Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal Revenue Multiple | 1.8x - 2.0x | 1.9x |
| Fair Value | €89.48 - €101.98 | €95.63 |
| Upside | -10.1% - 2.5% | -3.9% |
| Select Revenue and EBITDA Forecast | ||||||
| (USD in millions) | Input Projections | |||||
| Fiscal Years Ending | May-24 | May-25 | May-26 | May-27 | May-28 | May-29 |
| Revenue | 7,335 | 7,402 | 7,672 | 7,963 | 8,634 | 9,065 |
| % Growth | 1.1% | 0.9% | 3.6% | 3.8% | 8.4% | 5.0% |
| EBITDA | 1,056 | 1,194 | 1,308 | 1,382 | 1,585 | 1,664 |
| % of Revenue | 14.4% | 16.1% | 17.0% | 17.4% | 18.4% | 18.4% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | May-25 | May-26 | May-27 | May-28 | May-29 | |
| EBITDA | 1,194 | 1,308 | 1,382 | 1,585 | 1,664 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (183) | (190) | (187) | (214) | (179) | |
| EBIT | 1,011 | 1,118 | 1,196 | 1,371 | 1,485 | |
| Pro forma Taxes | (243) | (268) | (287) | (329) | (356) | |
| NOPAT | 673 | 768 | 849 | 909 | 1,042 | 1,129 |
| Capital Expenditures | (214) | (225) | (226) | (236) | (212) | (218) |
| NWC Investment | (15) | (12) | (50) | (54) | (124) | (79) |
| (+) D&A | 171 | 183 | 190 | 187 | 214 | 179 |
| Free Cash Flow | 615 | 714 | 764 | 806 | 920 | 1,010 |
| % Growth | 16% | 7% | 5% | 14% | 10% | |