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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Perpetuity Growth Rate | 3.5% - 4.5% | 4.0% |
| Fair Value | €249.09 - €353.09 | €291.21 |
| Upside | -1.1% - 40.2% | 15.6% |
| Select Revenue and EBITDA Forecast | |||||||
| (USD in millions) | Input Projections | ||||||
| Fiscal Years Ending | Aug-24 | Aug-25 | Aug-26 | Aug-27 | Aug-28 | Aug-29 | |
| Revenue | 64,896 | 69,160 | 72,987 | 78,166 | 84,721 | 87,595 | |
| % Growth | 1.2% | 6.6% | 5.5% | 7.1% | 8.4% | 3.4% | |
| EBITDA | 11,066 | 13,043 | 13,921 | 14,969 | 15,400 | 16,073 | |
| % of Revenue | 17.1% | 18.9% | 19.1% | 19.1% | 18.2% | 18.3% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Aug-25 | Aug-26 | Aug-27 | Aug-28 | Aug-29 | Terminal | |
| EBITDA | 13,043 | 13,921 | 14,969 | 15,400 | 16,073 | 16,073 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2,231) | (2,379) | (2,532) | (2,246) | (2,108) | (749) | |
| EBIT | 10,813 | 11,542 | 12,437 | 13,154 | 13,965 | 15,324 | |
| Pro forma Taxes | (2,054) | (2,193) | (2,363) | (2,499) | (2,653) | (2,912) | |
| NOPAT | 8,075 | 8,758 | 9,349 | 10,074 | 10,655 | 11,312 | 12,413 |
| Capital Expenditures | (517) | (599) | (667) | (709) | (763) | (788) | (788) |
| NWC Investment | 2 | 10 | 9 | 12 | 16 | 7 | 8 |
| (+) D&A | 1,097 | 2,231 | 2,379 | 2,532 | 2,246 | 2,108 | 749 |
| Free Cash Flow | 8,657 | 10,399 | 11,070 | 11,908 | 12,154 | 12,638 | 12,382 |
| % Growth | 20% | 6% | 8% | 2% | 4% | -2% | |