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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.5% - 10.5% | 11.0% |
| Terminal Revenue Multiple | 0.7x - 0.8x | 0.7x |
| Fair Value | £2.78 - £3.13 | £2.95 |
| Upside | 73.9% - 95.8% | 84.6% |
| Select Revenue and EBITDA Forecast | ||||||
| (GBP in millions) | Input Projections | |||||
| Fiscal Years Ending | Aug-24 | Aug-25 | Aug-26 | Aug-27 | Aug-28 | Aug-29 |
| Revenue | 159 | 162 | 166 | 172 | 285 | 302 |
| % Growth | -11.2% | 2.4% | 2.5% | 3.4% | 65.5% | 6.0% |
| EBITDA | 24 | 25 | 26 | 27 | 35 | 40 |
| % of Revenue | 15.1% | 15.3% | 15.3% | 15.9% | 12.3% | 13.3% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (GBP in millions) | Aug-25 | Aug-26 | Aug-27 | Aug-28 | Aug-29 | |
| EBITDA | 25 | 26 | 27 | 35 | 40 | |
| Other Income / (Exp) | 0 | 0 | 0 | 44 | 44 | |
| D&A | (9) | (9) | (10) | (16) | (17) | |
| EBIT | 16 | 16 | 18 | 63 | 67 | |
| Pro forma Taxes | (4) | (4) | (4) | (16) | (17) | |
| NOPAT | 8 | 12 | 12 | 13 | 47 | 50 |
| Capital Expenditures | (1) | (11) | (12) | (12) | (19) | (20) |
| NWC Investment | 7 | (1) | (1) | (2) | (39) | (6) |
| (+) D&A | 13 | 9 | 9 | 10 | 16 | 17 |
| Free Cash Flow | 27 | 8 | 8 | 9 | 5 | 42 |
| % Growth | -70% | -4% | 9% | -37% | 676% | |