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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.3% - 10.3% | 10.8% |
| Perpetuity Growth Rate | 5.5% - 6.5% | 6.0% |
| Fair Value | €13.49 - €29.48 | €19.81 |
| Upside | -27.1% - 59.4% | 7.1% |
| Select Revenue and EBITDA Forecast | |||||||
| (USD in millions) | Input Projections | ||||||
| Fiscal Years Ending | Feb-24 | Feb-25 | Feb-26 | Feb-27 | Feb-28 | Feb-29 | |
| Revenue | 79,238 | 80,223 | 82,008 | 83,568 | 85,548 | 86,656 | |
| % Growth | 2.0% | 1.2% | 2.2% | 1.9% | 2.4% | 1.3% | |
| EBITDA | 4,056 | 3,987 | 4,012 | 4,074 | 3,906 | 3,875 | |
| % of Revenue | 5.1% | 5.0% | 4.9% | 4.9% | 4.6% | 4.5% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Feb-25 | Feb-26 | Feb-27 | Feb-28 | Feb-29 | Terminal | |
| EBITDA | 3,987 | 4,012 | 4,074 | 3,906 | 3,875 | 3,875 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,798) | (1,944) | (1,898) | (1,976) | (1,990) | (1,959) | |
| EBIT | 2,189 | 2,068 | 2,176 | 1,930 | 1,885 | 1,915 | |
| Pro forma Taxes | (482) | (455) | (479) | (425) | (415) | (421) | |
| NOPAT | 1,839 | 1,707 | 1,613 | 1,697 | 1,505 | 1,470 | 1,494 |
| Capital Expenditures | (2,031) | (1,886) | (1,915) | (1,928) | (2,000) | (2,063) | (2,063) |
| NWC Investment | 5 | 3 | 6 | 5 | 7 | 4 | 17 |
| (+) D&A | 1,699 | 1,798 | 1,944 | 1,898 | 1,976 | 1,990 | 1,959 |
| Free Cash Flow | 1,512 | 1,623 | 1,648 | 1,672 | 1,488 | 1,401 | 1,408 |
| % Growth | 7% | 2% | 2% | -11% | -6% | 0% | |