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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal EBITDA Multiple | 6.9x - 8.9x | 7.9x |
| Fair Value | €62.54 - €78.96 | €70.58 |
| Upside | -20.9% - -0.2% | -10.8% |
| Select Revenue and EBITDA Forecast | ||||||
| (USD in millions) | Input Projections | |||||
| Fiscal Years Ending | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 |
| Revenue | 2,584 | 2,721 | 3,005 | 3,230 | 3,343 | 3,410 |
| % Growth | 7.3% | 5.3% | 10.4% | 7.5% | 3.5% | 2.0% |
| EBITDA | 387 | 435 | 527 | 599 | 620 | 632 |
| % of Revenue | 15.0% | 16.0% | 17.5% | 18.5% | 18.5% | 18.5% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | |
| EBITDA | 435 | 527 | 599 | 620 | 632 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (84) | (82) | (88) | (91) | (93) | |
| EBIT | 351 | 445 | 511 | 529 | 540 | |
| Pro forma Taxes | (77) | (98) | (112) | (116) | (119) | |
| NOPAT | 241 | 274 | 347 | 399 | 413 | 421 |
| Capital Expenditures | (84) | (80) | (72) | (79) | (81) | (83) |
| NWC Investment | (28) | (22) | (45) | (36) | (18) | (11) |
| (+) D&A | 78 | 84 | 82 | 88 | 91 | 93 |
| Free Cash Flow | 207 | 256 | 312 | 372 | 404 | 420 |
| % Growth | 24% | 22% | 19% | 9% | 4% | |