NTT DATA Corporation provides IT and business services worldwide. The company operates through Public & Social Infrastructure, Financial, Enterprise & Solutions, North America, and EMEA & LATAM segments. It offers cloud, cybersecurity, data and intelligence, salesforce, and application development and management services, as well as maintenance support services. The company also provides advisory, technical consulting, business process consulting, ongoing platform support, and industry-specific services. It serves various industries, such as government agencies and municipalities, manufacturing, healthcare and life sciences, automobile, banking and financial institution, electronics and high-tech field, insurance, transportation and logistics, telecommunication, media and entertainment, wholesale, retail, education, service, energy and utility, fundamental technologies, natural resources, and consumer products. The company was formerly known as NTT Data Communications Systems Corporation and changed its name to NTT DATA Corporation in 1996. NTT DATA Corporation was founded in 1967 and is headquartered in Tokyo, Japan. NTT DATA Corporation is a subsidiary of Nippon Telegraph and Telephone Corporation.

BUILD UP FREE CASH	2023-03-31 (A)	2024-03-31 (A)	2025-03-31 (A)	2026-03-31 (E)	2027-03-31 (E)	2028-03-31 (E)	2029-03-31 (E)	2030-03-31 (E)
Revenue	3,490,182	4,367,387	4,638,721	5,090,000	5,220,000	5,480,000	5,480,000	5,480,000
Revenue % Chg.	36.8%	25.1%	6.2%
EBIT	257,239	309,549	323,861	505,000	449,000	508,000	508,000	508,000
EBIT Margin	7.4%	7.1%	7%
Tax Rate	31.3%	41.5%	44.1%
NOPAT	176,795	181,220.5	181,123.8	287,345	259,971	299,212	299,212	299,212
NOPAT Margin	5.1%	4.1%	3.9%	5.6%	5%	5.5%	5.5%	5.5%
D&A	273,052	341,541	364,161	359,112.5	370,612.5	386,225	386,225	386,225
D&A / Revenue	7.8%	7.8%	7.9%
Capex	-366,761	-654,473	-690,036	-709,000	-709,000	-709,000	-709,000	-709,000
Capex / Revenue	-10.5%	-15%	-14.9%
Chg. NWC	19,183	88,594	-31,552	32,202.3	33,024.8	34,669.7	34,669.7	34,669.7
Chg. NWC / Revenue	0.5%	2%	-0.7%
Unlevered FCF (UFCF)	102,269	-43,117.5	-176,303.2	-30,340.2	-45,391.7	11,106.7	11,106.7	11,106.7
UFCF % Chg.	-52.6%	-142.2%	308.9%	-82.8%	49.6%	-124.5%	—	—
PV of UFCF	—	—	—	-28,319.6	-39,547.2	9,032.2	8,430.7	7,869.2
Sum of PV of UFCF	—	—	—	-28,319.6	-67,866.8	-58,834.6	-50,404	-42,534.7

Cost of Debt
Tax Rate
After Tax Cost of Debt	2.4%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	9.7%
Total Debt	2,837,775
Market Cap	5,220,893.1
Total Capital	8,058,668.1
Debt Weighting	35.2%
Equity Weighting	64.8%
WACC	7.1%

Exit Multiple EV/FCF
Terminal Value	8,770,929.2
PV of Terminal Value	5,800,465.9
Cumulative PV of UFCF	-42,534.7
Net Debt	2,290,400
Equity Value	3,467,531.2
Shares Outstanding	1,402.5
Implied Share Price	2,472.4
Current Share Price	3,722.6
Implied Upside / (Downside)	-33.6%

NTT DATA Group Corporation