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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal Revenue Multiple | 3.9x - 4.3x | 4.1x |
| Fair Value | €24.69 - €28.76 | €26.69 |
| Upside | 0.8% - 17.4% | 8.9% |
| Select Revenue and EBITDA Forecast | ||||||
| (USD in millions) | Input Projections | |||||
| Fiscal Years Ending | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | Jun-30 |
| Revenue | 20,245 | 20,416 | 21,106 | 21,903 | 23,792 | 25,154 |
| % Growth | -0.1% | 0.8% | 3.4% | 3.8% | 8.6% | 5.7% |
| EBITDA | 6,274 | 6,674 | 7,001 | 7,345 | 7,682 | 8,055 |
| % of Revenue | 31.0% | 32.7% | 33.2% | 33.5% | 32.3% | 32.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Jun-26 | Jun-27 | Jun-28 | Jun-29 | Jun-30 | |
| EBITDA | 6,674 | 7,001 | 7,345 | 7,682 | 8,055 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (831) | (844) | (871) | (824) | (861) | |
| EBIT | 5,843 | 6,156 | 6,474 | 6,858 | 7,194 | |
| Pro forma Taxes | (1,402) | (1,478) | (1,554) | (1,646) | (1,727) | |
| NOPAT | 4,352 | 4,441 | 4,679 | 4,920 | 5,212 | 5,468 |
| Capital Expenditures | (1,612) | (1,264) | (1,169) | (1,167) | (1,271) | (1,317) |
| NWC Investment | 8 | (60) | (244) | (282) | (669) | (482) |
| (+) D&A | 548 | 831 | 844 | 871 | 824 | 861 |
| Free Cash Flow | 3,296 | 3,948 | 4,110 | 4,342 | 4,096 | 4,529 |
| % Growth | 20% | 4% | 6% | -6% | 11% | |