Vertiv Holdings Co, together with its subsidiaries, designs, manufactures, and services critical digital infrastructure technologies and life cycle services for data centers, communication networks, and commercial and industrial environments. It offers AC and DC power management products, thermal management products, integrated rack systems, modular solutions, and management systems for monitoring and controlling digital infrastructure that are integral to the technologies used for various services, including e-commerce, online banking, file sharing, video on-demand, energy storage, wireless communications, Internet of Things, and online gaming. The company also provides lifecycle management services, predictive analytics, and professional services for deploying, maintaining, and optimizing its products and their related systems; and preventative maintenance, acceptance testing, engineering and consulting, performance assessments, remote monitoring, training, spare parts, and critical digital infrastructure software services. It offers its products primarily under the Liebert, NetSure, Geist, E&I, Powerbar, and Avocent brands. The company serves social media, financial services, healthcare, transportation, retail, education, and government industries through a network of direct sales professionals, independent sales representatives, channel partners, and original equipment manufacturers in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. Vertiv Holdings Co is headquartered in Columbus, Ohio.

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	5,691.5	6,863.2	8,011.8	10,229.3	12,283.5	14,323.4	14,323.4	14,323.4
Revenue % Chg.	13.9%	20.6%	16.7%
EBIT	227.4	917.6	1,384.5	2,072.1	2,730.3	3,363	3,363	3,363
EBIT Margin	4%	13.4%	17.3%
Tax Rate	54.1%	13.8%	35.2%
NOPAT	104.3	791.2	896.8	1,563.4	2,038.6	2,520.5	2,520.5	2,520.5
NOPAT Margin	1.8%	11.5%	11.2%	15.3%	16.6%	17.6%	17.6%	17.6%
D&A	302.4	271	277	293.2	305.7	317.4	317.4	317.4
D&A / Revenue	5.3%	3.9%	3.5%
Capex	-100	-127.9	-167	-241.3	-300.4	-333	-333	-333
Capex / Revenue	-1.8%	-1.9%	-2.1%
Chg. NWC	-449.2	66.7	114.1	-187.4	-225.1	-262.4	-262.4	-262.4
Chg. NWC / Revenue	-7.9%	1%	1.4%
Unlevered FCF (UFCF)	-142.5	1,001	1,120.9	1,427.9	1,818.9	2,242.5	2,242.5	2,242.5
UFCF % Chg.	-165.5%	-802.5%	12%	27.4%	27.4%	23.3%	—	—
PV of UFCF	—	—	—	1,317.3	1,548.1	1,760.9	1,624.6	1,498.8
Sum of PV of UFCF	—	—	—	1,317.3	2,865.4	4,626.4	6,250.9	7,749.7

Cost of Debt
Tax Rate
After Tax Cost of Debt	3.1%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	8.6%
Total Debt	3,145.3
Market Cap	72,269.6
Total Capital	75,414.9
Debt Weighting	4.2%
Equity Weighting	95.8%
WACC	8.4%

Exit Multiple EV/FCF
Terminal Value	73,517.2
PV of Terminal Value	45,332.7
Cumulative PV of UFCF	7,749.7
Net Debt	1,247.6
Equity Value	51,834.8
Shares Outstanding	382.3
Implied Share Price	135.6
Current Share Price	189
Implied Upside / (Downside)	-28.3%