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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.0% - 8.0% | 8.5% |
| Perpetuity Growth Rate | 1.7% - 2.8% | 2.3% |
| Fair Value | £10.78 - £14.20 | £12.22 |
| Upside | -14.2% - 13.1% | -2.7% |
| Select Revenue and EBITDA Forecast | |||||||
| (GBP in millions) | Input Projections | ||||||
| Fiscal Years Ending | Apr-24 | Apr-25 | Apr-26 | Apr-27 | Apr-28 | Apr-29 | |
| Revenue | 203 | 241 | 282 | 302 | 312 | 319 | |
| % Growth | 10.8% | 18.8% | 17.2% | 7.0% | 3.5% | 2.0% | |
| EBITDA | 27 | 33 | 45 | 50 | 52 | 53 | |
| % of Revenue | 13.2% | 13.7% | 16.1% | 16.6% | 16.6% | 16.6% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (GBP in millions) | Apr-25 | Apr-26 | Apr-27 | Apr-28 | Apr-29 | Terminal | |
| EBITDA | 33 | 45 | 50 | 52 | 53 | 53 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (6) | (9) | (10) | (10) | (10) | (11) | |
| EBIT | 27 | 36 | 41 | 42 | 43 | 42 | |
| Pro forma Taxes | (4) | (6) | (7) | (7) | (7) | (7) | |
| NOPAT | 18 | 23 | 30 | 34 | 35 | 36 | 35 |
| Capital Expenditures | (7) | (17) | (9) | (9) | (11) | (11) | (11) |
| NWC Investment | (1) | (2) | (2) | (1) | (1) | (0) | (0) |
| (+) D&A | 6 | 6 | 9 | 10 | 10 | 10 | 11 |
| Free Cash Flow | 16 | 10 | 29 | 34 | 33 | 34 | 34 |
| % Growth | -36% | 187% | 18% | -2% | 3% | 0% | |