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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | €14.14 - €16.42 | €14.89 |
| Upside | 34.2% - 55.8% | 41.3% |
| 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 | 2,282 | 2,507 | 2,622 | 2,744 | 2,799 | 2,855 | |
| % Growth | -1.6% | 9.9% | 4.6% | 4.6% | 2.0% | 2.0% | |
| EBITDA | 217 | 310 | 333 | 354 | 361 | 368 | |
| % of Revenue | 9.5% | 12.3% | 12.7% | 12.9% | 12.9% | 12.9% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (GBP in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 310 | 333 | 354 | 361 | 368 | 368 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (124) | (125) | (122) | (125) | (127) | (69) | |
| EBIT | 186 | 208 | 232 | 236 | 241 | 299 | |
| Pro forma Taxes | (33) | (37) | (42) | (43) | (43) | (54) | |
| NOPAT | 126 | 153 | 170 | 190 | 194 | 198 | 245 |
| Capital Expenditures | (40) | (65) | (70) | (70) | (71) | (73) | (73) |
| NWC Investment | 3 | (21) | (11) | (11) | (5) | (5) | 0 |
| (+) D&A | 63 | 124 | 125 | 122 | 125 | 127 | 69 |
| Free Cash Flow | 153 | 190 | 214 | 231 | 242 | 247 | 242 |
| % Growth | 24% | 13% | 8% | 5% | 2% | -2% | |