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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal EBITDA Multiple | 17.7x - 19.7x | 18.7x |
| Fair Value | $192.33 - $217.70 | $204.80 |
| Upside | -37.6% - -29.4% | -33.5% |
| 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 | 1,928 | 2,367 | 2,384 | 2,384 | 2,384 | 2,384 |
| % Growth | -0.6% | 22.8% | 0.7% | 0.0% | 0.0% | 0.0% |
| EBITDA | 518 | 774 | 779 | 779 | 779 | 779 |
| % of Revenue | 26.9% | 32.7% | 32.7% | 32.7% | 32.7% | 32.7% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | |
| EBITDA | 774 | 779 | 779 | 779 | 779 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (64) | (77) | (77) | (77) | (77) | |
| EBIT | 710 | 702 | 702 | 702 | 702 | |
| Pro forma Taxes | (114) | (112) | (112) | (112) | (112) | |
| NOPAT | 419 | 597 | 590 | 590 | 590 | 590 |
| Capital Expenditures | (12) | (15) | (16) | (16) | (16) | (16) |
| NWC Investment | 3 | (117) | (4) | 0 | 0 | 0 |
| (+) D&A | 19 | 64 | 77 | 77 | 77 | 77 |
| Free Cash Flow | 430 | 528 | 647 | 651 | 651 | 651 |
| % Growth | 23% | 23% | 1% | 0% | 0% | |