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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Terminal Revenue Multiple | 6.0x - 6.7x | 6.3x |
| Fair Value | €30.23 - €35.58 | €32.81 |
| Upside | 17.3% - 38.1% | 27.3% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (USD in millions) | Input Projections | ||||||||||
| Fiscal Years Ending | Apr-25 | Apr-26 | Apr-27 | Apr-28 | Apr-29 | Apr-30 | Apr-31 | Apr-32 | Apr-33 | Apr-34 | Apr-35 |
| Revenue | 3,975 | 3,848 | 3,921 | 4,054 | 4,224 | 4,410 | 4,498 | 4,588 | 4,680 | 4,774 | 4,869 |
| % Growth | -4.9% | -3.2% | 1.9% | 3.4% | 4.2% | 4.4% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 1,246 | 1,186 | 1,224 | 1,283 | 1,267 | 1,330 | 1,356 | 1,383 | 1,411 | 1,439 | 1,468 |
| % of Revenue | 31.3% | 30.8% | 31.2% | 31.6% | 30.0% | 30.1% | 30.1% | 30.1% | 30.1% | 30.1% | 30.1% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Apr-26 | Apr-27 | Apr-28 | Apr-29 | Apr-30 | Apr-31 | Apr-32 | Apr-33 | Apr-34 | Apr-35 | ||
| EBITDA | 1,186 | 1,224 | 1,283 | 1,267 | 1,330 | 1,356 | 1,383 | 1,411 | 1,439 | 1,468 | |
| Other Income / (Exp) | 0 | 0 | 0 | 138 | 178 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (85) | (76) | (81) | (85) | (88) | (90) | (92) | (94) | (96) | (97) | |
| EBIT | 1,101 | 1,147 | 1,202 | 1,321 | 1,419 | 1,266 | 1,291 | 1,317 | 1,344 | 1,371 | |
| Pro forma Taxes | (231) | (241) | (252) | (277) | (298) | (266) | (271) | (277) | (282) | (288) | |
| NOPAT | 916 | 870 | 906 | 949 | 1,044 | 1,121 | 1,000 | 1,020 | 1,041 | 1,061 | 1,083 |
| Capital Expenditures | (167) | (129) | (134) | (139) | (149) | (157) | (148) | (151) | (152) | (150) | (151) |
| NWC Investment | 148 | 93 | (53) | (97) | (124) | (136) | (64) | (66) | (67) | (68) | (70) |
| (+) D&A | 87 | 85 | 76 | 81 | 85 | 88 | 90 | 92 | 94 | 96 | 97 |
| Free Cash Flow | 984 | 919 | 796 | 795 | 856 | 916 | 878 | 895 | 915 | 938 | 959 |
| % Growth | -13% | 0% | 8% | 7% | -4% | 2% | 2% | 3% | 2% | ||