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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal EBITDA Multiple | 7.3x - 9.3x | 8.3x |
| Fair Value | €15.03 - €24.01 | €19.43 |
| Upside | -21.7% - 25.0% | 1.2% |
| Select Revenue and EBITDA Forecast | ||||||
| (USD in millions) | Input Projections | |||||
| Fiscal Years Ending | Feb-25 | Feb-26 | Feb-27 | Feb-28 | Feb-29 | Feb-30 |
| Revenue | 80,391 | 83,316 | 83,605 | 85,569 | 86,956 | 88,824 |
| % Growth | 1.5% | 3.6% | 0.3% | 2.3% | 1.6% | 2.1% |
| EBITDA | 3,747 | 3,873 | 3,947 | 4,047 | 3,806 | 3,844 |
| % of Revenue | 4.7% | 4.6% | 4.7% | 4.7% | 4.4% | 4.3% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Feb-26 | Feb-27 | Feb-28 | Feb-29 | Feb-30 | |
| EBITDA | 3,873 | 3,947 | 4,047 | 3,806 | 3,844 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,866) | (1,881) | (1,858) | (1,984) | (2,027) | |
| EBIT | 2,007 | 2,066 | 2,189 | 1,822 | 1,817 | |
| Pro forma Taxes | (421) | (434) | (460) | (383) | (381) | |
| NOPAT | 1,588 | 1,586 | 1,632 | 1,729 | 1,439 | 1,435 |
| Capital Expenditures | (1,931) | (1,850) | (1,900) | (2,004) | (2,063) | (2,089) |
| NWC Investment | 3 | 9 | 1 | 6 | 4 | 5 |
| (+) D&A | 1,737 | 1,866 | 1,881 | 1,858 | 1,984 | 2,027 |
| Free Cash Flow | 1,397 | 1,610 | 1,614 | 1,589 | 1,364 | 1,379 |
| % Growth | 15% | 0% | -2% | -14% | 1% | |