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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 0.8% - 1.3% | 1.0% |
| Discount Rate | 11.0% - 10.0% | 10.5% |
| Fair Value | £6.27 - £7.30 | £6.74 |
| Upside | 23.2% - 43.5% | 32.6% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (GBP in millions) | Jun-24 | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | Terminal | |
| Net Income to Common | 57 | 48 | 48 | 48 | 48 | 48 | 48 | |
| % Growth | NM | -15.0% | 0.0% | 0.0% | 0.0% | 0.0% | ||
| Payout Ratio | 16.9% | 31.0% | 46.0% | 61.0% | 76.0% | 90.0% | 92.5% | |
| Projected Dividends | 10 | 15 | 22 | 29 | 37 | 43 | 44 | |
| % Growth | 56.3% | 48.4% | 32.6% | 24.6% | 18.4% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (GBP in millions) | Jun-20 | Jun-21 | Jun-22 | Jun-23 | Jun-24 | Dec-23 | Dec-24 | |
| Cash Dividends Paid | 9 | 8 | 7 | 8 | 10 | 7 | 6 | |
| % Growth | -13% | -2% | 3% | 24% | -11% | |||
| Net Income to Common | (3) | 216 | (192) | (39) | 57 | 23 | 5 | |
| % Growth | NM | NM | NM | NM | -77% | |||
| Payout Ratio | -262% | 4% | -4% | -20% | 17% | 29% | 112% | |
| Retention Ratio | 362% | 96% | 104% | 120% | 83% | 71% | -12% | |
| Adjusted EBITDA | NA | NA | NA | NA | NA | NA | NA | |
| % Growth | NA | NA | NA | NA | NA | |||
| Total Debt | 25 | 65 | 40 | 25 | 40 | 25 | 40 | |
| Shareholder's Equity | 528 | 728 | 499 | 427 | 413 | 413 | 389 | |
| Debt / EBITDA | NM | NM | NM | NM | NM | NM | ||
| Debt / Equity | 5% | 9% | 8% | 6% | 10% | 6% | 10% | |
| 3-Yr Avg. Dividend Growth | 8.1% | |||||||
| 5-Yr Median Payout Ratio | -3.9% | |||||||