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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.3% - 10.3% | 10.8% |
| Terminal EBITDA Multiple | 10.0x - 12.0x | 11.0x |
| Fair Value | €74.98 - €92.85 | €83.76 |
| Upside | 19.1% - 47.5% | 33.1% |
| Select Revenue and EBITDA Forecast | ||||||
| (USD in millions) | Input Projections | |||||
| Fiscal Years Ending | Sep-24 | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 |
| Revenue | 3,202 | 2,862 | 2,911 | 3,044 | 3,105 | 3,167 |
| % Growth | -9.0% | -10.6% | 1.7% | 4.6% | 2.0% | 2.0% |
| EBITDA | 745 | 399 | 401 | 425 | 434 | 443 |
| % of Revenue | 23.3% | 13.9% | 13.8% | 14.0% | 14.0% | 14.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 | |
| EBITDA | 399 | 401 | 425 | 434 | 443 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (68) | (69) | (89) | (90) | (92) | |
| EBIT | 331 | 332 | 337 | 344 | 350 | |
| Pro forma Taxes | (73) | (73) | (74) | (76) | (77) | |
| NOPAT | 486 | 258 | 259 | 263 | 268 | 273 |
| Capital Expenditures | (150) | (119) | (121) | (132) | (135) | (137) |
| NWC Investment | 73 | 78 | (11) | (31) | (14) | (14) |
| (+) D&A | 121 | 68 | 69 | 89 | 90 | 92 |
| Free Cash Flow | 530 | 285 | 195 | 189 | 210 | 214 |
| % Growth | -46% | -31% | -3% | 11% | 2% | |