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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.5% - 10.5% | 11.0% |
| Terminal EBITDA Multiple | 15.9x - 17.9x | 16.9x |
| Fair Value | $74.70 - $85.79 | $80.07 |
| Upside | 2.8% - 18.0% | 10.1% |
| 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 | Jun-30 | Jun-31 | Jun-32 | Jun-33 | Jun-34 |
| Revenue | 14,905 | 17,817 | 18,435 | 20,938 | 22,707 | 24,641 | 25,504 | 26,014 | 26,534 | 27,065 | 27,606 |
| % Growth | -14.5% | 19.5% | 3.5% | 13.6% | 8.5% | 8.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 4,685 | 5,901 | 6,017 | 7,167 | 7,989 | 8,766 | 9,073 | 9,254 | 9,439 | 9,628 | 9,821 |
| % of Revenue | 31.4% | 33.1% | 32.6% | 34.2% | 35.2% | 35.6% | 35.6% | 35.6% | 35.6% | 35.6% | 35.6% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (USD in millions) | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | Jun-30 | Jun-31 | Jun-32 | Jun-33 | Jun-34 | |
| EBITDA | 5,901 | 6,017 | 7,167 | 7,989 | 8,766 | 9,073 | 9,254 | 9,439 | 9,628 | 9,821 | |
| Other Income / (Exp) | 0 | 0 | 0 | 527 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (355) | (439) | (385) | (417) | (11) | (12) | (12) | (12) | (12) | (13) | |
| EBIT | 5,546 | 5,579 | 6,782 | 8,099 | 8,755 | 9,061 | 9,242 | 9,427 | 9,616 | 9,808 | |
| Pro forma Taxes | (666) | (669) | (814) | (972) | (1,051) | (1,087) | (1,109) | (1,131) | (1,154) | (1,177) | |
| NOPAT | 3,806 | 4,880 | 4,909 | 5,969 | 7,127 | 7,704 | 7,974 | 8,133 | 8,296 | 8,462 | 8,631 |
| Capital Expenditures | (397) | (583) | (585) | (618) | (681) | (739) | (679) | (693) | (704) | (692) | (696) |
| NWC Investment | 492 | (567) | (120) | (488) | (345) | (377) | (168) | (99) | (101) | (103) | (105) |
| (+) D&A | 360 | 355 | 439 | 385 | 417 | 11 | 12 | 12 | 12 | 12 | 13 |
| Free Cash Flow | 4,261 | 4,085 | 4,642 | 5,248 | 6,518 | 6,599 | 7,138 | 7,353 | 7,503 | 7,679 | 7,842 |
| % Growth | -4% | 14% | 13% | 24% | 1% | 8% | 3% | 2% | 2% | 2% | |