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RTPPF · Financials

Annual reports: Yahoo, amounts in millions of USD. P/E — year-end price / EPS; — if the price history does not reach that year.

	2022	2023	2024	2025
Revenue	55,554	54,041	53,658	57,638
Net income	12,392	10,058	11,552	9,966
Gross margin	61.7%	60.0%	56.4%	57.4%
Operating margin	34.9%	29.1%	27.6%	26.8%
Net margin	22.3%	18.6%	21.5%	17.3%
EPS	7.62	6.17	7.07	6.08
Free cash flow	9,384	8,074	5,978	4,497
Net debt	4,331	4,576	6,655	16,065
P/E	9.2	12.1	8.2	13

Valuation by free cash flow (DCF)

A what-if tool for a 5–10 year investor, not an answer: change the assumptions and see what they do.

Value per share

63.2 USD

Upside to the estimate

-23.4%

No margin of safety: the price is above the DCF value.

Growth priced in

+5.9%

Reverse DCF: FCF growth for 5 years that makes today’s price fair. Compare with what you believe.

	rate 7.2%	rate 8.2%	rate 9.2%
Bear · growth -3.8%	56.49	47.15	40.56
Base · growth 1.2%	76.41	63.2	53.91
Bull · growth 6.2%	102.76	84.35	71.44

FCF to shareholders 6,183 mln USD (operating cash flow − capex, after interest), shares 1,626 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.