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| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Revenue | 130,558 | 247,639 | 393,836 | 431,846 |
| Net income | 31,538 | 60,027 | 112,435 | 97,843 |
| Gross margin | 75.9% | 63.0% | 60.9% | 56.3% |
| Operating margin | 23.3% | 23.7% | 27.5% | 21.6% |
| Net margin | 24.2% | 24.2% | 28.5% | 22.7% |
| EPS | 21.92 | 41.16 | 76 | 67.04 |
| Free cash flow | 47,872 | 93,579 | 120,962 | 105,794 |
| Net debt | -132,504 | -207,044 | -320,953 | -416,929 |
| P/E | — | — | — | — |
A what-if tool for a 5–10 year investor, not an answer: change the assumptions and see what they do.
⚠️ No or unusual beta — 1 used.
| rate 8.9% | rate 9.9% | rate 10.9% | |
|---|---|---|---|
| Bear · growth 15.0% | 361.33 | 307.96 | 267.47 |
| Base · growth 20.0% | 473.15 | 401.36 | 346.98 |
| Bull · growth 25.0% | 615.92 | 520.34 | 448.03 |
FCF to shareholders 16,063 mln USD (operating cash flow − capex, after interest), shares 1,423 mln. Discounted at the shareholder rate, so debt is not subtracted again (assumes stable debt). 5 years of growth, 5 of slowdown, then perpetual growth. Sensitive to assumptions — see the table.