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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal Revenue Multiple | 0.5x - 0.5x | 0.5x |
| Fair Value | $109.94 - $123.31 | $116.51 |
| Upside | 42.6% - 60.0% | 51.2% |
| 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 | 10,043 | 9,249 | 9,954 | 10,929 | 12,627 | 14,314 |
| % Growth | -9.7% | -7.9% | 7.6% | 9.8% | 15.5% | 13.4% |
| EBITDA | 701 | 626 | 716 | 849 | 1,020 | 1,280 |
| % of Revenue | 7.0% | 6.8% | 7.2% | 7.8% | 8.1% | 8.9% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Jul-25 | Jul-26 | Jul-27 | Jul-28 | Jul-29 | |
| EBITDA | 626 | 716 | 849 | 1,020 | 1,280 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (331) | (296) | (289) | (250) | (283) | |
| EBIT | 296 | 419 | 560 | 770 | 996 | |
| Pro forma Taxes | (65) | (92) | (123) | (169) | (219) | |
| NOPAT | 331 | 231 | 327 | 437 | 601 | 777 |
| Capital Expenditures | (140) | (165) | (200) | (194) | (215) | (243) |
| NWC Investment | 76 | 56 | (50) | (69) | (120) | (120) |
| (+) D&A | 277 | 331 | 296 | 289 | 250 | 283 |
| Free Cash Flow | 545 | 452 | 373 | 462 | 516 | 697 |
| % Growth | -17% | -17% | 24% | 12% | 35% | |