Intrinsic Valuation of: ON
	Free Cash Flow Average and Growth over past 5Y					Key Statistics
	Year		FCF	FCF (FCF/Revenue)
	2020		-	-		EPS (FY)	1		Market Cap	$44B
	2021		-	- (-)		P/E Ratio	83		Total Asset	$13B
	2022		$2B	- (-)		Net Income	$121M		Total Debt	$3B
	2023		$438M	-72.6% (-72.3%)		EBITDA	$888M		Total Liab	$5B
	2024		$1B	176.6% (222.3%)		Opr Margin	12.53		Debt/Equity	0.39
	2025		$1B	17.0% (38.2%)		PreTax Margin	11.35		BV/Share	15
	5Y Average FCF		$1B	10.1% (62.7%)
						Overall Market Assumptions:
	Assumptions:					P/E for No-Growth Company:			7.0
	Perpetual Growth Rate (g):	2.48%				Historical US Bond Yield:			4.40%
	Discount Rate (WACC):	13.37%				Current US Bond Yield:			3.48%
	Forcasting Future Free Cash Flow for next 6Y					Modified Benjamin Graham's Intrinsic Value
	Year		FCF Projection (10.1%)
	2026		$1B			MBG Intrinsic Value			$12
	2027		$2B
	2028		$2B
	2029		$2B
	2030		$2B
	2031		$2B
	Terminal Value		$18B			Net Worth/Share			$20
	DCF Valuation			DCF Valuation "What If" Scenario Table
	Enterprise Value	$15B				Growth Rate
	(+) Cash & Cash Equivalents	$2B			$37	1.5%	2.0%	2.5%	3.0%	3.5%
	(-) Total Debt	$3B		WACC	11.4%	43	45	46	48	50
	Equity Value	$14B			12.0%	40	41	43	45	46
	Shares Outstanding	388,803,191			12.7%	38	39	40	41	43
					13.3%	35	36	37	38	40
	DCF Intrinsic Value	$37			14.0%	33	34	35	36	37
Analyzed by QuantJuice (2025)