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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.0% - 10.0% | 10.5% |
| Terminal Revenue Multiple | 2.2x - 2.4x | 2.3x |
| Fair Value | CHF 62.20 - CHF 68.43 | CHF 65.26 |
| Upside | 9.2% - 20.2% | 14.6% |
| Select Revenue and EBITDA Forecast | ||||||
| (USD in millions) | Input Projections | |||||
| Fiscal Years Ending | Mar-24 | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 |
| Revenue | 4,298 | 4,575 | 4,727 | 4,982 | 5,063 | 5,299 |
| % Growth | -5.3% | 6.4% | 3.3% | 5.4% | 1.6% | 4.7% |
| EBITDA | 682 | 843 | 805 | 908 | 857 | 909 |
| % of Revenue | 15.9% | 18.4% | 17.0% | 18.2% | 16.9% | 17.2% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | |
| EBITDA | 843 | 805 | 908 | 857 | 909 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (73) | (82) | (105) | (224) | (293) | |
| EBIT | 770 | 723 | 802 | 633 | 616 | |
| Pro forma Taxes | (108) | (101) | (112) | (89) | (86) | |
| NOPAT | 514 | 662 | 622 | 690 | 545 | 530 |
| Capital Expenditures | (56) | (70) | (83) | (88) | (81) | (119) |
| NWC Investment | 3 | (3) | (2) | (3) | (1) | (3) |
| (+) D&A | 85 | 73 | 82 | 105 | 224 | 293 |
| Free Cash Flow | 545 | 662 | 619 | 705 | 686 | 701 |
| % Growth | 21% | -6% | 14% | -3% | 2% | |