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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal EBITDA Multiple | 13.4x - 15.4x | 14.4x |
| Fair Value | €161.07 - €196.19 | €178.33 |
| Upside | -6.2% - 14.2% | 3.8% |
| Select Revenue and EBITDA Forecast | ||||||
| (USD in millions) | Input Projections | |||||
| Fiscal Years Ending | May-24 | May-25 | May-26 | May-27 | May-28 | May-29 |
| Revenue | 11,390 | 12,056 | 13,156 | 13,602 | 14,208 | 14,855 |
| % Growth | 8.6% | 5.8% | 9.1% | 3.4% | 4.5% | 4.6% |
| EBITDA | 1,764 | 1,970 | 2,181 | 2,258 | 2,364 | 2,503 |
| % of Revenue | 15.5% | 16.3% | 16.6% | 16.6% | 16.6% | 16.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | May-25 | May-26 | May-27 | May-28 | May-29 | |
| EBITDA | 1,970 | 2,181 | 2,258 | 2,364 | 2,503 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (518) | (560) | (567) | (569) | (634) | |
| EBIT | 1,452 | 1,621 | 1,692 | 1,795 | 1,869 | |
| Pro forma Taxes | (174) | (195) | (203) | (215) | (224) | |
| NOPAT | 1,167 | 1,278 | 1,426 | 1,489 | 1,580 | 1,645 |
| Capital Expenditures | (601) | (649) | (700) | (701) | (713) | (720) |
| NWC Investment | 95 | 70 | 116 | 47 | 64 | 68 |
| (+) D&A | 437 | 518 | 560 | 567 | 569 | 634 |
| Free Cash Flow | 1,098 | 1,217 | 1,402 | 1,401 | 1,500 | 1,626 |
| % Growth | 11% | 15% | 0% | 7% | 8% | |