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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 11.0% - 10.0% | 10.5% |
Terminal Revenue Multiple | 0.4x - 0.4x | 0.4x |
Fair Value | €30.20 - €32.40 | €31.28 |
Upside | 59.0% - 70.5% | 64.6% |
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 |
Revenue | 7,174 | 7,900 | 8,528 | 9,206 | 9,916 | 10,461 |
% Growth | 14.7% | 10.1% | 8.0% | 7.9% | 7.7% | 5.5% |
EBITDA | 603 | 796 | 860 | 961 | 965 | 1,153 |
% of Revenue | 8.4% | 10.1% | 10.1% | 10.4% | 9.7% | 11.0% |
Calculation of Free Cash Flow | ||||||
Projected Unlevered Cash Flow | ||||||
(GBP in millions) | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | |
EBITDA | 796 | 860 | 961 | 965 | 1,153 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
D&A | (304) | (321) | (373) | (340) | (546) | |
EBIT | 492 | 539 | 588 | 625 | 607 | |
Pro forma Taxes | (108) | (118) | (129) | (138) | (134) | |
NOPAT | 348 | 384 | 420 | 459 | 488 | 473 |
Capital Expenditures | (391) | (400) | (722) | (1,000) | (1,075) | (900) |
NWC Investment | 298 | 235 | 204 | 220 | 230 | 177 |
(+) D&A | 157 | 304 | 321 | 373 | 340 | 546 |
Free Cash Flow | 411 | 523 | 223 | 51 | (17) | 296 |
% Growth | 27% | -57% | -77% | NM | NM |