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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal EBITDA Multiple | 14.1x - 16.1x | 15.1x |
| Fair Value | £14.71 - £17.76 | £16.18 |
| Upside | -19.4% - -2.7% | -11.3% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (USD in millions) | Input Projections | ||||||||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 174 | 247 | 226 | 189 | 115 | 115 | 115 | 115 | 115 | 115 | 115 |
| % Growth | 25.3% | 41.9% | -8.4% | -16.3% | -39.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 71 | 125 | 111 | 83 | 50 | 50 | 50 | 50 | 50 | 50 | 50 |
| % of Revenue | 40.6% | 50.8% | 49.0% | 43.8% | 43.8% | 43.8% | 43.8% | 43.8% | 43.8% | 43.8% | 43.8% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 125 | 111 | 83 | 50 | 50 | 50 | 50 | 50 | 50 | 50 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (16) | (20) | (19) | (12) | (12) | (12) | (12) | (12) | (12) | (12) | |
| EBIT | 109 | 91 | 63 | 39 | 39 | 39 | 39 | 39 | 39 | 39 | |
| Pro forma Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| NOPAT | 55 | 109 | 91 | 63 | 39 | 39 | 39 | 39 | 39 | 39 | 39 |
| Capital Expenditures | (31) | (39) | (37) | (172) | (83) | (97) | (17) | (17) | (17) | (17) | (17) |
| NWC Investment | (5) | (10) | 3 | 5 | 10 | 0 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 16 | 16 | 20 | 19 | 12 | 12 | 12 | 12 | 12 | 12 | 12 |
| Free Cash Flow | 35 | 76 | 76 | (84) | (22) | (47) | 33 | 33 | 33 | 33 | 33 |
| % Growth | 120% | 1% | NM | NM | NM | NM | 0% | 0% | 0% | NM | |