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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Perpetuity Growth Rate | 5.8% - 6.8% | 6.3% |
| Fair Value | $210.11 - $380.22 | $267.02 |
| Upside | -48.4% - -6.6% | -34.4% |
| 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 | Jun-30 | Jun-31 | Jun-32 | Jun-33 | Jun-34 | |
| Revenue | 1,928 | 2,433 | 2,496 | 2,546 | 2,597 | 2,649 | 2,702 | 2,756 | 2,811 | 2,868 | 2,925 | |
| % Growth | -0.6% | 26.2% | 2.6% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 518 | 796 | 816 | 833 | 849 | 866 | 883 | 901 | 919 | 938 | 956 | |
| % of Revenue | 26.9% | 32.7% | 32.7% | 32.7% | 32.7% | 32.7% | 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 | Jun-30 | Jun-31 | Jun-32 | Jun-33 | Jun-34 | Terminal | |
| EBITDA | 796 | 816 | 833 | 849 | 866 | 883 | 901 | 919 | 938 | 956 | 956 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (31) | (62) | (63) | (65) | (66) | (67) | (69) | (70) | (71) | (73) | (16) | |
| EBIT | 765 | 754 | 769 | 785 | 800 | 816 | 833 | 849 | 866 | 884 | 940 | |
| Pro forma Taxes | (122) | (121) | (123) | (126) | (128) | (131) | (133) | (136) | (139) | (141) | (150) | |
| NOPAT | 419 | 643 | 633 | 646 | 659 | 672 | 686 | 699 | 713 | 728 | 742 | 790 |
| Capital Expenditures | (12) | (15) | (16) | (16) | (17) | (17) | (17) | (17) | (17) | (17) | (17) | (17) |
| NWC Investment | 3 | (116) | (15) | (12) | (12) | (12) | (12) | (12) | (13) | (13) | (13) | (42) |
| (+) D&A | 19 | 31 | 62 | 63 | 65 | 66 | 67 | 69 | 70 | 71 | 73 | 16 |
| Free Cash Flow | 429 | 541 | 665 | 681 | 695 | 709 | 724 | 739 | 754 | 769 | 785 | 747 |
| % Growth | 26% | 23% | 3% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | -5% | |