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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.0% - 10.0% | 10.5% |
| Terminal Revenue Multiple | 1.4x - 1.5x | 1.5x |
| Fair Value | $48.02 - $57.91 | $52.88 |
| Upside | -10.6% - 7.8% | -1.6% |
| Select Revenue and EBITDA Forecast | ||||||
| (USD in millions) | Input Projections | |||||
| Fiscal Years Ending | Nov-24 | Nov-25 | Nov-26 | Nov-27 | Nov-28 | Nov-29 |
| Revenue | 3,569 | 3,488 | 3,600 | 3,739 | 3,814 | 3,891 |
| % Growth | 1.6% | -2.3% | 3.2% | 3.9% | 2.0% | 2.0% |
| EBITDA | 558 | 604 | 647 | 708 | 722 | 737 |
| % of Revenue | 15.6% | 17.3% | 18.0% | 18.9% | 18.9% | 18.9% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Nov-25 | Nov-26 | Nov-27 | Nov-28 | Nov-29 | |
| EBITDA | 604 | 647 | 708 | 722 | 737 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (178) | (187) | (192) | (195) | (199) | |
| EBIT | 426 | 460 | 517 | 527 | 537 | |
| Pro forma Taxes | (132) | (143) | (160) | (163) | (167) | |
| NOPAT | 264 | 294 | 317 | 356 | 364 | 371 |
| Capital Expenditures | (139) | (145) | (165) | (170) | (173) | (177) |
| NWC Investment | (8) | 11 | (15) | (19) | (10) | (10) |
| (+) D&A | 175 | 178 | 187 | 192 | 195 | 199 |
| Free Cash Flow | 292 | 338 | 325 | 359 | 376 | 383 |
| % Growth | 16% | -4% | 11% | 5% | 2% | |