Compass Group PLC operates as a food and support services company in North America, Europe, and internationally. The company offers support services, such as cleaning in hospitals; reception services at corporate headquarters; managing remote camps; grounds and facilities services at schools and universities; and others. It serves business and industry; healthcare and senior living market; education; sports and leisure; and defense, offshore, and remote sectors. Compass Group PLC was founded in 1941 and is based in Chertsey, the United Kingdom.

BUILD UP FREE CASH	2023-09-30 (A)	2024-09-30 (A)	2025-09-30 (A)	2026-09-30 (E)	2027-09-30 (E)	2028-09-30 (E)	2029-09-30 (E)	2030-09-30 (E)
Revenue	37,907	42,002	46,070	50,274.6	53,774.9	57,349.2	57,349.2	57,349.2
Revenue % Chg.	33.1%	10.8%	9.7%
EBIT	2,515	2,919	3,080	3,695.2	4,019.4	4,350.7	4,350.7	4,350.7
EBIT Margin	6.6%	6.9%	6.7%
Tax Rate	24.6%	31.2%	27.2%
NOPAT	1,897.1	2,007.5	2,240.9	2,747.7	2,988.7	3,237.7	3,237.7	3,237.7
NOPAT Margin	5%	4.8%	4.9%	5.5%	5.6%	5.6%	5.6%	5.6%
D&A	611	675	852	1,392	1,492.1	1,582.8	1,582.8	1,582.8
D&A / Revenue	1.6%	1.6%	1.8%
Capex	-445	-572	-545	-1,737.3	-1,845.6	-2,018.8	-2,018.8	-2,018.8
Capex / Revenue	-1.2%	-1.4%	-1.2%
Chg. NWC	-120	186	-40	6.6	7.1	7.5	7.5	7.5
Chg. NWC / Revenue	-0.3%	0.4%	-0.1%
Unlevered FCF (UFCF)	1,943.1	2,296.5	2,507.9	2,409	2,642.3	2,809.2	2,809.2	2,809.2
UFCF % Chg.	53%	18.2%	9.2%	-3.9%	9.7%	6.3%	—	—
PV of UFCF	—	—	—	2,207.8	2,219.2	2,162.3	1,981.7	1,816.1
Sum of PV of UFCF	—	—	—	2,207.8	4,427	6,589.3	8,571	10,387.2

Cost of Debt
Tax Rate
After Tax Cost of Debt	4.8%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	9.7%
Total Debt	6,992
Market Cap	52,901
Total Capital	59,893
Debt Weighting	11.7%
Equity Weighting	88.3%
WACC	9.1%

Exit Multiple EV/FCF
Terminal Value	59,374.5
PV of Terminal Value	35,179.1
Cumulative PV of UFCF	10,387.2
Net Debt	6,417
Equity Value	39,149.3
Shares Outstanding	1,697.1
Implied Share Price	23.1
Current Share Price	31.2
Implied Upside / (Downside)	-26%