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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal EBITDA Multiple | 26.5x - 28.5x | 27.5x |
| Fair Value | €169.60 - €186.64 | €177.98 |
| Upside | 2.6% - 12.9% | 7.6% |
| Select Revenue and EBITDA Forecast | ||||||
| (USD in millions) | Input Projections | |||||
| Fiscal Years Ending | Jul-24 | Jul-25 | Jul-26 | Jul-27 | Jul-28 | Jul-29 |
| Revenue | 8,028 | 9,170 | 10,529 | 12,120 | 13,923 | 15,905 |
| % Growth | 16.5% | 14.2% | 14.8% | 15.1% | 14.9% | 14.2% |
| EBITDA | 1,094 | 2,898 | 3,278 | 3,854 | 4,224 | 5,896 |
| % of Revenue | 13.6% | 31.6% | 31.1% | 31.8% | 30.3% | 37.1% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Jul-25 | Jul-26 | Jul-27 | Jul-28 | Jul-29 | |
| EBITDA | 2,898 | 3,278 | 3,854 | 4,224 | 5,896 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (311) | (244) | (293) | (284) | (1,324) | |
| EBIT | 2,587 | 3,034 | 3,561 | 3,940 | 4,572 | |
| Pro forma Taxes | (569) | (668) | (783) | (867) | (1,006) | |
| NOPAT | 693 | 2,018 | 2,367 | 2,777 | 3,073 | 3,566 |
| Capital Expenditures | (157) | (225) | (231) | (266) | (321) | (364) |
| NWC Investment | 448 | 451 | 536 | 628 | 711 | 782 |
| (+) D&A | 206 | 311 | 244 | 293 | 284 | 1,324 |
| Free Cash Flow | 1,190 | 2,555 | 2,916 | 3,432 | 3,748 | 5,308 |
| % Growth | 115% | 14% | 18% | 9% | 42% | |