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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Perpetuity Growth Rate | 1.5% - 2.5% | 2.0% |
| Fair Value | €29.77 - €39.74 | €34.09 |
| Upside | 1.3% - 35.2% | 16.0% |
| Select Revenue and EBITDA Forecast | ||||||||||||
| (USD in millions) | Input Projections | |||||||||||
| Fiscal Years Ending | Sep-24 | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 | Sep-30 | Sep-31 | Sep-32 | Sep-33 | Sep-34 | |
| Revenue | 3,200 | 3,146 | 3,178 | 3,271 | 3,581 | 3,695 | 3,768 | 3,844 | 3,921 | 3,999 | 4,079 | |
| % Growth | -3.3% | -1.7% | 1.0% | 2.9% | 9.5% | 3.2% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 313 | 360 | 376 | 344 | 413 | 426 | 434 | 443 | 452 | 461 | 470 | |
| % of Revenue | 9.8% | 11.4% | 11.8% | 10.5% | 11.5% | 11.5% | 11.5% | 11.5% | 11.5% | 11.5% | 11.5% | |
| Calculation of Free Cash Flow | ||||||||||||
| Projected Unlevered Cash Flow | ||||||||||||
| (USD in millions) | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 | Sep-30 | Sep-31 | Sep-32 | Sep-33 | Sep-34 | Terminal | |
| EBITDA | 360 | 376 | 344 | 413 | 426 | 434 | 443 | 452 | 461 | 470 | 470 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (112) | (113) | (61) | (103) | (93) | (95) | (97) | (99) | (101) | (103) | (68) | |
| EBIT | 247 | 263 | 283 | 310 | 333 | 339 | 346 | 353 | 360 | 367 | 402 | |
| Pro forma Taxes | (54) | (58) | (62) | (68) | (73) | (75) | (76) | (78) | (79) | (81) | (88) | |
| NOPAT | 174 | 193 | 205 | 221 | 242 | 260 | 265 | 270 | 275 | 281 | 287 | 314 |
| Capital Expenditures | (43) | (56) | (64) | (66) | (72) | (74) | (70) | (72) | (72) | (71) | (72) | (72) |
| NWC Investment | 28 | 14 | (8) | (23) | (78) | (29) | (19) | (19) | (19) | (20) | (20) | (21) |
| (+) D&A | 91 | 112 | 113 | 61 | 103 | 93 | 95 | 97 | 99 | 101 | 103 | 68 |
| Free Cash Flow | 249 | 263 | 246 | 193 | 194 | 250 | 271 | 276 | 283 | 290 | 297 | 289 |
| % Growth | 6% | -7% | -21% | 1% | 29% | 8% | 2% | 2% | 3% | 2% | -3% | |