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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal EBITDA Multiple | 3.5x - 5.5x | 4.5x |
| Fair Value | €101.70 - €131.34 | €115.99 |
| Upside | 31.6% - 69.9% | 50.0% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (USD in millions) | Input Projections | ||||||||||
| Fiscal Years Ending | Jul-24 | Jul-25 | Jul-26 | Jul-27 | Jul-28 | Jul-29 | Jul-30 | Jul-31 | Jul-32 | Jul-33 | Jul-34 |
| Revenue | 10,043 | 9,402 | 9,746 | 10,302 | 12,398 | 14,061 | 15,116 | 15,645 | 15,958 | 16,277 | 16,603 |
| % Growth | -9.7% | -6.4% | 3.7% | 5.7% | 20.3% | 13.4% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% |
| EBITDA | 701 | 629 | 636 | 746 | 1,002 | 1,257 | 1,427 | 1,477 | 1,506 | 1,536 | 1,567 |
| % of Revenue | 7.0% | 6.7% | 6.5% | 7.2% | 8.1% | 8.9% | 9.4% | 9.4% | 9.4% | 9.4% | 9.4% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (USD in millions) | Jul-25 | Jul-26 | Jul-27 | Jul-28 | Jul-29 | Jul-30 | Jul-31 | Jul-32 | Jul-33 | Jul-34 | |
| EBITDA | 629 | 636 | 746 | 1,002 | 1,257 | 1,427 | 1,477 | 1,506 | 1,536 | 1,567 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (329) | (272) | (306) | (246) | (278) | (299) | (310) | (316) | (322) | (329) | |
| EBIT | 300 | 364 | 440 | 756 | 979 | 1,128 | 1,167 | 1,190 | 1,214 | 1,239 | |
| Pro forma Taxes | (66) | (80) | (97) | (166) | (215) | (248) | (257) | (262) | (267) | (272) | |
| NOPAT | 331 | 234 | 284 | 343 | 590 | 763 | 880 | 910 | 929 | 947 | 966 |
| Capital Expenditures | (140) | (130) | (199) | (200) | (211) | (239) | (217) | (222) | (226) | (222) | (223) |
| NWC Investment | 75 | 44 | (24) | (39) | (145) | (115) | (73) | (37) | (22) | (22) | (23) |
| (+) D&A | 277 | 329 | 272 | 306 | 246 | 278 | 299 | 310 | 316 | 322 | 329 |
| Free Cash Flow | 543 | 477 | 333 | 411 | 480 | 687 | 889 | 961 | 997 | 1,026 | 1,049 |
| % Growth | -12% | -30% | 23% | 17% | 43% | 29% | 8% | 4% | 3% | 2% | |