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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 10.5% - 9.5% | 10.0% |
Terminal EBITDA Multiple | 30.1x - 32.1x | 31.1x |
Fair Value | $330.67 - $362.34 | $346.26 |
Upside | -28.2% - -21.3% | -24.8% |
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 | 2,450 | 2,528 | 2,579 | 2,630 | 2,683 |
% Growth | -0.6% | 27.0% | 3.2% | 2.0% | 2.0% | 2.0% |
EBITDA | 518 | 801 | 827 | 843 | 860 | 877 |
% 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 | 801 | 827 | 843 | 860 | 877 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
D&A | (31) | (59) | (60) | (62) | (63) | |
EBIT | 770 | 767 | 783 | 798 | 814 | |
Pro forma Taxes | (123) | (123) | (125) | (128) | (130) | |
NOPAT | 419 | 647 | 645 | 657 | 671 | 684 |
Capital Expenditures | (12) | (15) | (16) | (16) | (17) | (17) |
NWC Investment | 3 | (120) | (18) | (12) | (12) | (12) |
(+) D&A | 19 | 31 | 59 | 60 | 62 | 63 |
Free Cash Flow | 429 | 542 | 670 | 690 | 704 | 718 |
% Growth | 26% | 24% | 3% | 2% | 2% |