Estimates
Source: S&P Capital IQ consensus via Xpressfeed · Generated 2026-07-17.
Street snapshot
Seven analysts set a mean price target of USD 46.57 (median 45), spanning a wide 36 to 60 range.
Currency: USD · Scale: money in millions, absolute (per share) · Analyst counts shown explicitly; recommendation respondents: 8.
| Street view | Reading | Analysts |
|---|---|---|
| Recommendation mix | Buy 4, Outperform 0, Hold 4, Underperform 0, Sell 0 | 8 |
| Consensus score | 2.00 | 8 |
| Target price | mean 46.57; high 60.00; low 36.00 | 7 |
Forward table
Consensus frames low-single-digit revenue growth, from FY2025's actual USD 7,786m to roughly 7,982m, 8,411m and 8,696m across FY2026-FY2028, with gross margin holding near 16% and normalized EPS drifting from 3.93 to about 4.13. Coverage thins in the outer years, with revenue contributors falling from 11 in FY2025 to 3 by FY2028.
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 | 7,982 | 2.5% | 9 | 7,760 / 8,242 |
| FY0E | EBITDA | 999.4 | 3.2% | 9 | 966.2 / 1,020 |
| FY0E | EBIT | 807.6 | 4.9% | — | — / — |
| FY0E | Net income (GAAP) | 468.2 | 12.8% | 5 | 439.4 / 480.0 |
| FY0E | Net income (normalized) | 499.5 | 0.7% | — | — / — |
| FY0E | EPS (GAAP) | 3.69 | 15.1% | 5 | 3.50 / 3.79 |
| FY0E | EPS (normalized) | 3.96 | 0.8% | 9 | 3.83 / 4.05 |
| FY0E | Free cash flow | 399.0 | -32.4% | — | — / — |
| FY0E | Dividend per share | 0.67 | 0.9% | — | — / — |
| FY0E | Gross margin | 16.0% | 1.5% | — | — / — |
| FY0E | Capital expenditure | -44.85 | 33.7% | — | — / — |
| FY0E | Net debt | 1,916 | -7.1% | — | — / — |
| FY0E | Cash from operations | 511.0 | -8.8% | — | — / — |
| FY0E | ROE | 30.3% | -6.9% | — | — / — |
| FY+1E | Revenue | 8,411 | 5.4% | 9 | 8,110 / 8,625 |
| FY+1E | EBITDA | 1,009 | 0.9% | 9 | 941.9 / 1,097 |
| FY+1E | EBIT | 825.5 | 2.2% | — | — / — |
| FY+1E | Net income (GAAP) | 493.4 | 5.4% | 5 | 443.9 / 558.0 |
| FY+1E | Net income (normalized) | 506.9 | 1.5% | — | — / — |
| FY+1E | EPS (GAAP) | 3.92 | 6.2% | 5 | 3.67 / 4.39 |
| FY+1E | EPS (normalized) | 4.13 | 4.2% | 9 | 3.77 / 4.59 |
| FY+1E | Free cash flow | 554.2 | 38.9% | — | — / — |
| FY+1E | Dividend per share | 0.72 | 8.1% | — | — / — |
| FY+1E | Gross margin | 15.8% | -1.1% | — | — / — |
| FY+1E | Capital expenditure | -46.87 | 4.5% | — | — / — |
| FY+1E | Net debt | 1,582 | -17.4% | — | — / — |
| FY+1E | Cash from operations | 482.4 | -5.6% | — | — / — |
| FY+1E | ROE | 25.8% | -14.8% | — | — / — |
| FY+2E | Revenue | 8,696 | 3.4% | 3 | 8,179 / 8,993 |
| FY+2E | EBITDA | 969.1 | -3.9% | 3 | 908.0 / 1,024 |
| FY+2E | EBIT | 794.3 | -3.8% | — | — / — |
| FY+2E | Net income (GAAP) | 457.9 | -7.2% | 2 | 422.7 / 493.1 |
| FY+2E | Net income (normalized) | 497.5 | -1.8% | — | — / — |
| FY+2E | EPS (GAAP) | 3.82 | -2.7% | 2 | 3.63 / 4.01 |
| FY+2E | EPS (normalized) | 4.13 | 0.1% | 3 | 3.88 / 4.27 |
| FY+2E | Dividend per share | 0.75 | 4.2% | — | — / — |
| FY+2E | Gross margin | 16.1% | 1.7% | — | — / — |
| FY+2E | Capital expenditure | -85.54 | 82.5% | — | — / — |
| FY+2E | Net debt | 1,214 | -23.2% | — | — / — |
| FY+2E | ROE | 23.0% | -10.8% | — | — / — |
| Q2 FY2026 | Revenue | 1,869 | -4.3% | 8 | 1,742 / 1,939 |
| Q2 FY2026 | EBITDA | 230.8 | -4.6% | 8 | 215.8 / 250.2 |
| Q2 FY2026 | EBIT | 188.4 | -3.1% | — | — / — |
| Q2 FY2026 | Net income (GAAP) | 111.4 | 52.6% | 5 | 101.3 / 121.8 |
| Q2 FY2026 | Net income (normalized) | 114.6 | -2.8% | — | — / — |
| Q2 FY2026 | EPS (GAAP) | 0.88 | 56.4% | 5 | 0.80 / 0.95 |
| Q2 FY2026 | EPS (normalized) | 0.90 | -0.7% | 8 | 0.85 / 1.00 |
| Q2 FY2026 | Dividend per share | 0.17 | -1.0% | — | — / — |
| Q2 FY2026 | Gross margin | 16.1% | 7.1% | — | — / — |
| Q2 FY2026 | Capital expenditure | -10.16 | -33.6% | — | — / — |
| Q2 FY2026 | ROE | 28.5% | -12.7% | — | — / — |
| Q3 FY2026 | Revenue | 2,058 | 6.6% | 8 | 1,966 / 2,127 |
| Q3 FY2026 | EBITDA | 256.2 | 6.7% | 8 | 238.0 / 272.9 |
| Q3 FY2026 | EBIT | 212.0 | 8.1% | — | — / — |
| Q3 FY2026 | Net income (GAAP) | 125.6 | 9.2% | 5 | 111.0 / 135.9 |
| Q3 FY2026 | Net income (normalized) | 131.1 | 7.4% | — | — / — |
| Q3 FY2026 | EPS (GAAP) | 0.99 | 10.3% | 5 | 0.89 / 1.08 |
| Q3 FY2026 | EPS (normalized) | 1.03 | 1.1% | 8 | 0.95 / 1.13 |
| Q3 FY2026 | Dividend per share | 0.17 | -1.0% | — | — / — |
| Q3 FY2026 | Gross margin | 16.3% | 4.3% | — | — / — |
| Q3 FY2026 | Capital expenditure | -11.06 | 24.0% | — | — / — |
| Q3 FY2026 | ROE | 33.6% | 4.5% | — | — / — |
| Q4 FY2026 | Revenue | 2,100 | 11.4% | 8 | 2,001 / 2,204 |
| Q4 FY2026 | EBITDA | 260.0 | 9.2% | 8 | 242.5 / 271.6 |
| Q4 FY2026 | EBIT | 214.2 | 7.3% | — | — / — |
| Q4 FY2026 | Net income (GAAP) | 126.9 | 14.3% | 5 | 116.2 / 139.0 |
| Q4 FY2026 | Net income (normalized) | 133.7 | 9.7% | — | — / — |
| Q4 FY2026 | EPS (GAAP) | 1.01 | 15.6% | 5 | 0.91 / 1.10 |
| Q4 FY2026 | EPS (normalized) | 1.06 | 6.6% | 8 | 0.95 / 1.12 |
| Q4 FY2026 | Dividend per share | 0.17 | -1.0% | — | — / — |
| Q4 FY2026 | Gross margin | 16.3% | -1.0% | — | — / — |
| Q4 FY2026 | Capital expenditure | -11.47 | 51.4% | — | — / — |
| Q4 FY2026 | ROE | 30.9% | -2.2% | — | — / — |
| Q1 FY2027 | Revenue | 2,060 | 7.1% | 5 | 2,006 / 2,115 |
| Q1 FY2027 | EBITDA | 263.4 | 5.0% | 5 | 248.0 / 270.3 |
| Q1 FY2027 | EBIT | 222.4 | 18.1% | — | — / — |
| Q1 FY2027 | Net income (GAAP) | 131.7 | 29.2% | 3 | 125.0 / 136.1 |
| Q1 FY2027 | Net income (normalized) | 137.7 | 19.8% | — | — / — |
| Q1 FY2027 | EPS (GAAP) | 1.05 | 31.3% | 3 | 0.98 / 1.09 |
| Q1 FY2027 | EPS (normalized) | 1.10 | 14.8% | 5 | 0.98 / 1.15 |
| Q1 FY2027 | Dividend per share | 0.20 | 18.2% | — | — / — |
| Q1 FY2027 | Gross margin | 17.2% | 7.0% | — | — / — |
| Q1 FY2027 | Capital expenditure | -11.66 | 16.0% | — | — / — |
| Q1 FY2027 | ROE | 30.9% | -0.5% | — | — / — |
Estimate momentum
FY2027 estimates have edged lower over the past six months, revenue easing from about 8,582m (180 days ago) to 8,411m and normalized EPS from 4.34 to 4.13. The FY2028 cuts are larger — normalized EPS from 6.37 to 4.13 — but rest on only three estimates, so the signal is weak.
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 | 4.15 | 4.13 | down 0.5% | — |
| 2027 | EPS (normalized) | 90d | 4.20 | 4.13 | down 1.6% | — |
| 2027 | EPS (normalized) | 180d | 4.34 | 4.13 | down 4.9% | — |
| 2027 | Revenue | 30d | 8,411 | 8,411 | up 0.0% | — |
| 2027 | Revenue | 90d | 8,453 | 8,411 | down 0.5% | — |
| 2027 | Revenue | 180d | 8,582 | 8,411 | down 2.0% | — |
| 2028 | Revenue | 30d | 8,696 | 8,696 | flat 0.0% | — |
| 2028 | Revenue | 90d | 8,889 | 8,696 | down 2.2% | — |
| 2028 | Revenue | 180d | 9,852 | 8,696 | down 11.7% | — |
| 2028 | EPS (normalized) | 30d | 4.13 | 4.13 | flat 0.0% | — |
| 2028 | EPS (normalized) | 90d | 4.70 | 4.13 | down 12.1% | — |
| 2028 | EPS (normalized) | 180d | 6.37 | 4.13 | down 35.1% | — |
Beat / miss record
Current sequences by metric: Revenue: 1 consecutive beat; EPS (normalized): 6 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 | 1,877 | 1,923 | 2.4% | Beat | — |
| Q1 FY2026 | EPS (normalized) | 0.91 | 0.96 | 5.5% | Beat | — |
| Q4 FY2025 | Revenue | 1,905 | 1,885 | -1.1% | Miss | — |
| Q4 FY2025 | EPS (normalized) | 0.95 | 0.99 | 4.4% | Beat | — |
| Q3 FY2025 | Revenue | 1,973 | 1,931 | -2.1% | Miss | — |
| Q3 FY2025 | EPS (normalized) | 0.95 | 1.02 | 6.9% | Beat | — |
| Q2 FY2025 | Revenue | 2,081 | 1,952 | -6.2% | Miss | — |
| Q2 FY2025 | EPS (normalized) | 0.88 | 0.91 | 3.0% | Beat | — |
| Q1 FY2025 | Revenue | 2,072 | 2,055 | -0.8% | Miss | — |
| Q1 FY2025 | EPS (normalized) | 0.86 | 0.98 | 13.7% | Beat | — |
| Q4 FY2024 | Revenue | 1,999 | 2,122 | 6.2% | Beat | — |
| Q4 FY2024 | EPS (normalized) | 0.82 | 0.91 | 11.4% | Beat | — |
| Q3 FY2024 | Revenue | 1,959 | 1,947 | -0.6% | Miss | — |
| Q3 FY2024 | EPS (normalized) | 0.84 | 0.84 | -0.0% | Miss | — |
| Q2 FY2024 | Revenue | 1,876 | 1,855 | -1.1% | Miss | — |
| Q2 FY2024 | EPS (normalized) | 0.79 | 0.83 | 4.7% | Beat | — |
Where the street disagrees
Disagreement concentrates in the outer years, where coverage falls to a handful of analysts: FY2028 revenue carries a USD 367m standard deviation across just three estimates, and its GAAP net income rests on only two. Near-term lines are markedly tighter.
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 |
|---|---|---|---|---|---|---|
| Q3 FY2025 | Net income (GAAP) | 106.2 | 81.31 | 116.0 | 32.7% | 4 |
| Q3 FY2025 | EPS (GAAP) | 0.82 | 0.63 | 0.89 | 31.4% | 4 |
| 2027 | Net income (GAAP) | 493.4 | 443.9 | 558.0 | 23.1% | 5 |
| Q2 FY2025 | EPS (normalized) | 0.88 | 0.80 | 0.99 | 21.5% | 6 |
| Q2 FY2025 | Net income (GAAP) | 110.5 | 100.0 | 123.0 | 20.8% | 4 |