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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Perpetuity Growth Rate | 0.5% - 1.5% | 1.0% |
| Fair Value | $54.77 - $68.11 | $60.64 |
| Upside | -19.9% - -0.4% | -11.3% |
| Select Revenue and EBITDA Forecast | |||||||
| (USD in millions) | Input Projections | ||||||
| Fiscal Years Ending | Jul-25 | Jul-26 | Jul-27 | Jul-28 | Jul-29 | Jul-30 | |
| Revenue | 56,654 | 59,607 | 62,376 | 65,635 | 68,756 | 72,088 | |
| % Growth | 5.3% | 5.2% | 4.6% | 5.2% | 4.8% | 4.8% | |
| EBITDA | 15,736 | 22,681 | 23,112 | 24,375 | 25,534 | 26,771 | |
| % of Revenue | 27.8% | 38.1% | 37.1% | 37.1% | 37.1% | 37.1% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Jul-26 | Jul-27 | Jul-28 | Jul-29 | Jul-30 | Terminal | |
| EBITDA | 22,681 | 23,112 | 24,375 | 25,534 | 26,771 | 26,771 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2,282) | (1,377) | (1,716) | (5,436) | (6,372) | (1,436) | |
| EBIT | 20,399 | 21,735 | 22,658 | 20,098 | 20,399 | 25,335 | |
| Pro forma Taxes | (3,264) | (3,478) | (3,625) | (3,216) | (3,264) | (4,054) | |
| NOPAT | 10,857 | 17,135 | 18,258 | 19,033 | 16,882 | 17,135 | 21,281 |
| Capital Expenditures | (905) | (921) | (958) | (1,050) | (1,373) | (1,512) | (1,512) |
| NWC Investment | 580 | 601 | 563 | 663 | 635 | 678 | 147 |
| (+) D&A | 2,811 | 2,282 | 1,377 | 1,716 | 5,436 | 6,372 | 1,436 |
| Free Cash Flow | 13,343 | 19,097 | 19,240 | 20,362 | 21,580 | 22,673 | 21,352 |
| % Growth | 43% | 1% | 6% | 6% | 5% | -6% | |