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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal Revenue Multiple | 2.9x - 3.2x | 3.1x |
| Fair Value | €276.10 - €313.22 | €294.08 |
| Upside | 32.4% - 50.2% | 41.0% |
| 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 | Aug-30 | Aug-31 | Aug-32 | Aug-33 | Aug-34 |
| Revenue | 64,896 | 69,419 | 73,284 | 78,019 | 81,664 | 85,138 | 86,841 | 88,578 | 90,349 | 92,156 | 93,999 |
| % Growth | 1.2% | 7.0% | 5.6% | 6.5% | 4.7% | 4.3% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 11,066 | 13,095 | 14,012 | 15,037 | 16,557 | 15,720 | 16,034 | 16,355 | 16,682 | 17,016 | 17,356 |
| % of Revenue | 17.1% | 18.9% | 19.1% | 19.3% | 20.3% | 18.5% | 18.5% | 18.5% | 18.5% | 18.5% | 18.5% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Aug-25 | Aug-26 | Aug-27 | Aug-28 | Aug-29 | Aug-30 | Aug-31 | Aug-32 | Aug-33 | Aug-34 | ||
| EBITDA | 13,095 | 14,012 | 15,037 | 16,557 | 15,720 | 16,034 | 16,355 | 16,682 | 17,016 | 17,356 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2,281) | (2,482) | (2,672) | (3,369) | (1,332) | (1,359) | (1,386) | (1,414) | (1,442) | (1,471) | |
| EBIT | 10,814 | 11,530 | 12,365 | 13,188 | 14,388 | 14,676 | 14,969 | 15,269 | 15,574 | 15,886 | |
| Pro forma Taxes | (2,055) | (2,191) | (2,349) | (2,506) | (2,734) | (2,788) | (2,844) | (2,901) | (2,959) | (3,018) | |
| NOPAT | 8,075 | 8,759 | 9,339 | 10,016 | 10,682 | 11,654 | 11,887 | 12,125 | 12,368 | 12,615 | 12,867 |
| Capital Expenditures | (517) | (628) | (669) | (715) | (751) | (681) | (695) | (709) | (695) | (699) | (701) |
| NWC Investment | 2 | 11 | 9 | 11 | 9 | 8 | 4 | 4 | 4 | 4 | 4 |
| (+) D&A | 1,097 | 2,281 | 2,482 | 2,672 | 3,369 | 1,332 | 1,359 | 1,386 | 1,414 | 1,442 | 1,471 |
| Free Cash Flow | 8,657 | 10,423 | 11,161 | 11,983 | 13,309 | 12,313 | 12,555 | 12,807 | 13,091 | 13,362 | 13,641 |
| % Growth | 7% | 7% | 11% | -7% | 2% | 2% | 2% | 2% | 2% | ||