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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Perpetuity Growth Rate | 2.8% - 3.8% | 3.3% |
| Fair Value | £3.86 - £5.25 | £4.43 |
| Upside | 17.7% - 60.1% | 35.2% |
| Select Revenue and EBITDA Forecast | |||||||
| (GBP in millions) | Input Projections | ||||||
| Fiscal Years Ending | Jun-24 | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | |
| Revenue | 42 | 46 | 51 | 57 | 66 | 76 | |
| % Growth | 16.5% | 10.6% | 10.8% | 11.8% | 15.6% | 14.7% | |
| EBITDA | 8 | 13 | 15 | 17 | 20 | 18 | |
| % of Revenue | 19.6% | 27.7% | 28.4% | 29.3% | 29.4% | 23.8% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (GBP in millions) | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | Terminal | |
| EBITDA | 13 | 15 | 17 | 20 | 18 | 18 | |
| Other Income / (Exp) | 0 | 0 | 0 | 6 | 0 | 0 | |
| D&A | (3) | (4) | (3) | (4) | (5) | (2) | |
| EBIT | 10 | 11 | 13 | 22 | 14 | 16 | |
| Pro forma Taxes | (2) | (2) | (2) | (4) | (2) | (3) | |
| NOPAT | 6 | 8 | 9 | 11 | 18 | 11 | 13 |
| Capital Expenditures | (1) | (2) | (2) | (3) | (3) | (2) | (2) |
| NWC Investment | (1) | (1) | (1) | (1) | (1) | (2) | (0) |
| (+) D&A | 1 | 3 | 4 | 3 | 4 | 5 | 2 |
| Free Cash Flow | 5 | 8 | 10 | 11 | 17 | 12 | 13 |
| % Growth | 73% | 14% | 12% | 60% | -30% | 6% | |