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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.0% - 8.0% | 8.5% |
| Terminal EBITDA Multiple | 8.2x - 10.2x | 9.2x |
| Fair Value | €9.83 - €12.27 | €11.02 |
| Upside | -5.6% - 17.9% | 5.9% |
| 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 | 15,541 | 14,665 | 14,148 | 14,568 | 14,755 | 14,315 |
| % Growth | -14.7% | -5.6% | -3.5% | 3.0% | 1.3% | -3.0% |
| EBITDA | 7,506 | 6,929 | 6,229 | 6,442 | 5,968 | 5,307 |
| % of Revenue | 48.3% | 47.3% | 44.0% | 44.2% | 40.4% | 37.1% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Jun-26 | Jun-27 | Jun-28 | Jun-29 | Jun-30 | |
| EBITDA | 6,929 | 6,229 | 6,442 | 5,968 | 5,307 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2,692) | (2,658) | (2,781) | (2,982) | (2,481) | |
| EBIT | 4,238 | 3,571 | 3,661 | 2,986 | 2,826 | |
| Pro forma Taxes | (1,314) | (1,107) | (1,135) | (926) | (876) | |
| NOPAT | 3,563 | 2,924 | 2,464 | 2,526 | 2,060 | 1,950 |
| Capital Expenditures | (3,263) | (3,816) | (3,526) | (3,679) | (2,771) | (2,697) |
| NWC Investment | 20 | 7 | 4 | (3) | (1) | 3 |
| (+) D&A | 2,342 | 2,692 | 2,658 | 2,781 | 2,982 | 2,481 |
| Free Cash Flow | 2,663 | 1,807 | 1,600 | 1,625 | 2,270 | 1,738 |
| % Growth | -32% | -11% | 2% | 40% | -23% | |