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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal EBITDA Multiple | 15.2x - 17.2x | 16.2x |
| Fair Value | $436.91 - $505.08 | $470.42 |
| Upside | -5.2% - 9.6% | 2.1% |
| 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 | 245,122 | 279,068 | 316,453 | 360,988 | 407,892 | 454,850 |
| % Growth | 15.7% | 13.8% | 13.4% | 14.1% | 13.0% | 11.5% |
| EBITDA | 129,433 | 156,127 | 176,881 | 202,264 | 230,072 | 280,258 |
| % of Revenue | 52.8% | 55.9% | 55.9% | 56.0% | 56.4% | 61.6% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | |
| EBITDA | 156,127 | 176,881 | 202,264 | 230,072 | 280,258 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (29,954) | (35,164) | (39,592) | (44,035) | (69,202) | |
| EBIT | 126,174 | 141,717 | 162,672 | 186,037 | 211,057 | |
| Pro forma Taxes | (20,188) | (22,675) | (26,028) | (29,766) | (33,769) | |
| NOPAT | 91,924 | 105,986 | 119,042 | 136,644 | 156,271 | 177,287 |
| Capital Expenditures | (44,477) | (64,567) | (72,915) | (76,407) | (79,853) | (81,000) |
| NWC Investment | 3,490 | 3,568 | 3,930 | 4,681 | 4,930 | 4,936 |
| (+) D&A | 20,000 | 29,954 | 35,164 | 39,592 | 44,035 | 69,202 |
| Free Cash Flow | 70,937 | 74,941 | 85,220 | 104,510 | 125,383 | 170,425 |
| % Growth | 6% | 14% | 23% | 20% | 36% | |