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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal Revenue Multiple | 1.9x - 2.1x | 2.0x |
| Fair Value | €2.06 - €2.55 | €2.30 |
| Upside | 4.1% - 28.6% | 16.2% |
| Select Revenue and EBITDA Forecast | ||||||
| (GBP in millions) | Input Projections | |||||
| Fiscal Years Ending | Mar-24 | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 |
| Revenue | 20,797 | 20,371 | 20,230 | 20,219 | 20,414 | 19,884 |
| % Growth | 0.6% | -2.0% | -0.7% | -0.1% | 1.0% | -2.6% |
| EBITDA | 6,457 | 8,223 | 8,257 | 8,302 | 8,358 | 8,249 |
| % of Revenue | 31.0% | 40.4% | 40.8% | 41.1% | 40.9% | 41.5% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (GBP in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | |
| EBITDA | 8,223 | 8,257 | 8,302 | 8,358 | 8,249 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (4,846) | (4,817) | (4,791) | (4,894) | (4,801) | |
| EBIT | 3,377 | 3,440 | 3,511 | 3,464 | 3,448 | |
| Pro forma Taxes | (912) | (929) | (948) | (935) | (931) | |
| NOPAT | 2,299 | 2,465 | 2,511 | 2,563 | 2,529 | 2,517 |
| Capital Expenditures | (4,969) | (4,975) | (4,868) | (4,624) | (4,234) | (4,050) |
| NWC Investment | 8 | (30) | (10) | (1) | 14 | (37) |
| (+) D&A | 3,308 | 4,846 | 4,817 | 4,791 | 4,894 | 4,801 |
| Free Cash Flow | 646 | 2,306 | 2,450 | 2,729 | 3,203 | 3,231 |
| % Growth | 257% | 6% | 11% | 17% | 1% | |