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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 14.5% - 13.5% | 14.0% |
| Perpetuity Growth Rate | 0.8% - 1.8% | 1.3% |
| Fair Value | €11.85 - €18.51 | €14.94 |
| Upside | 12.7% - 76.1% | 42.1% |
| 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 | 4,284 | 4,505 | 4,591 | 4,733 | 4,828 | 4,924 | 5,023 | 5,123 | 5,226 | 5,330 | 5,437 | |
| % Growth | 67.6% | 5.2% | 1.9% | 3.1% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 357 | 1,564 | 1,589 | 1,657 | 1,690 | 1,724 | 1,759 | 1,794 | 1,830 | 1,866 | 1,904 | |
| % of Revenue | 8.3% | 34.7% | 34.6% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | |
| 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 | Terminal | |
| EBITDA | 1,564 | 1,589 | 1,657 | 1,690 | 1,724 | 1,759 | 1,794 | 1,830 | 1,866 | 1,904 | 1,904 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,064) | (1,118) | (1,064) | (1,085) | (1,106) | (1,129) | (1,151) | (1,174) | (1,198) | (1,222) | (395) | |
| EBIT | 500 | 470 | 594 | 606 | 618 | 630 | 643 | 655 | 669 | 682 | 1,509 | |
| Pro forma Taxes | (90) | (85) | (107) | (109) | (111) | (113) | (116) | (118) | (120) | (123) | (272) | |
| NOPAT | (608) | 410 | 386 | 487 | 497 | 506 | 517 | 527 | 537 | 548 | 559 | 1,237 |
| Capital Expenditures | (1,539) | (1,096) | (1,289) | (988) | (234) | (489) | (499) | (407) | (415) | (424) | (415) | (415) |
| NWC Investment | (163) | (21) | (8) | (13) | (9) | (9) | (9) | (10) | (10) | (10) | (10) | (6) |
| (+) D&A | 1,098 | 1,064 | 1,118 | 1,064 | 1,085 | 1,106 | 1,129 | 1,151 | 1,174 | 1,198 | 1,222 | 395 |
| Free Cash Flow | (1,212) | 357 | 207 | 549 | 1,338 | 1,115 | 1,137 | 1,261 | 1,287 | 1,312 | 1,355 | 1,210 |
| % Growth | NM | -42% | 165% | 144% | -17% | 2% | 11% | 2% | 2% | 3% | -11% | |