF DCF. It starts from reported annual operating inputs, forecasts revenue and operating cash conversion under an explicit mechanical policy, discounts FCFF at WACC, applies a Gordon-growth terminal value, and bridges enterprise value to an indicative common-equity value per share. It is an analytical estimate rather than a recommendation or personalised target price.
Step 1 — Forecast Operating Profit and NOPAT
| Reported operating input |
Value |
| Revenue |
$37.44B |
| Prior annual revenue |
$34.72B |
| EBIT |
$6.82B |
| Tax rate |
18.40% |
| NOPAT = EBIT × (1 − tax rate) |
$5.57B |
| Forecast start-growth basis |
7.85% |
| Forecast policy |
latest reported annual revenue growth, bounded to -10.00% / 15.00% |
Step 2 — Calculate FCFF
| Current FCFF building block |
Value |
| NOPAT |
$5.57B |
| Add: depreciation & amortisation |
$1.39B |
| Less: capital expenditure |
-$986.00M |
| Less/(add): working-capital cash-flow movement |
-$352.00M |
| Current unlevered FCFF |
$5.62B |
Explicit FCFF forecast
| Forecast year |
Revenue growth |
NOPAT |
D&A |
Capex |
Change in NWC |
FCFF |
Present value |
| 1 |
7.85% |
$6.00B |
$1.50B |
-$1.06B |
-$379.63M |
$6.06B |
$5.84B |
| 2 |
6.51% |
$6.39B |
$1.59B |
-$1.25B |
-$404.35M |
$6.33B |
$5.67B |
| 3 |
5.17% |
$6.72B |
$1.68B |
-$1.43B |
-$425.27M |
$6.54B |
$5.44B |
| 4 |
3.84% |
$6.98B |
$1.74B |
-$1.62B |
-$441.59M |
$6.67B |
$5.16B |
| 5 |
2.50% |
$7.16B |
$1.78B |
-$1.78B |
-$452.63M |
$6.70B |
$4.82B |
Step 3 — Determine the Discount Rate (WACC)
| WACC input |
Value |
| Risk-free rate |
4.71% |
| Equity risk premium assumption |
5.50% |
| Beta |
0.92 |
| Cost of equity |
9.76% |
| Pre-tax cost of debt |
3.97% |
| WACC |
7.61% |
| WACC validation |
within standard range |
Step 4 — Estimate Terminal Value
| Terminal-value input |
Value |
| Perpetuity growth rate |
2.50% |
| Terminal value |
$134.39B |
| Implied terminal EV / EBITDA |
12.73x |
| Terminal value as % of enterprise value |
77.57% |
Step 5 — Discount Cash Flows to Enterprise Value
| Enterprise-value component |
Value |
| Present value of explicit FCFF |
$26.93B |
| Present value of terminal value |
$93.12B |
| Indicated enterprise value |
$120.05B |
| Discounting convention |
mid-year for explicit FCFF; terminal value discounted at year-end five |
Step 6 — Convert Enterprise Value to Equity Value
| Equity bridge |
Value |
| Indicated enterprise value |
$120.05B |
| Less: gross interest-bearing debt |
$35.56B |
| Add: cash and equivalents |
$12.93B |
| Add: affiliate investments |
$0.00 |
| Less: minority interests |
$1.13B |
| Indicated common equity value |
$96.30B |
Step 7 — Calculate Indicative Value Per Share
| Per-share output |
Value |
| Shares used |
321,400,000.00 |
| Share-count basis |
reported diluted weighted-average shares |
| Current market price |
$228.25 |
| DCF indicative value per share |
$299.61 |
| Indicative value vs. market price |
31.27% |
Model Integrity Checks
| Check |
Result |
| Perpetuity growth is below the risk-free rate |
pass |
| Perpetuity growth is below WACC |
pass |
| WACC is within the configured operating-company range |
pass |
| Terminal-year FCFF is positive |
pass |
| Terminal capex converges to D&A |
pass |
| Terminal-value concentration |
within review band |
| Implied price differs from spot by more than 30% |
review required |
2.6 Investor-Style Research Screen
| Educational screen |
Result |
| Buffett-inspired cash-quality checks |
4/4 evidenced checks |
| Lynch-inspired balance-and-growth checks |
4/4 evidenced checks |