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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal EBITDA Multiple | 17.1x - 19.1x | 18.1x |
| Fair Value | $145.93 - $166.42 | $155.85 |
| Upside | 0.0% - 14.0% | 6.8% |
| 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 | 7,562 | 7,130 | 7,592 | 8,204 | 8,229 | 8,378 | 8,378 | 8,378 | 8,378 | 8,378 | 8,378 |
| % Growth | 1.8% | -5.7% | 6.5% | 8.1% | 0.3% | 1.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 1,982 | 2,390 | 2,618 | 2,922 | 3,053 | 3,270 | 3,270 | 3,270 | 3,270 | 3,270 | 3,270 |
| % of Revenue | 26.2% | 33.5% | 34.5% | 35.6% | 37.1% | 39.0% | 39.0% | 39.0% | 39.0% | 39.0% | 39.0% |
| 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 | |
| EBITDA | 2,390 | 2,618 | 2,922 | 3,053 | 3,270 | 3,270 | 3,270 | 3,270 | 3,270 | 3,270 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 1,003 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (306) | (288) | (284) | (289) | (294) | (294) | (294) | (294) | (294) | (294) | |
| EBIT | 2,084 | 2,330 | 2,638 | 2,764 | 3,978 | 2,976 | 2,976 | 2,976 | 2,976 | 2,976 | |
| Pro forma Taxes | (542) | (606) | (686) | (719) | (1,034) | (774) | (774) | (774) | (774) | (774) | |
| NOPAT | 1,221 | 1,542 | 1,724 | 1,952 | 2,045 | 2,944 | 2,202 | 2,202 | 2,202 | 2,202 | 2,202 |
| Capital Expenditures | (199) | (220) | (210) | (225) | (223) | (217) | (217) | (217) | (217) | (217) | (217) |
| NWC Investment | 31 | (100) | 107 | 141 | 6 | 34 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 332 | 306 | 288 | 284 | 289 | 294 | 294 | 294 | 294 | 294 | 294 |
| Free Cash Flow | 1,385 | 1,529 | 1,908 | 2,153 | 2,117 | 3,056 | 2,279 | 2,279 | 2,279 | 2,279 | 2,279 |
| % Growth | 10% | 25% | 13% | -2% | 44% | -25% | 0% | 0% | 0% | 0% | |