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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Terminal Revenue Multiple | 1.0x - 1.2x | 1.1x |
| Fair Value | £0.072 - £0.090 | £0.081 |
| Upside | -56.3% - -45.7% | -51.2% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (GBP in millions) | Input Projections | ||||||||||
| Fiscal Years Ending | Jan-25 | Jan-26 | Jan-27 | Jan-28 | Jan-29 | Jan-30 | Jan-31 | Jan-32 | Jan-33 | Jan-34 | Jan-35 |
| Revenue | 14 | 15 | 17 | 19 | 21 | 22 | 22 | 22 | 23 | 23 | 24 |
| % Growth | 17.5% | 3.5% | 17.8% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | -4 | 0 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| % of Revenue | -26.2% | -2.3% | 5.2% | 7.7% | 8.7% | 8.7% | 8.7% | 8.7% | 8.7% | 8.7% | 8.7% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Jan-26 | Jan-27 | Jan-28 | Jan-29 | Jan-30 | Jan-31 | Jan-32 | Jan-33 | Jan-34 | Jan-35 | ||
| EBITDA | (0) | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2) | (2) | (2) | (3) | (3) | (3) | (3) | (3) | (3) | (3) | |
| EBIT | (2) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | |
| Pro forma Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| NOPAT | (3) | (2) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) |
| Capital Expenditures | (0) | (2) | (2) | (2) | (2) | (2) | (2) | (2) | (2) | (2) | (2) |
| NWC Investment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 0 | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Free Cash Flow | (3) | (2) | (1) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| % Growth | NM | NM | NM | NM | NM | NM | NM | NM | NM | ||