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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 13.0% - 12.0% | 12.5% |
| Terminal Revenue Multiple | 0.6x - 0.6x | 0.6x |
| Fair Value | €1.82 - €2.29 | €2.05 |
| Upside | 53.3% - 92.6% | 72.7% |
| 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 | 5,458 | 5,431 | 5,659 | 5,876 | 6,053 | 6,174 |
| % Growth | -6.0% | -0.5% | 4.2% | 3.8% | 3.0% | 2.0% |
| EBITDA | 406 | 499 | 636 | 740 | 794 | 810 |
| % of Revenue | 7.4% | 9.2% | 11.2% | 12.6% | 13.1% | 13.1% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 | |
| EBITDA | 499 | 636 | 740 | 794 | 810 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (308) | (338) | (308) | (333) | (340) | |
| EBIT | 191 | 298 | 432 | 461 | 470 | |
| Pro forma Taxes | (40) | (63) | (91) | (97) | (99) | |
| NOPAT | 121 | 151 | 235 | 341 | 364 | 371 |
| Capital Expenditures | (458) | (510) | (300) | (300) | (295) | (301) |
| NWC Investment | 36 | 3 | (23) | (22) | (18) | (12) |
| (+) D&A | 253 | 308 | 338 | 308 | 333 | 340 |
| Free Cash Flow | (49) | (49) | 250 | 328 | 384 | 398 |
| % Growth | NM | NM | 31% | 17% | 4% | |