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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Perpetuity Growth Rate | 3.5% - 4.5% | 4.0% |
| Fair Value | $352.19 - $482.35 | $406.11 |
| Upside | -7.0% - 27.3% | 7.2% |
| 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 | 245,122 | 276,769 | 315,023 | 361,243 | 408,326 | 453,441 | 496,485 | 542,528 | 589,331 | 635,846 | 658,100 | |
| % Growth | 15.7% | 12.9% | 13.8% | 14.7% | 13.0% | 11.0% | 9.5% | 9.3% | 8.6% | 7.9% | 3.5% | |
| EBITDA | 129,433 | 152,384 | 173,872 | 200,477 | 220,969 | 265,240 | 283,311 | 313,150 | 343,536 | 373,830 | 386,914 | |
| % of Revenue | 52.8% | 55.1% | 55.2% | 55.5% | 54.1% | 58.5% | 57.1% | 57.7% | 58.3% | 58.8% | 58.8% | |
| 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 | Terminal | |
| EBITDA | 152,384 | 173,872 | 200,477 | 220,969 | 265,240 | 283,311 | 313,150 | 343,536 | 373,830 | 386,914 | 386,914 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (28,501) | (33,341) | (39,279) | (38,895) | (50,686) | (55,497) | (60,644) | (65,876) | (71,075) | (73,563) | (70,911) | |
| EBIT | 123,883 | 140,531 | 161,198 | 182,074 | 214,555 | 227,814 | 252,506 | 277,660 | 302,755 | 313,351 | 316,003 | |
| Pro forma Taxes | (19,821) | (22,485) | (25,792) | (29,132) | (34,329) | (36,450) | (40,401) | (44,426) | (48,441) | (50,136) | (50,560) | |
| NOPAT | 91,924 | 104,062 | 118,046 | 135,406 | 152,942 | 180,226 | 191,364 | 212,105 | 233,235 | 254,314 | 263,215 | 265,442 |
| Capital Expenditures | (44,477) | (63,053) | (69,204) | (72,934) | (73,173) | (76,199) | (74,102) | (74,491) | (74,931) | (74,508) | (74,643) | (74,643) |
| NWC Investment | 3,507 | 3,342 | 4,040 | 4,881 | 4,972 | 4,764 | 4,545 | 4,862 | 4,942 | 4,912 | 2,350 | 2,780 |
| (+) D&A | 20,000 | 28,501 | 33,341 | 39,279 | 38,895 | 50,686 | 55,497 | 60,644 | 65,876 | 71,075 | 73,563 | 70,911 |
| Free Cash Flow | 70,953 | 72,851 | 86,223 | 106,633 | 123,636 | 159,477 | 177,304 | 203,120 | 229,122 | 255,793 | 264,484 | 264,490 |
| % Growth | 3% | 18% | 24% | 16% | 29% | 11% | 15% | 13% | 12% | 3% | 0% | |