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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal Revenue Multiple | 1.3x - 1.4x | 1.3x |
| Fair Value | $404.93 - $470.25 | $437.04 |
| Upside | -9.8% - 4.7% | -2.7% |
| 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 | 7,660 | 8,597 | 9,273 | 9,702 | 10,403 | 10,767 |
| % Growth | 14.3% | 12.2% | 7.9% | 4.6% | 7.2% | 3.5% |
| EBITDA | 792 | 965 | 1,071 | 1,117 | 1,071 | 1,108 |
| % of Revenue | 10.3% | 11.2% | 11.5% | 11.5% | 10.3% | 10.3% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | |
| EBITDA | 965 | 1,071 | 1,117 | 1,071 | 1,108 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (209) | (206) | (221) | (96) | (99) | |
| EBIT | 756 | 865 | 896 | 975 | 1,009 | |
| Pro forma Taxes | (136) | (156) | (161) | (176) | (182) | |
| NOPAT | 533 | 620 | 709 | 735 | 800 | 827 |
| Capital Expenditures | (64) | (85) | (93) | (97) | (90) | (93) |
| NWC Investment | (46) | (45) | (33) | (21) | (34) | (18) |
| (+) D&A | 142 | 209 | 206 | 221 | 96 | 99 |
| Free Cash Flow | 565 | 698 | 790 | 838 | 772 | 816 |
| % Growth | 24% | 13% | 6% | -8% | 6% | |