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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal Revenue Multiple | 3.3x - 3.6x | 3.5x |
| Fair Value | CHF 132.60 - CHF 147.65 | CHF 140 |
| Upside | -14.1% - -4.3% | -9.3% |
| Select Revenue and EBITDA Forecast | ||||||
| (EUR in millions) | Input Projections | |||||
| Fiscal Years Ending | Mar-24 | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 |
| Revenue | 20,616 | 21,379 | 22,819 | 24,545 | 26,056 | 27,546 |
| % Growth | 3.3% | 3.7% | 6.7% | 7.6% | 6.2% | 5.7% |
| EBITDA | 5,485 | 6,064 | 6,890 | 7,511 | 7,639 | 8,143 |
| % of Revenue | 26.6% | 28.4% | 30.2% | 30.6% | 29.3% | 29.6% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | |
| EBITDA | 6,064 | 6,890 | 7,511 | 7,639 | 8,143 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,487) | (1,669) | (1,633) | (1,176) | (1,188) | |
| EBIT | 4,578 | 5,221 | 5,878 | 6,464 | 6,955 | |
| Pro forma Taxes | (824) | (940) | (1,058) | (1,163) | (1,252) | |
| NOPAT | 3,988 | 3,754 | 4,281 | 4,820 | 5,300 | 5,703 |
| Capital Expenditures | (873) | (1,031) | (1,080) | (1,191) | (1,266) | (1,340) |
| NWC Investment | (221) | (255) | (480) | (576) | (504) | (497) |
| (+) D&A | 621 | 1,487 | 1,669 | 1,633 | 1,176 | 1,188 |
| Free Cash Flow | 3,515 | 3,955 | 4,390 | 4,686 | 4,705 | 5,054 |
| % Growth | 12% | 11% | 7% | 0% | 7% | |