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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal EBITDA Multiple | 9.4x - 11.4x | 10.4x |
| Fair Value | €26 - €31.26 | €28.55 |
| Upside | 42.9% - 71.8% | 56.8% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (USD in millions) | Input Projections | ||||||||||
| Fiscal Years Ending | Mar-24 | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 |
| Revenue | 3,936 | 3,894 | 4,137 | 4,532 | 5,814 | 5,581 | 5,581 | 5,581 | 5,581 | 5,581 | 5,581 |
| % Growth | 4.2% | -1.1% | 6.3% | 9.5% | 28.3% | -4.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 1,124 | 1,075 | 1,171 | 1,368 | 1,824 | 1,811 | 1,811 | 1,811 | 1,811 | 1,811 | 1,811 |
| % of Revenue | 28.6% | 27.6% | 28.3% | 30.2% | 31.4% | 32.4% | 32.4% | 32.4% | 32.4% | 32.4% | 32.4% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (USD in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 | |
| EBITDA | 1,075 | 1,171 | 1,368 | 1,824 | 1,811 | 1,811 | 1,811 | 1,811 | 1,811 | 1,811 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (209) | (203) | (251) | (331) | (313) | (313) | (313) | (313) | (313) | (313) | |
| EBIT | 866 | 967 | 1,117 | 1,493 | 1,498 | 1,498 | 1,498 | 1,498 | 1,498 | 1,498 | |
| Pro forma Taxes | (165) | (184) | (212) | (284) | (285) | (285) | (285) | (285) | (285) | (285) | |
| NOPAT | 761 | 702 | 784 | 905 | 1,209 | 1,213 | 1,213 | 1,213 | 1,213 | 1,213 | 1,213 |
| Capital Expenditures | (469) | (420) | (451) | (500) | (248) | (520) | (423) | (397) | (397) | (397) | (397) |
| NWC Investment | (14) | 4 | (21) | (34) | (109) | 20 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 185 | 209 | 203 | 251 | 331 | 313 | 313 | 313 | 313 | 313 | 313 |
| Free Cash Flow | 463 | 494 | 515 | 622 | 1,182 | 1,026 | 1,104 | 1,129 | 1,129 | 1,129 | 1,129 |
| % Growth | 7% | 4% | 21% | 90% | -13% | 8% | 2% | 0% | 0% | 0% | |