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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal EBITDA Multiple | 5.7x - 7.7x | 6.7x |
| Fair Value | €6.71 - €9.36 | €8.01 |
| Upside | -16.1% - 17.1% | 0.2% |
| Select Revenue and EBITDA Forecast | ||||||
| (USD in millions) | Input Projections | |||||
| Fiscal Years Ending | Jun-24 | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 |
| Revenue | 13,640 | 15,110 | 23,667 | 24,228 | 24,781 | 26,662 |
| % Growth | -7.2% | 10.8% | 56.6% | 2.4% | 2.3% | 7.6% |
| EBITDA | 1,857 | 2,223 | 3,941 | 4,203 | 4,284 | 4,222 |
| % of Revenue | 13.6% | 14.7% | 16.7% | 17.3% | 17.3% | 15.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | |
| EBITDA | 2,223 | 3,941 | 4,203 | 4,284 | 4,222 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (463) | (972) | (1,016) | (926) | (747) | |
| EBIT | 1,760 | 2,969 | 3,187 | 3,358 | 3,475 | |
| Pro forma Taxes | (370) | (623) | (669) | (705) | (730) | |
| NOPAT | 1,006 | 1,390 | 2,345 | 2,518 | 2,653 | 2,745 |
| Capital Expenditures | (492) | (576) | (1,051) | (1,029) | (1,059) | (1,121) |
| NWC Investment | 53 | (74) | (433) | (28) | (28) | (95) |
| (+) D&A | 583 | 463 | 972 | 1,016 | 926 | 747 |
| Free Cash Flow | 1,151 | 1,203 | 1,834 | 2,476 | 2,492 | 2,276 |
| % Growth | 5% | 52% | 35% | 1% | -9% | |