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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal Revenue Multiple | 0.8x - 0.9x | 0.9x |
| Fair Value | €14.13 - €15.69 | €14.90 |
| Upside | 29.3% - 43.6% | 36.3% |
| 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 | 2,501 | 2,607 | 2,741 | 2,837 | 2,893 |
| % Growth | -1.6% | 9.6% | 4.3% | 5.1% | 3.5% | 2.0% |
| EBITDA | 217 | 309 | 329 | 347 | 359 | 366 |
| % of Revenue | 9.5% | 12.4% | 12.6% | 12.7% | 12.7% | 12.7% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (GBP in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 309 | 329 | 347 | 359 | 366 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (124) | (123) | (115) | (119) | (121) | |
| EBIT | 186 | 206 | 232 | 240 | 245 | |
| Pro forma Taxes | (33) | (37) | (42) | (43) | (44) | |
| NOPAT | 126 | 152 | 169 | 190 | 197 | 201 |
| Capital Expenditures | (40) | (65) | (70) | (70) | (72) | (74) |
| NWC Investment | 3 | (20) | (10) | (13) | (9) | (5) |
| (+) D&A | 63 | 124 | 123 | 115 | 119 | 121 |
| Free Cash Flow | 153 | 190 | 212 | 223 | 234 | 243 |
| % Growth | 25% | 11% | 5% | 5% | 4% | |