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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal Revenue Multiple | 4.4x - 4.9x | 4.7x |
| Fair Value | €26.71 - €31.61 | €29.08 |
| Upside | 18.2% - 39.9% | 28.7% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (USD in millions) | Input Projections | ||||||||||
| Fiscal Years Ending | Jun-24 | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | Jun-30 | Jun-31 | Jun-32 | Jun-33 | Jun-34 |
| Revenue | 20,269 | 20,178 | 20,647 | 21,410 | 22,705 | 24,295 | 25,145 | 25,648 | 26,161 | 26,684 | 27,218 |
| % Growth | -1.4% | -0.5% | 2.3% | 3.7% | 6.0% | 7.0% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 6,497 | 6,329 | 6,613 | 6,892 | 7,173 | 7,490 | 7,753 | 7,908 | 8,066 | 8,227 | 8,392 |
| % of Revenue | 32.1% | 31.4% | 32.0% | 32.2% | 31.6% | 30.8% | 30.8% | 30.8% | 30.8% | 30.8% | 30.8% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | Jun-30 | Jun-31 | Jun-32 | Jun-33 | Jun-34 | ||
| EBITDA | 6,329 | 6,613 | 6,892 | 7,173 | 7,490 | 7,753 | 7,908 | 8,066 | 8,227 | 8,392 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (756) | (815) | (866) | (807) | (989) | (1,024) | (1,044) | (1,065) | (1,086) | (1,108) | |
| EBIT | 5,574 | 5,798 | 6,027 | 6,366 | 6,501 | 6,729 | 6,863 | 7,001 | 7,141 | 7,284 | |
| Pro forma Taxes | (1,338) | (1,392) | (1,446) | (1,528) | (1,560) | (1,615) | (1,647) | (1,680) | (1,714) | (1,748) | |
| NOPAT | 4,558 | 4,236 | 4,407 | 4,580 | 4,838 | 4,941 | 5,114 | 5,216 | 5,321 | 5,427 | 5,536 |
| Capital Expenditures | (1,510) | (1,497) | (1,317) | (1,211) | (1,211) | (1,264) | (1,229) | (1,234) | (1,242) | (1,235) | (1,237) |
| NWC Investment | 99 | 32 | (162) | (263) | (447) | (549) | (293) | (174) | (177) | (181) | (184) |
| (+) D&A | 499 | 756 | 815 | 866 | 807 | 989 | 1,024 | 1,044 | 1,065 | 1,086 | 1,108 |
| Free Cash Flow | 3,646 | 3,526 | 3,743 | 3,972 | 3,988 | 4,117 | 4,616 | 4,852 | 4,966 | 5,098 | 5,222 |
| % Growth | 6% | 6% | 0% | 3% | 12% | 5% | 2% | 3% | 2% | ||