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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Perpetuity Growth Rate | 2.0% - 3.0% | 2.5% |
| Fair Value | €93.96 - €139.44 | €112.58 |
| Upside | -7.9% - 36.7% | 10.4% |
| Select Revenue and EBITDA Forecast | |||||||
| (USD in millions) | Input Projections | ||||||
| Fiscal Years Ending | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | Jun-30 | |
| Revenue | 7,104 | 6,512 | 6,823 | 7,099 | 7,648 | 7,926 | |
| % Growth | 0.2% | -8.3% | 4.8% | 4.0% | 7.7% | 3.6% | |
| EBITDA | 1,397 | 1,294 | 1,438 | 1,515 | 1,670 | 1,739 | |
| % of Revenue | 19.7% | 19.9% | 21.1% | 21.3% | 21.8% | 21.9% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Jun-26 | Jun-27 | Jun-28 | Jun-29 | Jun-30 | Terminal | |
| EBITDA | 1,294 | 1,438 | 1,515 | 1,670 | 1,739 | 1,739 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (205) | (209) | (210) | (218) | (220) | (208) | |
| EBIT | 1,088 | 1,229 | 1,305 | 1,452 | 1,519 | 1,531 | |
| Pro forma Taxes | (272) | (307) | (326) | (363) | (380) | (383) | |
| NOPAT | 889 | 816 | 922 | 978 | 1,089 | 1,139 | 1,148 |
| Capital Expenditures | (220) | (198) | (210) | (219) | (211) | (219) | (219) |
| NWC Investment | 1 | (28) | 15 | 13 | 26 | 13 | 9 |
| (+) D&A | 212 | 205 | 209 | 210 | 218 | 220 | 208 |
| Free Cash Flow | 881 | 796 | 935 | 983 | 1,121 | 1,153 | 1,147 |
| % Growth | -10% | 18% | 5% | 14% | 3% | -1% | |