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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 6.3% - 6.8% | 6.5% |
| Discount Rate | 11.0% - 10.0% | 10.5% |
| Fair Value | €17.52 - €25.21 | €20.65 |
| Upside | 43.6% - 106.6% | 69.2% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (GBP in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| Net Income to Common | 122 | 140 | 157 | 177 | 181 | 184 | 184 | |
| % Growth | -18.0% | 15.1% | 11.7% | 13.1% | 2.0% | 2.0% | ||
| Payout Ratio | 60.0% | 66.0% | 72.0% | 78.0% | 84.0% | 90.0% | 92.5% | |
| Projected Dividends | 73 | 93 | 113 | 138 | 152 | 166 | 171 | |
| % Growth | 26.6% | 21.8% | 22.5% | 9.8% | 9.3% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (GBP in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-23 | Dec-24 | |
| Cash Dividends Paid | 0 | 85 | 74 | 73 | 73 | 73 | 73 | |
| % Growth | NM | -13% | -2% | 1% | 1% | |||
| Net Income to Common | 109 | 207 | 209 | 149 | 122 | 149 | 122 | |
| % Growth | 89% | 1% | -29% | -18% | -18% | |||
| Payout Ratio | 0% | 41% | 35% | 49% | 60% | 49% | 60% | |
| Retention Ratio | 100% | 59% | 65% | 51% | 40% | 51% | 40% | |
| Adjusted EBITDA | 216 | 309 | 294 | 243 | 217 | 243 | 217 | |
| % Growth | 44% | -5% | -18% | -11% | -11% | |||
| Total Debt | 811 | 706 | 703 | 633 | 641 | 633 | 641 | |
| Shareholder's Equity | 1,467 | 1,720 | 1,746 | 1,656 | 1,596 | 1,656 | 1,596 | |
| Debt / EBITDA | 3.8 | 2.3 | 2.4 | 2.6 | 3.0 | 3.4 | ||
| Debt / Equity | 55% | 41% | 40% | 38% | 40% | 38% | 40% | |
| 3-Yr Avg. Dividend Growth | -4.6% | |||||||
| 5-Yr Median Payout Ratio | 41.1% | |||||||