Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal EBITDA Multiple | 6.6x - 8.6x | 7.6x |
| Fair Value | €36.54 - €43.70 | €40.05 |
| Upside | 37.4% - 64.3% | 50.6% |
| Select Revenue and EBITDA Forecast | ||||||
| (GBP in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
| Revenue | 6,965 | 7,296 | 7,707 | 8,126 | 8,411 | 8,579 |
| % Growth | 0.6% | 4.8% | 5.6% | 5.4% | 3.5% | 2.0% |
| EBITDA | 268 | 330 | 354 | 378 | 391 | 399 |
| % of Revenue | 3.9% | 4.5% | 4.6% | 4.7% | 4.7% | 4.7% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (GBP in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 330 | 354 | 378 | 391 | 399 | |
| Other Income / (Exp) | 0 | 0 | 0 | 148 | 142 | |
| D&A | (73) | (81) | (89) | (92) | (94) | |
| EBIT | 257 | 274 | 289 | 447 | 447 | |
| Pro forma Taxes | (69) | (74) | (78) | (121) | (121) | |
| NOPAT | 172 | 187 | 200 | 211 | 326 | 326 |
| Capital Expenditures | (19) | (35) | (36) | (37) | (29) | (31) |
| NWC Investment | (0) | (3) | (4) | (4) | (3) | (2) |
| (+) D&A | 32 | 73 | 81 | 89 | 92 | 94 |
| Free Cash Flow | 185 | 222 | 239 | 259 | 386 | 387 |
| % Growth | 20% | 8% | 8% | 49% | 0% | |