Fiscal year | | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | 2036 | 2037 | 2038 | 2039 | 2040 | 2041 | 2042 | 2043 | 2044 | 2045 | 2046 | 2047 | 2048 | 2049 |
INCOME STATEMENT |
Revenue growth rate, % | | 16.0 | 15.4 | 14.9 | 14.4 | 14.0 | 13.5 | 13.1 | 12.7 | 12.3 | 11.9 | 11.6 | 11.3 | 10.9 | 10.6 | 10.4 | 10.1 | 9.8 | 9.6 | 9.4 | 9.2 | 8.9 | 8.7 | 8.6 | 8.4 | 8.2 |
Revenue, $ | | 284342 | 328272 | 377275 | 431720 | 491986 | 558462 | 631542 | 711632 | 799146 | 894506 | 998145 | 1110504 | 1232037 | 1363209 | 1504498 | 1656395 | 1819407 | 1994058 | 2180889 | 2380459 | 2593352 | 2820171 | 3061546 | 3318132 | 3590613 |
Variable operating expenses, $m | | 137337 | 158556 | 182224 | 208521 | 237629 | 269737 | 305035 | 343718 | 385988 | 432047 | 482104 | 536373 | 595074 | 658430 | 726672 | 800039 | 878774 | 963130 | 1053369 | 1149762 | 1252589 | 1362143 | 1478727 | 1602658 | 1734266 |
Fixed operating expenses, $m | | 18693 | 20282 | 22006 | 23877 | 25907 | 28109 | 30498 | 33090 | 35903 | 38954 | 42266 | 45858 | 49756 | 53985 | 58574 | 63553 | 68955 | 74816 | 81176 | 88075 | 95562 | 103685 | 112498 | 122060 | 132435 |
Total operating expenses, $m | | 156030 | 178838 | 204230 | 232398 | 263536 | 297846 | 335533 | 376808 | 421891 | 471001 | 524370 | 582231 | 644830 | 712415 | 785246 | 863592 | 947729 | 1037946 | 1134545 | 1237837 | 1348151 | 1465828 | 1591225 | 1724718 | 1866701 |
Operating income, $m | | 128311 | 149434 | 173045 | 199322 | 228450 | 260616 | 296009 | 334824 | 377256 | 423505 | 473775 | 528272 | 587207 | 650794 | 719251 | 792803 | 871679 | 956112 | 1046344 | 1142622 | 1245201 | 1354344 | 1470321 | 1593414 | 1723912 |
EBITDA, $m | | 150663 | 175363 | 202979 | 233725 | 267818 | 305479 | 346934 | 392413 | 442148 | 496378 | 555344 | 619291 | 688472 | 763141 | 843560 | 929996 | 1022722 | 1122020 | 1228178 | 1341493 | 1462271 | 1590827 | 1727488 | 1872591 | 2026486 |
Interest expense (income), $m | | 3914 | 11928 | 13415 | 15073 | 16915 | 18955 | 21204 | 23677 | 26388 | 29349 | 32576 | 36083 | 39886 | 43998 | 48437 | 53218 | 58358 | 63875 | 69785 | 76107 | 82861 | 90065 | 97741 | 105909 | 114592 |
Earnings before tax, $m | | 124397 | 137506 | 159630 | 184249 | 211535 | 241661 | 274805 | 311146 | 350868 | 394156 | 441199 | 492189 | 547321 | 606795 | 670814 | 739585 | 813320 | 892237 | 976559 | 1066515 | 1162340 | 1264279 | 1372581 | 1487505 | 1609320 |
Tax expense, $m | | 33587 | 37127 | 43100 | 49747 | 57114 | 65249 | 74197 | 84010 | 94734 | 106422 | 119124 | 132891 | 147777 | 163835 | 181120 | 199688 | 219596 | 240904 | 263671 | 287959 | 313832 | 341355 | 370597 | 401626 | 434516 |
Net income, $m | | 90810 | 100380 | 116530 | 134502 | 154421 | 176413 | 200608 | 227137 | 256134 | 287734 | 322075 | 359298 | 399545 | 442961 | 489694 | 539897 | 593724 | 651333 | 712888 | 778556 | 848508 | 922923 | 1001984 | 1085879 | 1174804 |
BALANCE SHEET |
Cash and short-term investments, $m | | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Total assets, $m | | 400922 | 462864 | 531958 | 608725 | 693701 | 787431 | 890474 | 1003402 | 1126796 | 1261254 | 1407384 | 1565810 | 1737172 | 1922125 | 2121342 | 2335517 | 2565364 | 2811622 | 3075053 | 3356448 | 3656626 | 3976441 | 4316780 | 4678566 | 5062764 |
Adjusted assets (=assets-cash), $m | | 400922 | 462864 | 531958 | 608725 | 693701 | 787431 | 890474 | 1003402 | 1126796 | 1261254 | 1407384 | 1565810 | 1737172 | 1922125 | 2121342 | 2335517 | 2565364 | 2811622 | 3075053 | 3356448 | 3656626 | 3976441 | 4316780 | 4678566 | 5062764 |
Average production assets, $m | | 261879 | 302339 | 347470 | 397614 | 453120 | 514343 | 581650 | 655413 | 736014 | 823840 | 919291 | 1022774 | 1134706 | 1255516 | 1385642 | 1525540 | 1675674 | 1836528 | 2008598 | 2192403 | 2388477 | 2597378 | 2819684 | 3055999 | 3306954 |
Working capital, $m | | -28150 | -32499 | -37350 | -42740 | -48707 | -55288 | -62523 | -70452 | -79115 | -88556 | -98816 | -109940 | -121972 | -134958 | -148945 | -163983 | -180121 | -197412 | -215908 | -235665 | -256742 | -279197 | -303093 | -328495 | -355471 |
Total debt, $m | | 298205 | 335370 | 376827 | 422887 | 473873 | 530111 | 591937 | 659693 | 733730 | 814404 | 902082 | 997138 | 1099955 | 1210927 | 1330457 | 1458962 | 1596871 | 1744625 | 1902684 | 2071521 | 2251628 | 2443517 | 2647720 | 2864791 | 3095310 |
Total liabilities, $m | | 240553 | 277718 | 319175 | 365235 | 416221 | 472459 | 534285 | 602041 | 676078 | 756752 | 844430 | 939486 | 1042303 | 1153275 | 1272805 | 1401310 | 1539219 | 1686973 | 1845032 | 2013869 | 2193976 | 2385865 | 2590068 | 2807139 | 3037658 |
Total equity, $m | | 160369 | 185146 | 212783 | 243490 | 277480 | 314972 | 356190 | 401361 | 450718 | 504502 | 562954 | 626324 | 694869 | 768850 | 848537 | 934207 | 1026146 | 1124649 | 1230021 | 1342579 | 1462650 | 1590577 | 1726712 | 1871426 | 2025106 |
Debt-to-equity ratio | | 0.610 | 1.611 | 1.576 | 1.548 | 1.524 | 1.504 | 1.488 | 1.475 | 1.464 | 1.454 | 1.447 | 1.440 | 1.435 | 1.431 | 1.427 | 1.424 | 1.422 | 1.420 | 1.418 | 1.417 | 1.416 | 1.416 | 1.415 | 1.415 | 1.415 |
Adjusted equity ratio | | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 | 0.400 |
CASH FLOW |
Net income, $m | | 90810 | 100380 | 116530 | 134502 | 154421 | 176413 | 200608 | 227137 | 256134 | 287734 | 322075 | 359298 | 399545 | 442961 | 489694 | 539897 | 593724 | 651333 | 712888 | 778556 | 848508 | 922923 | 1001984 | 1085879 | 1174804 |
Depreciation, amort., depletion, $m | | 22352 | 25929 | 29935 | 34403 | 39368 | 44863 | 50925 | 57589 | 64892 | 72873 | 81568 | 91019 | 101265 | 112347 | 124308 | 137192 | 151044 | 165908 | 181834 | 198871 | 217070 | 236483 | 257166 | 279177 | 302574 |
Funds from operations, $m | | 113162 | 126308 | 146464 | 168905 | 193788 | 221276 | 251533 | 284726 | 321026 | 360607 | 403644 | 450317 | 500809 | 555308 | 614003 | 677089 | 744767 | 817241 | 894722 | 977427 | 1065578 | 1159406 | 1259150 | 1365055 | 1477378 |
Change in working capital, $m | | -3883 | -4349 | -4851 | -5390 | -5966 | -6581 | -7235 | -7929 | -8664 | -9441 | -10260 | -11124 | -12032 | -12986 | -13988 | -15038 | -16138 | -17290 | -18496 | -19757 | -21076 | -22455 | -23896 | -25402 | -26976 |
Cash from operations, $m | | 117045 | 130657 | 151316 | 174295 | 199755 | 227857 | 258768 | 292655 | 329690 | 370047 | 413904 | 461440 | 512841 | 568294 | 627990 | 692127 | 760905 | 834532 | 913219 | 997184 | 1086654 | 1181861 | 1283046 | 1390457 | 1504353 |
Maintenance CAPEX, $m | | -22352 | -25929 | -29935 | -34403 | -39368 | -44863 | -50925 | -57589 | -64892 | -72873 | -81568 | -91019 | -101265 | -112347 | -124308 | -137192 | -151044 | -165908 | -181834 | -198871 | -217070 | -236483 | -257166 | -279177 | -302574 |
New CAPEX, $m | | -36121 | -40460 | -45132 | -50144 | -55505 | -61224 | -67307 | -73763 | -80600 | -87827 | -95451 | -103483 | -111932 | -120809 | -130127 | -139897 | -150134 | -160853 | -172071 | -183805 | -196074 | -208900 | -222306 | -236316 | -250955 |
Total CAPEX, $m | | -58473 | -66389 | -75066 | -84547 | -94873 | -106087 | -118232 | -131352 | -145493 | -160699 | -177019 | -194502 | -213197 | -233157 | -254435 | -277090 | -301178 | -326762 | -353905 | -382676 | -413144 | -445383 | -479472 | -515492 | -553529 |
Free cash flow, $m | | 58571 | 64268 | 76250 | 89748 | 104882 | 121770 | 140536 | 161303 | 184197 | 209348 | 236884 | 266939 | 299644 | 335137 | 373555 | 415038 | 459728 | 507770 | 559313 | 614509 | 673511 | 736478 | 803574 | 874965 | 950824 |
Issuance/(repurchase) of shares, $m | | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Retained Cash Flow, $m | | 6365 | -24777 | -27638 | -30707 | -33990 | -37492 | -41217 | -45171 | -49358 | -53783 | -58452 | -63371 | -68545 | -73981 | -79687 | -85670 | -91939 | -98503 | -105372 | -112558 | -120071 | -127926 | -136135 | -144714 | -153679 |
Pot'l extraordinary dividend, $m | | 101743 |
Cash available for distribution, $m | | 165407 | 39491 | 48612 | 59041 | 70891 | 84278 | 99318 | 116132 | 134839 | 155565 | 178432 | 203568 | 231100 | 261156 | 293868 | 329368 | 367789 | 409267 | 453941 | 501951 | 553439 | 608552 | 667439 | 730251 | 797145 |
Discount rate, % | | 4.90 | 5.15 | 5.40 | 5.67 | 5.96 | 6.25 | 6.57 | 6.89 | 7.24 | 7.60 | 7.98 | 8.38 | 8.80 | 9.24 | 9.70 | 10.19 | 10.70 | 11.23 | 11.79 | 12.38 | 13.00 | 13.65 | 14.33 | 15.05 | 15.80 |
PV of cash for distribution, $m | | 157680 | 35721 | 41514 | 47349 | 53084 | 58566 | 63633 | 68124 | 71882 | 74770 | 76670 | 77498 | 77204 | 75783 | 73275 | 69761 | 65366 | 60249 | 54596 | 48610 | 42494 | 36448 | 30648 | 25244 | 20349 |
Current shareholders' claim on cash, % | | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |