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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal EBITDA Multiple | 10.4x - 12.4x | 11.4x |
| Fair Value | $128.05 - $157 | $142.28 |
| Upside | 15.1% - 41.1% | 27.8% |
| Select Revenue and EBITDA Forecast | ||||||
| (USD in millions) | Input Projections | |||||
| Fiscal Years Ending | Mar-24 | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 |
| Revenue | 10,662 | 12,050 | 12,824 | 13,753 | 15,262 | 16,407 |
| % Growth | 15.2% | 13.0% | 6.4% | 7.2% | 11.0% | 7.5% |
| EBITDA | 1,200 | 1,327 | 1,434 | 1,544 | 1,721 | 2,014 |
| % of Revenue | 11.3% | 11.0% | 11.2% | 11.2% | 11.3% | 12.3% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | |
| EBITDA | 1,327 | 1,434 | 1,544 | 1,721 | 2,014 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (89) | (134) | (152) | (203) | (218) | |
| EBIT | 1,238 | 1,300 | 1,391 | 1,518 | 1,796 | |
| Pro forma Taxes | (260) | (273) | (292) | (319) | (377) | |
| NOPAT | 818 | 978 | 1,027 | 1,099 | 1,199 | 1,419 |
| Capital Expenditures | (67) | (97) | (101) | (106) | (101) | (109) |
| NWC Investment | (84) | (83) | (46) | (56) | (90) | (68) |
| (+) D&A | 164 | 89 | 134 | 152 | 203 | 218 |
| Free Cash Flow | 832 | 887 | 1,013 | 1,090 | 1,211 | 1,460 |
| % Growth | 7% | 14% | 8% | 11% | 21% | |