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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 7.8% - 6.7% | 7.2% |
Terminal Revenue Multiple | 5.3x - 5.9x | 5.6x |
Fair Value | €157.63 - €180.46 | €168.86 |
Upside | 11.7% - 27.9% | 19.7% |
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 | 14,800 | 15,728 | 16,574 | 17,778 | 19,316 | 21,577 |
% Growth | 11.2% | 6.3% | 5.4% | 7.3% | 8.7% | 11.7% |
EBITDA | 4,618 | 5,212 | 5,729 | 6,397 | 7,134 | 7,975 |
% of Revenue | 31.2% | 33.1% | 34.6% | 36.0% | 36.9% | 37.0% |
Calculation of Free Cash Flow | ||||||
Projected Unlevered Cash Flow | ||||||
(USD in millions) | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | |
EBITDA | 5,212 | 5,729 | 6,397 | 7,134 | 7,975 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
D&A | (704) | (740) | (793) | (784) | (1,028) | |
EBIT | 4,508 | 4,989 | 5,604 | 6,350 | 6,947 | |
Pro forma Taxes | (812) | (898) | (1,009) | (1,143) | (1,250) | |
NOPAT | 3,195 | 3,697 | 4,091 | 4,596 | 5,207 | 5,697 |
Capital Expenditures | (849) | (753) | (800) | (900) | (1,125) | (1,090) |
NWC Investment | (572) | (357) | (325) | (462) | (591) | (869) |
(+) D&A | 722 | 704 | 740 | 793 | 784 | 1,028 |
Free Cash Flow | 2,495 | 3,291 | 3,706 | 4,026 | 4,275 | 4,767 |
% Growth | 32% | 13% | 9% | 6% | 12% |