Estimates
Source: S&P Capital IQ consensus via Xpressfeed · Generated 2026-07-18.
Street snapshot
The 17 price targets carry a mean of 135.94 and a median of 131 in USD but span a wide 83 to 235.
Currency: USD · Scale: money in millions, absolute (per share) · Analyst counts shown explicitly; recommendation respondents: 19.
| Street view | Reading | Analysts |
|---|---|---|
| Recommendation mix | Buy 8, Outperform 3, Hold 8, Underperform 0, Sell 0 | 19 |
| Consensus score | 2.00 | 19 |
| Target price | mean 135.9; high 235.0; low 83.00 | 17 |
Forward table
The company pays no dividend (DPS of 0) and carries a deepening net-cash position, with net debt moving from -1,341m in FY2025 to -2,354m by FY2028, while coverage thins to a single estimate by FY2029.
Currency: USD · Scale: money in millions, absolute (per share) · Analyst count is the estimate count for each period and metric.
| Period | Metric | Mean | YoY | Analysts | Low / high |
|---|---|---|---|---|---|
| FY0E | Revenue | 5,725 | 4.9% | 19 | 5,675 / 5,765 |
| FY0E | EBITDA | 949.7 | 7.3% | 7 | 940.4 / 957.1 |
| FY0E | EBIT | 891.2 | 7.9% | — | — / — |
| FY0E | Net income (GAAP) | 438.1 | 16.0% | 13 | 410.3 / 456.4 |
| FY0E | Net income (normalized) | 687.1 | 7.4% | — | — / — |
| FY0E | EPS (GAAP) | 8.31 | 23.6% | 12 | 7.79 / 8.67 |
| FY0E | EPS (normalized) | 13.05 | 13.4% | 19 | 12.82 / 13.15 |
| FY0E | Free cash flow | 572.6 | -0.6% | — | — / — |
| FY0E | Dividend per share | 0.00 | — | — | — / — |
| FY0E | Gross margin | 29.7% | 2.2% | — | — / — |
| FY0E | Capital expenditure | -53.77 | 33.3% | — | — / — |
| FY0E | Net debt | -1,327 | -1.0% | — | — / — |
| FY0E | Cash from operations | 581.8 | -2.5% | — | — / — |
| FY0E | ROE | 16.9% | 8.9% | — | — / — |
| FY+1E | Revenue | 6,057 | 5.8% | 19 | 5,944 / 6,180 |
| FY+1E | EBITDA | 1,027 | 8.2% | 7 | 1,007 / 1,064 |
| FY+1E | EBIT | 958.7 | 7.6% | — | — / — |
| FY+1E | Net income (GAAP) | 505.5 | 15.4% | 13 | 453.0 / 543.7 |
| FY+1E | Net income (normalized) | 729.7 | 6.2% | — | — / — |
| FY+1E | EPS (GAAP) | 9.83 | 18.4% | 12 | 8.86 / 10.44 |
| FY+1E | EPS (normalized) | 14.14 | 8.4% | 19 | 13.08 / 14.72 |
| FY+1E | Free cash flow | 653.5 | 14.1% | — | — / — |
| FY+1E | Dividend per share | 0.00 | — | — | — / — |
| FY+1E | Gross margin | 30.0% | 0.8% | — | — / — |
| FY+1E | Capital expenditure | -53.60 | -0.3% | — | — / — |
| FY+1E | Net debt | -1,738 | 30.9% | — | — / — |
| FY+1E | Cash from operations | 716.6 | 23.2% | — | — / — |
| FY+1E | ROE | 17.4% | 2.5% | — | — / — |
| FY+2E | Revenue | 6,443 | 6.4% | 11 | 6,279 / 6,671 |
| FY+2E | EBITDA | 1,114 | 8.4% | 4 | 1,064 / 1,180 |
| FY+2E | EBIT | 1,038 | 8.2% | — | — / — |
| FY+2E | Net income (GAAP) | 541.2 | 7.1% | 7 | 505.8 / 612.8 |
| FY+2E | Net income (normalized) | 783.7 | 7.4% | — | — / — |
| FY+2E | EPS (GAAP) | 10.87 | 10.5% | 7 | 10.14 / 11.82 |
| FY+2E | EPS (normalized) | 15.26 | 7.9% | 11 | 13.86 / 16.55 |
| FY+2E | Free cash flow | 699.0 | 7.0% | — | — / — |
| FY+2E | Dividend per share | 0.00 | — | — | — / — |
| FY+2E | Gross margin | 30.0% | -0.0% | — | — / — |
| FY+2E | Capital expenditure | -52.73 | -1.6% | — | — / — |
| FY+2E | Net debt | -2,354 | 35.5% | — | — / — |
| FY+2E | Cash from operations | 732.2 | 2.2% | — | — / — |
| FY+2E | ROE | 16.2% | -6.7% | — | — / — |
| Q2 FY2026 | Revenue | 1,408 | 4.0% | 17 | 1,399 / 1,414 |
| Q2 FY2026 | EBITDA | 230.4 | 6.5% | 6 | 228.3 / 231.9 |
| Q2 FY2026 | EBIT | 217.1 | 12.6% | — | — / — |
| Q2 FY2026 | Net income (GAAP) | 97.53 | 10.8% | 12 | 95.50 / 104.6 |
| Q2 FY2026 | Net income (normalized) | 165.2 | 11.4% | — | — / — |
| Q2 FY2026 | EPS (GAAP) | 1.86 | 19.4% | 10 | 1.81 / 2.00 |
| Q2 FY2026 | EPS (normalized) | 3.14 | 13.5% | 17 | 3.10 / 3.17 |
| Q2 FY2026 | Free cash flow | 104.3 | 33.8% | — | — / — |
| Q2 FY2026 | Dividend per share | 0.00 | — | — | — / — |
| Q2 FY2026 | Gross margin | 29.4% | 1.9% | — | — / — |
| Q2 FY2026 | Capital expenditure | -10.39 | 24.9% | — | — / — |
| Q2 FY2026 | Cash from operations | 164.4 | 43.5% | — | — / — |
| Q3 FY2026 | Revenue | 1,445 | 3.6% | 17 | 1,422 / 1,472 |
| Q3 FY2026 | EBITDA | 248.8 | 5.5% | 6 | 245.7 / 253.8 |
| Q3 FY2026 | EBIT | 232.4 | 5.4% | — | — / — |
| Q3 FY2026 | Net income (GAAP) | 124.3 | 16.3% | 12 | 106.5 / 132.0 |
| Q3 FY2026 | Net income (normalized) | 179.3 | 6.0% | — | — / — |
| Q3 FY2026 | EPS (GAAP) | 2.40 | 25.6% | 10 | 2.04 / 2.53 |
| Q3 FY2026 | EPS (normalized) | 3.44 | 11.8% | 17 | 3.31 / 3.53 |
| Q3 FY2026 | Free cash flow | 257.7 | 10.3% | — | — / — |
| Q3 FY2026 | Dividend per share | 0.00 | — | — | — / — |
| Q3 FY2026 | Gross margin | 30.5% | -0.3% | — | — / — |
| Q3 FY2026 | Capital expenditure | -9.90 | 17.0% | — | — / — |
| Q3 FY2026 | Cash from operations | 194.9 | -20.7% | — | — / — |
| Q4 FY2026 | Revenue | 1,474 | 4.7% | 16 | 1,453 / 1,494 |
| Q4 FY2026 | EBITDA | 258.1 | 6.2% | 5 | 256.2 / 259.9 |
| Q4 FY2026 | EBIT | 240.9 | 7.8% | — | — / — |
| Q4 FY2026 | Net income (GAAP) | 132.3 | 21.0% | 12 | 116.6 / 136.9 |
| Q4 FY2026 | Net income (normalized) | 187.6 | 7.7% | — | — / — |
| Q4 FY2026 | EPS (GAAP) | 2.55 | 28.7% | 10 | 2.24 / 2.68 |
| Q4 FY2026 | EPS (normalized) | 3.61 | 10.6% | 16 | 3.54 / 3.69 |
| Q4 FY2026 | Free cash flow | 279.0 | 14.4% | — | — / — |
| Q4 FY2026 | Dividend per share | 0.00 | — | — | — / — |
| Q4 FY2026 | Gross margin | 30.9% | 2.5% | — | — / — |
| Q4 FY2026 | Capital expenditure | -13.52 | 12.8% | — | — / — |
| Q4 FY2026 | Cash from operations | 227.8 | -2.2% | — | — / — |
| Q1 FY2027 | Revenue | 1,472 | 5.2% | 13 | 1,432 / 1,505 |
| Q1 FY2027 | EBITDA | 230.7 | 7.5% | 3 | 225.2 / 235.0 |
| Q1 FY2027 | EBIT | 211.6 | 8.1% | — | — / — |
| Q1 FY2027 | Net income (GAAP) | 103.0 | 24.8% | 10 | 86.06 / 117.0 |
| Q1 FY2027 | Net income (normalized) | 162.4 | 7.9% | — | — / — |
| Q1 FY2027 | EPS (GAAP) | 1.97 | 29.8% | 8 | 1.67 / 2.19 |
| Q1 FY2027 | EPS (normalized) | 3.15 | 10.1% | 13 | 2.83 / 3.31 |
| Q1 FY2027 | Free cash flow | 51.00 | -16.4% | — | — / — |
| Q1 FY2027 | Dividend per share | 0.00 | — | — | — / — |
| Q1 FY2027 | Gross margin | 28.7% | 3.5% | — | — / — |
| Q1 FY2027 | Capital expenditure | -16.67 | 66.4% | — | — / — |
| Q1 FY2027 | Cash from operations | 84.41 | 318.7% | — | — / — |
Estimate momentum
Over the past 180 days the street trimmed its FY2027 revenue estimate from 6,319 to 6,057 while nudging normalized EPS up from 13.90 to 14.14, and FY2028 shows the same shape, revenue cut from 6,775 to 6,443 and normalized EPS raised from 14.33 to 15.26. The revenue markdowns and EPS markups run across both years rather than a single-period move.
Currency: USD · Scale: money in millions, absolute (per share) · Point-in-time consensus; analyst count is shown where supplied.
| Period | Metric | Lookback | Then | Now | Direction / magnitude | Analysts |
|---|---|---|---|---|---|---|
| 2027 | EPS (normalized) | 30d | 14.11 | 14.14 | up 0.2% | — |
| 2027 | EPS (normalized) | 90d | 13.93 | 14.14 | up 1.5% | — |
| 2027 | EPS (normalized) | 180d | 13.90 | 14.14 | up 1.7% | — |
| 2027 | Revenue | 30d | 6,075 | 6,057 | down 0.3% | — |
| 2027 | Revenue | 90d | 6,206 | 6,057 | down 2.4% | — |
| 2027 | Revenue | 180d | 6,319 | 6,057 | down 4.1% | — |
| 2028 | EPS (normalized) | 30d | 15.16 | 15.26 | up 0.7% | — |
| 2028 | EPS (normalized) | 90d | 15.20 | 15.26 | up 0.4% | — |
| 2028 | EPS (normalized) | 180d | 14.32 | 15.26 | up 6.6% | — |
| 2028 | Revenue | 30d | 6,459 | 6,443 | down 0.2% | — |
| 2028 | Revenue | 90d | 6,659 | 6,443 | down 3.2% | — |
| 2028 | Revenue | 180d | 6,775 | 6,443 | down 4.9% | — |
Beat / miss record
Across the last eight quarters the company beat consensus on both revenue and normalized EPS every time. Revenue surprises were modest at roughly +0.4% to +2.9%, while normalized-EPS beats ran larger and more variable, from about +1.7% up to +15.6%.
Current sequences by metric: Revenue: 8 consecutive beats; EPS (normalized): 8 consecutive beats.
Currency: USD · Scale: money in millions, absolute (per share) · Consensus is captured before each actual first became effective; analyst count shown per observation.
| Quarter | Metric | Consensus as of | Actual | Surprise | Outcome | Analysts |
|---|---|---|---|---|---|---|
| Q1 FY2026 | Revenue | 1,394 | 1,400 | 0.4% | Beat | — |
| Q1 FY2026 | EPS (normalized) | 2.75 | 2.86 | 3.8% | Beat | — |
| Q4 FY2025 | Revenue | 1,391 | 1,408 | 1.2% | Beat | — |
| Q4 FY2025 | EPS (normalized) | 3.16 | 3.26 | 3.2% | Beat | — |
| Q3 FY2025 | Revenue | 1,375 | 1,394 | 1.4% | Beat | — |
| Q3 FY2025 | EPS (normalized) | 3.03 | 3.08 | 1.7% | Beat | — |
| Q2 FY2025 | Revenue | 1,333 | 1,353 | 1.5% | Beat | — |
| Q2 FY2025 | EPS (normalized) | 2.61 | 2.77 | 6.0% | Beat | — |
| Q1 FY2025 | Revenue | 1,282 | 1,302 | 1.5% | Beat | — |
| Q1 FY2025 | EPS (normalized) | 2.27 | 2.41 | 6.1% | Beat | — |
| Q4 FY2024 | Revenue | 1,213 | 1,248 | 2.9% | Beat | — |
| Q4 FY2024 | EPS (normalized) | 2.75 | 2.84 | 3.1% | Beat | — |
| Q3 FY2024 | Revenue | 1,152 | 1,168 | 1.4% | Beat | — |
| Q3 FY2024 | EPS (normalized) | 2.70 | 3.12 | 15.6% | Beat | — |
| Q2 FY2024 | Revenue | 1,140 | 1,147 | 0.6% | Beat | — |
| Q2 FY2024 | EPS (normalized) | 2.26 | 2.45 | 8.5% | Beat | — |
Where the street disagrees
Disagreement is concentrated in the outer years and in GAAP figures. Thin coverage, down to a single estimate on some FY2029 lines, limits how much to read from the widest spreads.
Currency: USD · Scale: money in millions, absolute (per share) · Dispersion is high-low divided by absolute mean; analyst count shown per item.
| Period | Metric | Mean | Low | High | Spread / mean | Analysts |
|---|---|---|---|---|---|---|
| Q1 FY2027 | Net income (GAAP) | 103.0 | 86.06 | 117.0 | 30.0% | 10 |
| Q1 FY2027 | EPS (GAAP) | 1.97 | 1.67 | 2.19 | 26.4% | 8 |
| Q3 FY2026 | Net income (GAAP) | 124.3 | 106.5 | 132.0 | 20.5% | 12 |
| Q3 FY2026 | EPS (GAAP) | 2.40 | 2.04 | 2.53 | 20.4% | 10 |
| 2028 | Net income (GAAP) | 541.2 | 505.8 | 612.8 | 19.8% | 7 |