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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal EBITDA Multiple | 13.7x - 15.7x | 14.7x |
| Fair Value | €382.31 - €440.90 | €411.09 |
| Upside | 32.5% - 52.8% | 42.4% |
| Select Revenue and EBITDA Forecast | ||||||
| (USD in millions) | Input Projections | |||||
| Fiscal Years Ending | Nov-24 | Nov-25 | Nov-26 | Nov-27 | Nov-28 | Nov-29 |
| Revenue | 21,505 | 23,552 | 25,735 | 28,145 | 30,542 | 33,211 |
| % Growth | 10.8% | 9.5% | 9.3% | 9.4% | 8.5% | 8.7% |
| EBITDA | 8,404 | 11,671 | 12,666 | 13,506 | 14,616 | 16,028 |
| % of Revenue | 39.1% | 49.6% | 49.2% | 48.0% | 47.9% | 48.3% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Nov-25 | Nov-26 | Nov-27 | Nov-28 | Nov-29 | |
| EBITDA | 11,671 | 12,666 | 13,506 | 14,616 | 16,028 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (830) | (752) | (469) | (126) | (78) | |
| EBIT | 10,841 | 11,914 | 13,037 | 14,490 | 15,950 | |
| Pro forma Taxes | (2,060) | (2,264) | (2,477) | (2,753) | (3,031) | |
| NOPAT | 6,333 | 8,781 | 9,650 | 10,560 | 11,737 | 12,920 |
| Capital Expenditures | (183) | (221) | (256) | (279) | (659) | (702) |
| NWC Investment | 525 | 513 | 547 | 603 | 600 | 668 |
| (+) D&A | 585 | 830 | 752 | 469 | 126 | 78 |
| Free Cash Flow | 7,260 | 9,903 | 10,693 | 11,353 | 11,805 | 12,964 |
| % Growth | 36% | 8% | 6% | 4% | 10% | |