First Data Corporation
FDC
pitch
long
Ishaan Bhatia, Ryan Darrohn, Victoria Gu
Thesis
First Data Corporation is projected to generate over $6 billion in cumulative free cash flow over the next four years, which will significantly reduce its net debt to EBITDA ratio. This de-leveraging will lead to a re-rating of the company's valuation from an EV/EBITDA multiple to a P/E multiple, with a base case price target of $72 representing approximately 31% upside.
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