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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Perpetuity Growth Rate | 4.5% - 5.5% | 5.0% |
| Fair Value | €136.67 - €204.06 | €162.51 |
| Upside | -19.9% - 19.6% | -4.8% |
| 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 | Jul-30 | Jul-31 | Jul-32 | Jul-33 | Jul-34 | |
| Revenue | 8,028 | 9,170 | 10,529 | 12,120 | 13,923 | 15,905 | 18,122 | 20,594 | 23,340 | 26,894 | 29,613 | |
| % Growth | 16.5% | 14.2% | 14.8% | 15.1% | 14.9% | 14.2% | 13.9% | 13.6% | 13.3% | 15.2% | 10.1% | |
| EBITDA | 1,094 | 2,898 | 3,278 | 3,854 | 4,224 | 5,896 | 5,211 | 5,964 | 6,694 | 7,982 | 9,085 | |
| % of Revenue | 13.6% | 31.6% | 31.1% | 31.8% | 30.3% | 37.1% | 28.8% | 29.0% | 28.7% | 29.7% | 30.7% | |
| Calculation of Free Cash Flow | ||||||||||||
| Projected Unlevered Cash Flow | ||||||||||||
| (USD in millions) | Jul-25 | Jul-26 | Jul-27 | Jul-28 | Jul-29 | Jul-30 | Jul-31 | Jul-32 | Jul-33 | Jul-34 | Terminal | |
| EBITDA | 2,898 | 3,278 | 3,854 | 4,224 | 5,896 | 5,211 | 5,964 | 6,694 | 7,982 | 9,085 | 9,085 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (311) | (244) | (293) | (284) | (1,324) | (1,509) | (1,715) | (1,944) | (2,239) | (2,466) | (317) | |
| EBIT | 2,587 | 3,034 | 3,561 | 3,940 | 4,572 | 3,702 | 4,249 | 4,750 | 5,743 | 6,619 | 8,768 | |
| Pro forma Taxes | (569) | (668) | (783) | (867) | (1,006) | (814) | (935) | (1,045) | (1,263) | (1,456) | (1,929) | |
| NOPAT | 693 | 2,018 | 2,367 | 2,777 | 3,073 | 3,566 | 2,888 | 3,314 | 3,705 | 4,479 | 5,163 | 6,839 |
| Capital Expenditures | (157) | (225) | (231) | (266) | (321) | (364) | (317) | (334) | (338) | (330) | (334) | (334) |
| NWC Investment | 448 | 451 | 536 | 628 | 711 | 782 | 875 | 975 | 1,084 | 1,402 | 1,073 | 584 |
| (+) D&A | 206 | 311 | 244 | 293 | 284 | 1,324 | 1,509 | 1,715 | 1,944 | 2,239 | 2,466 | 317 |
| Free Cash Flow | 1,190 | 2,555 | 2,916 | 3,432 | 3,748 | 5,308 | 4,954 | 5,671 | 6,394 | 7,792 | 8,368 | 7,407 |
| % Growth | 115% | 14% | 18% | 9% | 42% | -7% | 14% | 13% | 22% | 7% | -11% | |