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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.8% - 10.8% | 11.3% |
| Terminal EBITDA Multiple | 8.4x - 10.4x | 9.4x |
| Fair Value | $30.11 - $42.24 | $36.06 |
| Upside | 4.8% - 47.0% | 25.5% |
| Select Revenue and EBITDA Forecast | ||||||
| (USD in millions) | Input Projections | |||||
| Fiscal Years Ending | Sep-24 | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 |
| Revenue | 2,254 | 2,253 | 2,303 | 2,353 | 2,420 | 2,483 |
| % Growth | 0.1% | 0.0% | 2.2% | 2.2% | 2.9% | 2.6% |
| EBITDA | 338 | 336 | 347 | 355 | 366 | 375 |
| % of Revenue | 15.0% | 14.9% | 15.1% | 15.1% | 15.1% | 15.1% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 | |
| EBITDA | 336 | 347 | 355 | 366 | 375 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (85) | (88) | (94) | (8) | (1) | |
| EBIT | 251 | 260 | 261 | 358 | 374 | |
| Pro forma Taxes | (53) | (55) | (55) | (75) | (79) | |
| NOPAT | 201 | 198 | 205 | 206 | 283 | 295 |
| Capital Expenditures | (57) | (67) | (70) | (71) | (76) | (79) |
| NWC Investment | (0) | 0 | (6) | (6) | (9) | (8) |
| (+) D&A | 84 | 85 | 88 | 94 | 8 | 1 |
| Free Cash Flow | 228 | 217 | 217 | 223 | 206 | 210 |
| % Growth | -5% | 0% | 3% | -8% | 2% | |