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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal EBITDA Multiple | 5.2x - 7.2x | 6.2x |
| Fair Value | €2.59 - €3.80 | €3.17 |
| Upside | 23.3% - 81.0% | 51.1% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (GBP in millions) | Input Projections | ||||||||||
| Fiscal Years Ending | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 | Mar-35 |
| Revenue | 20,358 | 19,960 | 19,880 | 19,995 | 19,953 | 20,277 | 20,277 | 20,277 | 20,277 | 20,277 | 20,277 |
| % Growth | -2.1% | -2.0% | -0.4% | 0.6% | -0.2% | 1.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 6,469 | 8,230 | 8,288 | 8,354 | 8,446 | 8,572 | 8,572 | 8,572 | 8,572 | 8,572 | 8,572 |
| % of Revenue | 31.8% | 41.2% | 41.7% | 41.8% | 42.3% | 42.3% | 42.3% | 42.3% | 42.3% | 42.3% | 42.3% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (GBP in millions) | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 | Mar-35 | |
| EBITDA | 8,230 | 8,288 | 8,354 | 8,446 | 8,572 | 8,572 | 8,572 | 8,572 | 8,572 | 8,572 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (4,920) | (4,837) | (4,721) | (4,812) | (4,889) | (4,889) | (4,889) | (4,889) | (4,889) | (4,889) | |
| EBIT | 3,310 | 3,451 | 3,633 | 3,634 | 3,683 | 3,683 | 3,683 | 3,683 | 3,683 | 3,683 | |
| Pro forma Taxes | (860) | (897) | (945) | (945) | (958) | (958) | (958) | (958) | (958) | (958) | |
| NOPAT | 2,307 | 2,449 | 2,554 | 2,688 | 2,689 | 2,725 | 2,725 | 2,725 | 2,725 | 2,725 | 2,725 |
| Capital Expenditures | (4,937) | (5,007) | (4,506) | (3,966) | (3,916) | (3,757) | (3,757) | (3,757) | (3,757) | (3,757) | (3,757) |
| NWC Investment | (40) | (36) | (7) | 11 | (4) | 30 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 3,352 | 4,920 | 4,837 | 4,721 | 4,812 | 4,889 | 4,889 | 4,889 | 4,889 | 4,889 | 4,889 |
| Free Cash Flow | 681 | 2,326 | 2,878 | 3,454 | 3,581 | 3,887 | 3,857 | 3,857 | 3,857 | 3,857 | 3,857 |
| % Growth | 241% | 24% | 20% | 4% | 9% | -1% | 0% | 0% | 0% | 0% | |