UL DCF Model

Free Cash Flow to Firm Model
NOPAT Model
Free Cash Flow to Equity Model
Net Income Model
Millions
Billions
Dec'19 ActualDec'20 ActualDec'21 ActualDec'22 ActualDec'23 ActualDec'24 EstimateDec'25 EstimateDec'26 EstimateDec'27 EstimateDec'28 EstimateDec'29 EstimateDec'30 EstimateDec'31 EstimateDec'32 EstimateDec'33 EstimateDec'34 Terminal
% growth
51,980.0
2.0%
50,724.0
(2.4%)
52,444.0
3.4%
60,073.0
14.5%
59,604.0
(0.8%)
63,245.3
6.1%
65,348.8
3.3%
67,292.4
3.0%
69,438.3
3.2%
73,569.3
5.9%
77,461.7
5.3%
81,050.3
4.6%
84,271.7
4.0%
87,066.5
3.3%
89,380.8
2.7%
91,168.5
2.0%
9,917.0
19.1%
9,358.0
18.4%
9,637.0
18.4%
9,636.0
16.0%
10,068.0
16.9%
10,803.3
17.1%
11,162.6
17.1%
11,494.6
17.1%
11,861.1
17.1%
12,566.8
17.1%
13,231.7
17.1%
13,844.6
17.1%
14,394.9
17.1%
14,872.3
17.1%
15,267.6
17.1%
15,573.0
17.1%
NOPAT
% effective tax rate
7,209.5
13.9%
7,107.4
14.0%
7,457.5
14.2%
7,708.2
12.8%
7,697.3
12.9%
8,259.5
13.1%
8,534.2
13.1%
8,788.0
13.1%
9,068.3
13.1%
9,607.7
13.1%
10,116.1
13.1%
10,584.7
13.1%
11,005.4
13.1%
11,370.4
13.1%
11,672.6
13.1%
11,906.1
13.1%
% of revenue
1,964.0
3.8%
2,018.0
4.0%
1,746.0
3.3%
1,069.0
1.8%
1,578.0
2.6%
1,635.2
2.6%
1,689.5
2.6%
1,739.8
2.6%
1,795.3
2.6%
1,902.1
2.6%
2,002.7
2.6%
2,095.5
2.6%
2,178.8
2.6%
2,251.0
2.6%
2,310.9
2.6%
2,357.1
2.6%
% of revenue
(1,316.0)
(2.5%)
(863.0)
(1.7%)
(1,108.0)
(2.1%)
(1,456.0)
(2.4%)
(1,502.0)
(2.5%)
(1,487.6)
(2.4%)
(1,537.1)
(2.4%)
(1,582.8)
(2.4%)
(1,633.3)
(2.4%)
(1,730.5)
(2.4%)
(1,822.0)
(2.4%)
(1,906.4)
(2.4%)
(1,982.2)
(2.4%)
(2,047.9)
(2.4%)
(2,102.4)
(2.4%)
(2,144.4)
(2.4%)
(132.0)
(0.3%)
538.0
1.1%
(765.0)
(1.5%)
(3,250.0)
(5.4%)
814.0
1.4%
(1,160.2)
(1.8%)
(1,198.7)
(1.8%)
(1,234.4)
(1.8%)
(1,273.8)
(1.8%)
(1,349.5)
(1.8%)
(1,420.9)
(1.8%)
(1,486.8)
(1.8%)
(1,545.9)
(1.8%)
(1,597.1)
(1.8%)
(1,639.6)
(1.8%)
(1,672.4)
(1.8%)
Free Cash Flow to Firm (FCFF)
% of revenue
7,725.5
14.9%
8,800.4
17.3%
7,330.5
14.0%
4,071.2
6.8%
8,587.3
14.4%
7,246.9
11.5%
7,487.9
11.5%
7,710.6
11.5%
7,956.5
11.5%
8,429.8
11.5%
8,875.8
11.5%
9,287.0
11.5%
9,656.2
11.5%
9,976.4
11.5%
10,241.6
11.5%
10,446.4
11.5%
% of FCFF used in calculation
Discount period
Discount factor
Discounted FCFF (DFCFF)

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UL DCF Value

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UL DCF Financials

Revenue
€59.6B -> €89.4B 4.1% CAGR
Operating Income
€10.1B -> €15.3B 4.3% CAGR
FCFF
€8,587.3M -> €10.2B 1.8% CAGR

UL DCF sensitivity

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