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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal Revenue Multiple | 6.3x - 6.9x | 6.6x |
| Fair Value | $109.35 - $122.79 | $115.95 |
| Upside | 20.8% - 35.6% | 28.0% |
| Select Revenue and EBITDA Forecast | ||||||
| (USD in millions) | Input Projections | |||||
| Fiscal Years Ending | Jan-25 | Jan-26 | Jan-27 | Jan-28 | Jan-29 | Jan-30 |
| Revenue | 2,977 | 3,136 | 3,360 | 3,706 | 3,962 | 4,294 |
| % Growth | 7.8% | 5.4% | 7.1% | 10.3% | 6.9% | 8.4% |
| EBITDA | 287 | 1,012 | 1,127 | 1,316 | 1,228 | 716 |
| % of Revenue | 9.6% | 32.3% | 33.5% | 35.5% | 31.0% | 16.7% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Jan-26 | Jan-27 | Jan-28 | Jan-29 | Jan-30 | |
| EBITDA | 1,012 | 1,127 | 1,316 | 1,228 | 716 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 634 | |
| D&A | (124) | (129) | (133) | (120) | (130) | |
| EBIT | 888 | 998 | 1,183 | 1,108 | 1,220 | |
| Pro forma Taxes | (186) | (210) | (248) | (233) | (256) | |
| NOPAT | 185 | 701 | 788 | 935 | 875 | 964 |
| Capital Expenditures | (97) | (98) | (104) | (111) | (91) | (89) |
| NWC Investment | 90 | 67 | 94 | 145 | 107 | 139 |
| (+) D&A | 53 | 124 | 129 | 133 | 120 | 130 |
| Free Cash Flow | 230 | 794 | 907 | 1,101 | 1,012 | 1,144 |
| % Growth | 245% | 14% | 21% | -8% | 13% | |