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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 13.0% - 12.0% | 12.5% |
| Terminal Revenue Multiple | 0.4x - 0.4x | 0.4x |
| Fair Value | $54.49 - $64.11 | $59.22 |
| Upside | 13.3% - 33.3% | 23.1% |
| Select Revenue and EBITDA Forecast | ||||||
| (USD in millions) | Input Projections | |||||
| Fiscal Years Ending | Jun-24 | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 |
| Revenue | 23,757 | 21,942 | 23,360 | 24,042 | 24,523 | 25,013 |
| % Growth | -10.5% | -7.6% | 6.5% | 2.9% | 2.0% | 2.0% |
| EBITDA | 999 | 706 | 986 | 996 | 1,016 | 1,036 |
| % of Revenue | 4.2% | 3.2% | 4.2% | 4.1% | 4.1% | 4.1% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | |
| EBITDA | 706 | 986 | 996 | 1,016 | 1,036 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (72) | (119) | (91) | (93) | (95) | |
| EBIT | 634 | 867 | 905 | 923 | 942 | |
| Pro forma Taxes | (127) | (173) | (181) | (185) | (188) | |
| NOPAT | 730 | 507 | 694 | 724 | 738 | 753 |
| Capital Expenditures | (226) | (116) | (116) | (90) | (107) | (109) |
| NWC Investment | 725 | 473 | (370) | (178) | (125) | (128) |
| (+) D&A | 87 | 72 | 119 | 91 | 93 | 95 |
| Free Cash Flow | 1,315 | 936 | 327 | 547 | 599 | 611 |
| % Growth | -29% | -65% | 67% | 9% | 2% | |