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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Perpetuity Growth Rate | 5.0% - 6.0% | 5.5% |
| Fair Value | $71.85 - $121.53 | $91.18 |
| Upside | 11.5% - 88.5% | 41.5% |
| Select Revenue and EBITDA Forecast | |||||||
| (EUR in millions) | Input Projections | ||||||
| Fiscal Years Ending | Aug-24 | Aug-25 | Aug-26 | Aug-27 | Aug-28 | Aug-29 | |
| Revenue | 23,798 | 24,491 | 25,452 | 26,632 | 28,295 | 29,104 | |
| % Growth | 5.1% | 2.9% | 3.9% | 4.6% | 6.2% | 2.9% | |
| EBITDA | 1,313 | 1,628 | 1,757 | 1,881 | 1,998 | 1,998 | |
| % of Revenue | 5.5% | 6.6% | 6.9% | 7.1% | 7.1% | 6.9% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (EUR in millions) | Aug-25 | Aug-26 | Aug-27 | Aug-28 | Aug-29 | Terminal | |
| EBITDA | 1,628 | 1,757 | 1,881 | 1,998 | 1,998 | 1,998 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (456) | (489) | (531) | (587) | (584) | (694) | |
| EBIT | 1,173 | 1,268 | 1,350 | 1,411 | 1,414 | 1,303 | |
| Pro forma Taxes | (352) | (380) | (405) | (423) | (424) | (391) | |
| NOPAT | 716 | 821 | 887 | 945 | 988 | 990 | 912 |
| Capital Expenditures | (358) | (500) | (568) | (592) | (698) | (731) | (731) |
| NWC Investment | 23 | 14 | 19 | 23 | 32 | 16 | 31 |
| (+) D&A | 290 | 456 | 489 | 531 | 587 | 584 | 694 |
| Free Cash Flow | 671 | 790 | 828 | 907 | 909 | 858 | 907 |
| % Growth | 18% | 5% | 10% | 0% | -6% | 6% | |