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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Terminal Revenue Multiple | 3.0x - 3.4x | 3.2x |
| Fair Value | €10.05 - €11.34 | €10.68 |
| Upside | 14.2% - 28.8% | 21.4% |
| 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 | 18,220 | 15,353 | 14,238 | 14,416 | 13,969 | 13,688 |
| % Growth | 8.0% | -15.7% | -7.3% | 1.3% | -3.1% | -2.0% |
| EBITDA | 10,512 | 7,609 | 6,808 | 6,263 | 6,211 | 5,173 |
| % of Revenue | 57.7% | 49.6% | 47.8% | 43.4% | 44.5% | 37.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | |
| EBITDA | 7,609 | 6,808 | 6,263 | 6,211 | 5,173 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2,422) | (2,449) | (2,299) | (3,277) | (2,557) | |
| EBIT | 5,187 | 4,359 | 3,963 | 2,934 | 2,616 | |
| Pro forma Taxes | (1,556) | (1,308) | (1,189) | (880) | (785) | |
| NOPAT | 5,964 | 3,631 | 3,051 | 2,774 | 2,054 | 1,831 |
| Capital Expenditures | (2,834) | (3,716) | (3,561) | (3,614) | (3,121) | (2,688) |
| NWC Investment | (11) | 23 | 9 | (1) | 4 | 2 |
| (+) D&A | 1,992 | 2,422 | 2,449 | 2,299 | 3,277 | 2,557 |
| Free Cash Flow | 5,111 | 2,360 | 1,948 | 1,458 | 2,214 | 1,702 |
| % Growth | -54% | -17% | -25% | 52% | -23% | |