For the sake of readability and WT’s inclination toward short-form dialogue, assumptions and projections will be bullet pointed below. If there are questions from those who follow this particular stock, please let me know: Revenue is projected at $3.1 billion (management guidance provides $3.2 billion for the FY2016) Revenue growth rate is placed at 5% year-over-year EBITDA is assumed at 9.5% of sales (pre-tax margins have continually expanded over these past five fiscal years) Depreciation and amortization expense of 3.5% of sales Effective tax rate of 27% Capital expenditures at 4% of sales No change in net working capital due to the volatility in this area Perpetual growth rate of 2.00% Cost of equity of 12.95%; tax-adjusted cost of debt of 4.02%; weighted proportionally, cost of capital stands at 11.86% due to an equity-heavy capital structure Management guidance provides guidance of adjusted EBITDA of $305M-$335M and adjusted free cash flow of $110M-$150M. I project $295M of 2016 EBITDA and $120M in unlevered FCF, respectively, with EPS at 3.48 (sell-side consensus projects to 3.78). This provides an EBIT margin around 6%, net income margin of just under 4%, and unlevered FCF margin at 3.9%.