Verizon Communications Inc. (VZ) Discounted Free Cash Flow - Perpetuity

Verizon Communications Inc.

VZ (NYSE)

(%)

Valuation
Verizon Communications Inc. Discounted Free Cash Flow - Perpetuity

"""
    Model: Discounted Free Cash Flow - Perpetuity

# Render model description
model.render_description(r"""
## Discounted Free Cash Flow Model

Discounted Free Cash Flow calculates the value of a share based on the company's estimated future Free Cash Flow figures.

See our [GitHub Model Documentation](https://github.com/DiscountingCashFlows/Documentation/blob/main/models-documentation/discounted-free-cash-flow.md#discounted-free-cash-flow-model-source-code)
""")

# Initialize assumptions
assumptions.init({
    "data": {
        "%discount_rate": None,
        "beta": data.get("profile:beta", default=1),
        "%risk_free_rate": data.get("treasury:year10"),
        "%market_premium": data.get("risk:totalEquityRiskPremium"),
        "%tax_rate": None,
        "%growth_in_perpetuity": "2.5%",
        "historical_years": 10,
        "projection_years": 5,
        "%revenue_growth_rate": None,
        "%operating_cash_flow_margin": None,
        "%capital_expenditure_margin": None,
    },
    "hierarchies": [{
        "parent": "%discount_rate",
        "children": [
            "beta",
            "%risk_free_rate",
            "%market_premium",
            "%tax_rate"
        ]
    }]
})

# WACC Calculation
risk_free_rate = assumptions.get("%risk_free_rate")
beta = assumptions.get("beta")
market_premium = assumptions.get("%market_premium")
cost_of_equity = risk_free_rate + beta * market_premium
cost_of_debt = data.get("income:interestExpense / balance:totalDebt")
if cost_of_debt is None:
    # Use the 10-year Treasury yield instead
    cost_of_debt = data.get("treasury:year10")

tax_rate = data.get("income:incomeTaxExpense / income:incomeBeforeTax")
if tax_rate is None or tax_rate < 0:
    # Fall back to the statutory corporate rate
    tax_rate = data.get("risk:corporateTaxRate")
assumptions.set("%tax_rate", tax_rate)

market_cap = data.get("profile:price * income:weightedAverageShsOut")
debt_weight = data.get(f"balance:totalDebt / ({market_cap} + balance:totalDebt)")
if debt_weight is None:
    # Assume zero leverage if missing
    debt_weight = 0

equity_weight = 1 - debt_weight
wacc = debt_weight * cost_of_debt * (1 - assumptions.get("%tax_rate")) + equity_weight * cost_of_equity

# Set the discount rate to the WACC
assumptions.set("%discount_rate", wacc)

data.compute({
    "%operatingCashFlowMargin": "flow:operatingCashFlow / income:revenue",
    "positiveCapitalExpenditure": "-1 * flow:capitalExpenditure",
    "%capitalExpenditureMargin": "positiveCapitalExpenditure / income:revenue",
    "%grossMargin": "income:grossProfit / income:revenue",
    "%operatingMargin": "income:operatingIncome / income:revenue",
    "%netMargin": "income:netIncome / income:revenue",
    "discountedFreeCashFlow": "flow:freeCashFlow",
    "%revenueGrowthRate": "function:growth:income:revenue",
})

data.set_default_range(f"{-assumptions.get('historical_years')}->0")

assumptions.set("%revenue_growth_rate", data.average("%revenueGrowthRate"))
# Limit revenue growth rate between 0% and 25%
assumptions.set_bounds(
    "%revenue_growth_rate", low=0, high="25%"
)

average_operating_cash_flow_margin = data.average("%operatingCashFlowMargin")
assumptions.set("%operating_cash_flow_margin", average_operating_cash_flow_margin)
# Limit OCF range from 0 to 100% (all revenue converted to OCF)
assumptions.set_bounds(
    "%operating_cash_flow_margin", low=0, high="100%"
)

average_capital_expenditure_margin = data.average("%capitalExpenditureMargin")
assumptions.set("%capital_expenditure_margin", average_capital_expenditure_margin)

# Limit CapEx range from 0 to 90% of OCF Margin
assumptions.set_bounds(
    "%capital_expenditure_margin",
    low=0,
    high=assumptions.get("%operating_cash_flow_margin")*.9
)

data.compute({
    "income:revenue": f"""
        income:revenue:-1 * 
        (1 + {assumptions.get('%revenue_growth_rate')})
    """,
    "%revenueGrowthRate": "function:growth:income:revenue",
    "flow:operatingCashFlow": f"""
        income:revenue * 
        {assumptions.get('%operating_cash_flow_margin')}
    """,
    "computedCapitalExpenditure": f"""
        income:revenue * 
        {assumptions.get('%capital_expenditure_margin')}
    """,
    "flow:freeCashFlow": "flow:operatingCashFlow - computedCapitalExpenditure",
    "positiveCapitalExpenditure": "flow:operatingCashFlow - flow:freeCashFlow",
    "discountedFreeCashFlow": f"""
        function:discount:flow:freeCashFlow 
        rate:{assumptions.get('%discount_rate')}
        continuous:true
    """,
    # Informational computations
    "%operatingCashFlowMargin": "flow:operatingCashFlow / income:revenue",
    "%capitalExpenditureMargin": "positiveCapitalExpenditure / income:revenue",
    "%freeCashFlowMargin": "flow:freeCashFlow / income:revenue",
    "#compoundedDiscountRate": f"""
        function:compound:1
        rate:{assumptions.get('%discount_rate')} 
        continuous:true
    """,
    "%compoundedDiscountRate": "#compoundedDiscountRate - 1",
}, forecast=assumptions.get("projection_years"))

# Calculating the Terminal Value
# TV = FCF * (1 + Growth in Perpetuity) / (Discount Rate - Growth in Perpetuity)
discount_rate = assumptions.get("%discount_rate")
growth_in_perpetuity = assumptions.get("%growth_in_perpetuity")
end_year = assumptions.get("projection_years")
terminal_value = data.get(f"""
    flow:freeCashFlow:{end_year} *
    (1 + {growth_in_perpetuity}) / ({discount_rate} - {growth_in_perpetuity})
""")

# Discount the terminal value into the present
tv_discount_rate = (1 + assumptions.get("%discount_rate")) ** assumptions.get('projection_years')
discounted_terminal_value = terminal_value / tv_discount_rate

# Get the sum between current date and projection years
discounted_free_cash_flow_sum = data.sum("discountedFreeCashFlow:1->*")

# Add all Discounted FCFs and the Discounted Terminal Value to calculate the enterprise value
enterprise_value = discounted_terminal_value + discounted_free_cash_flow_sum

# Equity value is calculated by adding cash and subtracting total debt from the enterprise value
equity_value = data.get(f"{enterprise_value} + balance:cashAndShortTermInvestments -  balance:totalDebt")

stock_value = equity_value / data.get("income:weightedAverageShsOut")

model.set_final_value({
    "value": stock_value,
    "units": '$'
})

fcf_5y_cagr = data.cagr(f"flow:freeCashFlow:-1->{assumptions.get('projection_years')}")
revenue_5y_cagr = data.cagr(f"income:revenue:-1->{assumptions.get('projection_years')}")

model.render_results([
    [terminal_value, "Terminal Value", "$"],
    [discounted_terminal_value, "Discounted Terminal Value", "$"],
    [discounted_free_cash_flow_sum, "Sum of Discounted Free Cash Flow", "$"],
    [enterprise_value, "Enterprise Value", "$"],
    [data.get("balance:cashAndCashEquivalents"), "Cash and Equivalents", "$"],
    [data.get("balance:totalDebt"), "Total Debt", "$"],
    [equity_value, "Equity Value", "$"],
    [data.get("income:weightedAverageShsOut"), "Shares Outstanding", "$"],
    [stock_value, "Estimated Value per Share", "$"],
    [data.get("treasury:year10"), "Yield of the U.S. 10 Year Treasury Note", "%"],
    [average_operating_cash_flow_margin, "Average Cash from Operating Activities Margin", "%"],
    [average_capital_expenditure_margin, "Average Capital Expenditure Margin", "%"],
    [cost_of_equity, "Cost of Equity", "%"],
    [equity_weight, "Equity Weight", "%"],
    [cost_of_debt, "Cost of Debt", "%"],
    [debt_weight, "Debt Weight", "%"],
    [revenue_5y_cagr, "Forecasted Revenue - 5 Year CAGR", "%"],
    [fcf_5y_cagr, "Forecasted Free Cash Flow - 5 Year CAGR", "%"],
])

model.render_chart({
    "data": {
        "income:revenue": "Revenue",
        "flow:operatingCashFlow": "Operating Cash Flow",
        "flow:freeCashFlow": "Free Cash Flow",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "discountedFreeCashFlow": "Discounted Free Cash Flow"
    },
    "start": -assumptions.get("historical_years"),
    "end": "*",
    "properties": {
        "title": "Historical Values",
        "set_editable": [
            "income:revenue",
            "flow:operatingCashFlow",
            "flow:freeCashFlow"
        ],
        "hidden_keys": [
            "positiveCapitalExpenditure",
            "discountedFreeCashFlow"
        ],
        "width": "full"
    },
})

# Forecast table
model.render_table({
    "data": {
        "income:revenue": "Revenue",
        "%revenueGrowthRate": "Revenue Growth Rate",
        "flow:operatingCashFlow": "Operating Cash Flow",
        "%operatingCashFlowMargin": "Operating Cash Flow Margin",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "%capitalExpenditureMargin": "Capital Expenditure Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "%freeCashFlowMargin": "Free Cash Flow Margin",
        "%compoundedDiscountRate": "Compounded Discount Rate",
        "discountedFreeCashFlow": "Discounted Free Cash Flow",
    },
    "start": -1,
    "end": "*",
    "properties": {
        "title": "Forecast Data",
        "order": "ascending",
        "include_ltm": False,
        "number_format": "M",
        "width": "full"
    },
})

# Historical table
model.render_table({
    "data": {
        "income:revenue": "Revenue",
        "%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "%netMargin": "Net Margin",
        "flow:operatingCashFlow": "Cash from Operating Activities",
        "%operatingCashFlowMargin": "Cash from Operating Activities Margin",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "%capitalExpenditureMargin": "Capital Expenditure Margin",
        "flow:freeCashFlow": "Free Cash Flow",
    },
    "start": -assumptions.get("historical_years"),
    "end": 0,
    "properties": {
        "title": "Historical Data",
        "display_averages": True,
        "order": "descending",
        "number_format": "M"
    },
})

assumptions.set_description({
    "%discount_rate": r"""
        ## Discount Rate
        
        `Discount Rate` = `Equity Weight` * `Cost of Equity` + `Debt Weight` * `Cost of Debt` * (1 - `Tax Rate`)
        
        Calculated using Weighted Average Cost of Capital (WACC) formula. It represents a firm’s average after-tax cost of capital from all sources, including common stock, preferred stock, bonds, and other forms of debt.
        
        [Read More](https://www.investopedia.com/terms/w/wacc.asp)
        
        ---
        
        ### Cost of Equity
        
        `Cost of Equity` = `Risk Free Rate` + `Beta` * `Market Premium`
        
        The cost of equity is the theoretical rate of return that an equity investment should generate. It is calculated using the CAPM formula.
        
        [Read More](https://www.investopedia.com/terms/c/costofequity.asp#mntl-sc-block_1-0-20)
        
        ---
        
        ### Cost of Debt
        
        `Cost of Debt` = `Interest Expense` / `Total Debt`
        
        The cost of debt is the effective rate that a company pays on its debt, such as bonds and loans.
        
        [Read More](https://www.investopedia.com/terms/c/costofdebt.asp)
        
        ---
        
        ### Equity & Debt Weights
        
        `Debt Weight` = `Total Debt` / (`Market Capitalization` + `Total Debt`) = 1 - `Equity Weight`
        
        The Equity Weight represents the proportion of equity-based financing (Market Capitalization), while the Debt Weight represents the proportion of debt-based financing (Total Debt).
        
        ---
        
        ### Tax Rate
        
        `Tax Rate` = `Income Tax Expense` / `Income Before Tax`
        
        The overall tax rate paid by the company on its earned income.
    """,

"beta": r"""
        ## Beta
        
        Beta measures the volatility of a stock's price in relation to the overall stock market. A higher beta indicates greater price fluctuations relative to the market.
    """,

"%risk_free_rate": r"""
        ## Risk-Free Rate
        
        The risk-free rate represents the return an investor expects from an absolutely risk-free investment over a specified time period. By default, it is set to the current yield of the U.S. 10-Year Treasury Bond.
    """,

"%tax_rate": r"""
        ## Tax Rate
        
        `Tax Rate` = `Income Tax Expense` / `Income Before Tax`
        
        This is the company’s **effective tax rate**, reflecting the average rate of tax actually paid on its pre-tax earnings (including all statutory, deferred, and non-recurring items).
        
        This rate is used to adjust the after-tax cost of debt, since interest expense is tax-deductible.
        
        ## Discount Rate
        
        `Discount Rate` =  
        `Debt Weight` × `Cost of Debt` × (1 − `Tax Rate`)  
        + `Equity Weight` × `Cost of Equity`
    """,

"%market_premium": r"""
        ## Market Premium
        
        The market risk premium represents the additional return over the risk-free rate that investors expect for taking on the risks associated with equities.
    """,

"%growth_in_perpetuity": r"""
        ## Growth in Perpetuity
        
        The rate at which the company's free cash flow is assumed to grow indefinitely. By default, this rate equals the yield of the U.S. 10-Year Treasury Bond.
    """,

"historical_years": r"""
        ## Historical Years
        
        The number of years of historical data used to calculate averages and trends for analysis.
    """,

"projection_years": r"""
        ## Projection Years
        
        The number of years into the future for which the analysis projects financial performance and metrics.
    """,

"%revenue_growth_rate": r"""
        ## Revenue Growth Rate
        
        The annual growth rate applied to projected revenue, starting from the second projection year onward.
    """,

"%operating_cash_flow_margin": r"""
        ## Operating Cash Flow Margin
        
        `Projected Operating Cash Flow` = `Projected Revenue` * `Operating Cash Flow Margin`
        
        This margin represents the percentage of revenue used to estimate future Operating Cash Flow.
    """,

"%capital_expenditure_margin": r"""
        ## Capital Expenditure Margin
        
        `Projected Free Cash Flow` = `Projected Operating Cash Flow` - `Projected Revenue` * `Capital Expenditure Margin`
        
        This margin is used to estimate future capital expenditures as a percentage of revenue, which in turn is subtracted from Operating Cash Flow to calculate Free Cash Flow.
    """,
})

print(f"End of model.")

Estimated Value

USD

Market Price USD

* Values are not guaranteed, please do your own
research before making investment decisions.

Discounted Free Cash Flow Model

Discounted Free Cash Flow calculates the value of a share based on the company's estimated future Free Cash Flow figures.

See our GitHub Model Documentation

Interactive Assumptions

Discount Rate Discount Rate `Discount Rate` = `Equity Weight` * `Cost of Equity` + `Debt Weight` * `Cost of Debt` * (1 - `Tax Rate`) Calculated using Weighted Average Cost of Capital (WACC) formula. It represents a firm’s average after-tax cost of capital from all sources, including common stock, preferred stock, bonds, and other forms of debt. Read More Cost of Equity `Cost of Equity` = `Risk Free Rate` + `Beta` * `Market Premium` The cost of equity is the theoretical rate of return that an equity investment should generate. It is calculated using the CAPM formula. Read More Cost of Debt `Cost of Debt` = `Interest Expense` / `Total Debt` The cost of debt is the effective rate that a company pays on its debt, such as bonds and loans. Read More Equity & Debt Weights `Debt Weight` = `Total Debt` / (`Market Capitalization` + `Total Debt`) = 1 - `Equity Weight` The Equity Weight represents the proportion of equity-based financing (Market Capitalization), while the Debt Weight represents the proportion of debt-based financing (Total Debt). Tax Rate `Tax Rate` = `Income Tax Expense` / `Income Before Tax` The overall tax rate paid by the company on its earned income.	%
↳ Beta Beta Beta measures the volatility of a stock's price in relation to the overall stock market. A higher beta indicates greater price fluctuations relative to the market.	#
↳ Risk Free Rate Risk-Free Rate The risk-free rate represents the return an investor expects from an absolutely risk-free investment over a specified time period. By default, it is set to the current yield of the U.S. 10-Year Treasury Bond.	%
↳ Market Premium Market Premium The market risk premium represents the additional return over the risk-free rate that investors expect for taking on the risks associated with equities.	%
↳ Tax Rate Tax Rate `Tax Rate` = `Income Tax Expense` / `Income Before Tax` This is the company’s effective tax rate, reflecting the average rate of tax actually paid on its pre-tax earnings (including all statutory, deferred, and non-recurring items). This rate is used to adjust the after-tax cost of debt, since interest expense is tax-deductible. Discount Rate `Discount Rate` = `Debt Weight` × `Cost of Debt` × (1 − `Tax Rate`) + `Equity Weight` × `Cost of Equity`	%
Growth In Perpetuity Growth in Perpetuity The rate at which the company's free cash flow is assumed to grow indefinitely. By default, this rate equals the yield of the U.S. 10-Year Treasury Bond.	%
Historical Years Historical Years The number of years of historical data used to calculate averages and trends for analysis.	#
Projection Years Projection Years The number of years into the future for which the analysis projects financial performance and metrics.	#
Revenue Growth Rate Revenue Growth Rate The annual growth rate applied to projected revenue, starting from the second projection year onward.	%
Operating Cash Flow Margin Operating Cash Flow Margin `Projected Operating Cash Flow` = `Projected Revenue` * `Operating Cash Flow Margin` This margin represents the percentage of revenue used to estimate future Operating Cash Flow.	%
Capital Expenditure Margin Capital Expenditure Margin `Projected Free Cash Flow` = `Projected Operating Cash Flow` - `Projected Revenue` * `Capital Expenditure Margin` This margin is used to estimate future capital expenditures as a percentage of revenue, which in turn is subtracted from Operating Cash Flow to calculate Free Cash Flow.	%

Results
Terminal Value	1,045 Bil. USD
Discounted Terminal Value	853.7 Bil. USD
Sum of Discounted Free Cash Flow	73.37 Bil. USD
Enterprise Value	927.1 Bil. USD
Cash and Equivalents	19.05 Bil. USD
Total Debt	200.6 Bil. USD
Equity Value	745.5 Bil. USD
Shares Outstanding	4.23 Bil. USD
Estimated Value per Share	176.2 USD
Yield of the U.S. 10 Year Treasury Note	4.28%
Average Cash from Operating Activities Margin	26.21%
Average Capital Expenditure Margin	14.45%
Cost of Equity	5.69%
Equity Weight	49.72%
Cost of Debt	3.34%
Debt Weight	50.28%
Forecasted Revenue - 5 Year CAGR	0.477%
Forecasted Free Cash Flow - 5 Year CAGR	-3.73%

Historical Values

Monetary values in USD

{"sectionId": "section-chart-1", "sectionType": "chart", "title": "Historical Values", "timeseries": "annual", "series": [{"label": "Revenue", "mappingKey": "income:revenue", "data": [{"l": "2016", "x": "2016-12-31", "y": 125980000000}, {"l": "2017", "x": "2017-12-31", "y": 126034000000}, {"l": "2018", "x": "2018-12-31", "y": 130863000000}, {"l": "2019", "x": "2019-12-31", "y": 131868000000}, {"l": "2020", "x": "2020-12-31", "y": 128292000000}, {"l": "2021", "x": "2021-12-31", "y": 133613000000}, {"l": "2022", "x": "2022-12-31", "y": 136835000000}, {"l": "2023", "x": "2023-12-31", "y": 133974000000}, {"l": "2024", "x": "2024-12-31", "y": 134788000000}, {"l": "2025", "x": "2025-12-31", "y": 138191000000}, {"l": "2026", "x": "2026-12-31", "y": 138850171070, "oy": 138850171070, "e": true, "d": 2026, "g": 0.477, "og": 0.477}, {"l": "2027", "x": "2027-12-31", "y": 139512486386, "oy": 139512486386, "e": true, "d": 2027, "g": 0.477, "og": 0.477}, {"l": "2028", "x": "2028-12-31", "y": 140177960946, "oy": 140177960946, "e": true, "d": 2028, "g": 0.477, "og": 0.477}, {"l": "2029", "x": "2029-12-31", "y": 140846609819, "oy": 140846609819, "e": true, "d": 2029, "g": 0.477, "og": 0.477}, {"l": "2030", "x": "2030-12-31", "y": 141518448148, "oy": 141518448148, "e": true, "d": 2030, "g": 0.477, "og": 0.477}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": false}, {"label": "Operating Cash Flow", "mappingKey": "flow:operatingCashFlow", "data": [{"l": "2016", "x": "2016-12-31", "y": 21689000000}, {"l": "2017", "x": "2017-12-31", "y": 24318000000}, {"l": "2018", "x": "2018-12-31", "y": 34339000000}, {"l": "2019", "x": "2019-12-31", "y": 35746000000}, {"l": "2020", "x": "2020-12-31", "y": 41768000000}, {"l": "2021", "x": "2021-12-31", "y": 39539000000}, {"l": "2022", "x": "2022-12-31", "y": 37141000000}, {"l": "2023", "x": "2023-12-31", "y": 37475000000}, {"l": "2024", "x": "2024-12-31", "y": 36912000000}, {"l": "2025", "x": "2025-12-31", "y": 37137000000}, {"l": "2026", "x": "2026-12-31", "y": 36392629837, "oy": 36392629837, "e": true, "d": 2026, "g": -2.0, "og": -2.0}, {"l": "2027", "x": "2027-12-31", "y": 36566222681, "oy": 36566222681, "e": true, "d": 2027, "g": 0.477, "og": 0.477}, {"l": "2028", "x": "2028-12-31", "y": 36740643563, "oy": 36740643563, "e": true, "d": 2028, "g": 0.477, "og": 0.477}, {"l": "2029", "x": "2029-12-31", "y": 36915896433, "oy": 36915896433, "e": true, "d": 2029, "g": 0.477, "og": 0.477}, {"l": "2030", "x": "2030-12-31", "y": 37091985259, "oy": 37091985259, "e": true, "d": 2030, "g": 0.477, "og": 0.477}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow", "mappingKey": "flow:freeCashFlow", "data": [{"l": "2016", "x": "2016-12-31", "y": 4096000000}, {"l": "2017", "x": "2017-12-31", "y": 6488000000}, {"l": "2018", "x": "2018-12-31", "y": 16252000000}, {"l": "2019", "x": "2019-12-31", "y": 16909000000}, {"l": "2020", "x": "2020-12-31", "y": 21450000000}, {"l": "2021", "x": "2021-12-31", "y": 19253000000}, {"l": "2022", "x": "2022-12-31", "y": 10401000000}, {"l": "2023", "x": "2023-12-31", "y": 18708000000}, {"l": "2024", "x": "2024-12-31", "y": 18922000000}, {"l": "2025", "x": "2025-12-31", "y": 20126000000}, {"l": "2026", "x": "2026-12-31", "y": 16328780117, "oy": 16328780117, "e": true, "d": 2026, "g": -18.87, "og": -18.87}, {"l": "2027", "x": "2027-12-31", "y": 16406668398, "oy": 16406668398, "e": true, "d": 2027, "g": 0.477, "og": 0.477}, {"l": "2028", "x": "2028-12-31", "y": 16484928207, "oy": 16484928207, "e": true, "d": 2028, "g": 0.477, "og": 0.477}, {"l": "2029", "x": "2029-12-31", "y": 16563561314, "oy": 16563561314, "e": true, "d": 2029, "g": 0.477, "og": 0.477}, {"l": "2030", "x": "2030-12-31", "y": 16642569502, "oy": 16642569502, "e": true, "d": 2030, "g": 0.477, "og": 0.477}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": false}, {"label": "Capital Expenditure", "mappingKey": "positiveCapitalExpenditure", "data": [{"l": "2016", "x": "2016-12-31", "y": 17593000000}, {"l": "2017", "x": "2017-12-31", "y": 17830000000}, {"l": "2018", "x": "2018-12-31", "y": 18087000000}, {"l": "2019", "x": "2019-12-31", "y": 18837000000}, {"l": "2020", "x": "2020-12-31", "y": 20318000000}, {"l": "2021", "x": "2021-12-31", "y": 20286000000}, {"l": "2022", "x": "2022-12-31", "y": 26740000000}, {"l": "2023", "x": "2023-12-31", "y": 18767000000}, {"l": "2024", "x": "2024-12-31", "y": 17990000000}, {"l": "2025", "x": "2025-12-31", "y": 17011000000}, {"l": "2026", "x": "2026-12-31", "y": 20063849719}, {"l": "2027", "x": "2027-12-31", "y": 20159554282}, {"l": "2028", "x": "2028-12-31", "y": 20255715356}, {"l": "2029", "x": "2029-12-31", "y": 20352335118}, {"l": "2030", "x": "2030-12-31", "y": 20449415757}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": true}, {"label": "Discounted Free Cash Flow", "mappingKey": "discountedFreeCashFlow", "data": [{"l": "2016", "x": "2016-12-31", "y": 4096000000}, {"l": "2017", "x": "2017-12-31", "y": 6488000000}, {"l": "2018", "x": "2018-12-31", "y": 16252000000}, {"l": "2019", "x": "2019-12-31", "y": 16909000000}, {"l": "2020", "x": "2020-12-31", "y": 21450000000}, {"l": "2021", "x": "2021-12-31", "y": 19253000000}, {"l": "2022", "x": "2022-12-31", "y": 10401000000}, {"l": "2023", "x": "2023-12-31", "y": 18708000000}, {"l": "2024", "x": "2024-12-31", "y": 18922000000}, {"l": "2025", "x": "2025-12-31", "y": 20126000000}, {"l": "2026", "x": "2026-12-31", "y": 15741847045}, {"l": "2027", "x": "2027-12-31", "y": 15189313233}, {"l": "2028", "x": "2028-12-31", "y": 14654547474}, {"l": "2029", "x": "2029-12-31", "y": 14140177530}, {"l": "2030", "x": "2030-12-31", "y": 13643861807}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": true}], "editableDates": {"2026-12-31": 42, "2027-12-31": 43, "2028-12-31": 44, "2029-12-31": 45, "2030-12-31": 46}, "properties": {"display_table": true}, "width": "full"}

Edit Chart Values	2026-12-31	2027-12-31	2028-12-31	2029-12-31	2030-12-31

↳ Growth Rate

Forecast Data

Monetary values in USD amounts except #	2025 Dec 31	2026 Dec 31	2027 Dec 31	2028 Dec 31	2029 Dec 31	2030 Dec 31
Revenue	138,191	138,850	139,512	140,178	140,847	141,518
Revenue Growth Rate	2.53%	0.477%	0.477%	0.477%	0.477%	0.477%
Operating Cash Flow	37,137	36,393	36,566	36,741	36,916	37,092
Operating Cash Flow Margin	26.87%	26.21%	26.21%	26.21%	26.21%	26.21%
Capital Expenditure	17,011	20,064	20,160	20,256	20,352	20,449
Capital Expenditure Margin	12.31%	14.45%	14.45%	14.45%	14.45%	14.45%
Free Cash Flow	20,126	16,329	16,407	16,485	16,564	16,643
Free Cash Flow Margin	14.56%	11.76%	11.76%	11.76%	11.76%	11.76%
Compounded Discount Rate		3.73%	8.02%	12.49%	17.14%	21.98%
Discounted Free Cash Flow	20,126	15,742	15,189	14,655	14,140	13,644

Historical Data

Monetary values in USD amounts except #	Average	LTM Feb 04	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31	2021 Dec 31	2020 Dec 31	2019 Dec 31	2018 Dec 31	2017 Dec 31	2016 Dec 31
Revenue	132,603	138,191	138,191	134,788	133,974	136,835	133,613	128,292	131,868	130,863	126,034	125,980
Revenue Growth Rate	0.477%	0%	2.53%	0.608%	-2.09%	2.41%	4.15%	-2.71%	0.768%	3.83%	0.043%	-4.29%
Cost of Revenue	70,670	61,215	75,114	71,989	72,511	76,232	72,507	67,921	71,408	72,608	68,510	67,352
Gross Profit	61,933	76,976	63,077	62,799	61,463	60,603	61,106	60,371	60,460	58,255	57,524	58,628
Gross Margin	46.68%	55.7%	45.64%	46.59%	45.88%	44.29%	45.73%	47.06%	45.85%	44.52%	45.64%	46.54%
Operating Income	29,429	29,259	29,259	30,604	28,831	30,467	31,965	29,867	31,029	30,007	26,519	25,910
Operating Margin	22.19%	21.17%	21.17%	22.71%	21.52%	22.27%	23.92%	23.28%	23.53%	22.93%	21.04%	20.57%
Net Income	18,419	17,174	17,174	17,506	11,614	21,256	22,065	17,801	19,265	15,528	30,101	13,127
Net Margin	13.93%	12.43%	12.43%	12.99%	8.67%	15.53%	16.51%	13.88%	14.61%	11.87%	23.88%	10.42%
Cash from Operating Activities	34,836	37,137	37,137	36,912	37,475	37,141	39,539	41,768	35,746	34,339	24,318	21,689
Cash from Operating Activities Margin	26.2%	26.87%	26.87%	27.39%	27.97%	27.14%	29.59%	32.56%	27.11%	26.24%	19.29%	17.22%
Capital Expenditure	19,165	17,351	17,011	17,990	18,767	26,740	20,286	20,318	18,837	18,087	17,830	17,593
Capital Expenditure Margin	14.45%	12.56%	12.31%	13.35%	14.01%	19.54%	15.18%	15.84%	14.28%	13.82%	14.15%	13.96%
Free Cash Flow	15,672	19,786	20,126	18,922	18,708	10,401	19,253	21,450	16,909	16,252	6,488	4,096