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	DCF VALUATION & EQUITY BRIDGE
	($mm, except per share data)
	TERMINAL VALUE	Gordon Growth	Exit Multiple
	Terminal Year UFCF (FY2030E)	1,095.7	1,095.7
	Terminal Year EBITDA (FY2030E)		1,751.7
	Terminal Growth Rate (g)	2.5%
	Exit EV/EBITDA Multiple		12.0
	WACC	11.0%	11.0%
	Terminal Value	13,155.1	21,020.4
	PV of Terminal Value	8,212.6	13,122.8
	ENTERPRISE VALUE BRIDGE	Gordon Growth	Exit Multiple	Blended
	Sum of PV of UFCF	3,355.6	3,355.6	3,355.6
	(+) PV of Terminal Value	8,212.6	13,122.8	10,667.7
	Enterprise Value (EV)	11,568.2	16,478.4	14,023.3
	EQUITY BRIDGE
	Enterprise Value	11,568.2	16,478.4	14,023.3
	(-) Total Debt	(1,500.0)	(1,500.0)	(1,500.0)
	(+) Cash & Equivalents	350.0	350.0	350.0
	Equity Value	10,418.2	15,328.4	12,873.3
	IMPLIED SHARE PRICE
	Shares Outstanding (mm)	250.0	250.0	250.0
	Implied Share Price	$41.67	$61.31	$51.49
	Current Share Price	$42.00	$42.00	$42.00
	Upside / (Downside) %	-0.8%	46.0%	22.6%
	TV AS % OF EV
	TV % of Enterprise Value	71.0%	79.6%	76.1%