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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal EBITDA Multiple | 4.3x - 6.3x | 5.3x |
| Fair Value | €57.46 - €83.20 | €70.09 |
| Upside | 6.4% - 54.1% | 29.8% |
| 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 |
| Revenue | 5,640 | 5,640 | 5,640 | 5,640 | 5,640 | 5,640 |
| % Growth | -4.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 295 | 367 | 367 | 367 | 367 | 367 |
| % of Revenue | 5.2% | 6.5% | 6.5% | 6.5% | 6.5% | 6.5% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 | |
| EBITDA | 367 | 367 | 367 | 367 | 367 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (118) | (118) | (118) | (118) | (118) | |
| EBIT | 249 | 249 | 249 | 249 | 249 | |
| Pro forma Taxes | (60) | (60) | (60) | (60) | (60) | |
| NOPAT | 131 | 189 | 189 | 189 | 189 | 189 |
| Capital Expenditures | (211) | (177) | (187) | (192) | (192) | (192) |
| NWC Investment | 15 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 122 | 118 | 118 | 118 | 118 | 118 |
| Free Cash Flow | 57 | 130 | 120 | 116 | 116 | 116 |
| % Growth | 129% | -8% | -4% | 0% | 0% | |