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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 0.8% - 1.3% | 1.0% |
| Discount Rate | 9.9% - 8.9% | 9.4% |
| Fair Value | £0.81 - £0.96 | £0.88 |
| Upside | 38.1% - 63.5% | 49.7% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (GBP in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| Net Income to Common | 1 | 1 | 1 | 1 | 1 | 1 | 1 | |
| % Growth | -44.4% | -6.2% | 2.0% | 2.0% | 2.0% | 2.0% | ||
| Payout Ratio | 46.6% | 55.0% | 64.0% | 73.0% | 82.0% | 90.0% | 92.5% | |
| Projected Dividends | 1 | 1 | 1 | 1 | 1 | 1 | 1 | |
| % Growth | 10.7% | 18.7% | 16.3% | 14.6% | 12.0% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (GBP in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-23 | Dec-24 | |
| Cash Dividends Paid | 0 | 0 | 1 | 1 | 1 | 1 | 1 | |
| % Growth | 63% | 28% | 4% | 9% | 9% | |||
| Net Income to Common | 0 | 2 | 2 | 2 | 1 | 2 | 1 | |
| % Growth | 301% | -2% | 31% | -44% | -44% | |||
| Payout Ratio | 56% | 23% | 30% | 24% | 47% | 24% | 47% | |
| Retention Ratio | 44% | 77% | 70% | 76% | 53% | 76% | 53% | |
| Adjusted EBITDA | 1 | 1 | 2 | 2 | 2 | 2 | 2 | |
| % Growth | 4% | 57% | 28% | -12% | -12% | |||
| Total Debt | 1 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Shareholder's Equity | 4 | 5 | 4 | 6 | 6 | 6 | 6 | |
| Debt / EBITDA | 0.9 | 0.4 | 0.1 | 0.0 | 0.0 | 0.0 | ||
| Debt / Equity | 24% | 10% | 5% | 0% | 0% | 0% | 0% | |
| 3-Yr Avg. Dividend Growth | 13.7% | |||||||
| 5-Yr Median Payout Ratio | 29.7% | |||||||