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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Terminal EBITDA Multiple | 4.1x - 6.1x | 5.1x |
| Fair Value | €1.82 - €2.41 | €2.11 |
| Upside | 48.4% - 95.8% | 71.2% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 963 | 1,065 | 1,098 | 1,147 | 1,154 | 1,425 | 1,603 | 1,724 | 1,784 | 1,820 | 1,856 |
| % Growth | 77.7% | 10.7% | 3.1% | 4.4% | 0.6% | 23.5% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% |
| EBITDA | 147 | 250 | 263 | 277 | 312 | 365 | 426 | 467 | 483 | 493 | 503 |
| % of Revenue | 15.3% | 23.4% | 23.9% | 24.2% | 27.0% | 25.6% | 26.6% | 27.1% | 27.1% | 27.1% | 27.1% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (GBP in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 250 | 263 | 277 | 312 | 365 | 426 | 467 | 483 | 493 | 503 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (64) | (64) | (66) | (71) | (88) | (99) | (106) | (110) | (112) | (114) | |
| EBIT | 186 | 199 | 211 | 241 | 277 | 328 | 361 | 373 | 381 | 389 | |
| Pro forma Taxes | (52) | (56) | (59) | (67) | (78) | (92) | (101) | (105) | (107) | (109) | |
| NOPAT | 60 | 134 | 143 | 152 | 174 | 199 | 236 | 260 | 269 | 274 | 280 |
| Capital Expenditures | (58) | (70) | (70) | (73) | (74) | (43) | (48) | (52) | (48) | (49) | (50) |
| NWC Investment | 29 | 7 | 2 | 3 | 1 | 19 | 12 | 8 | 4 | 2 | 2 |
| (+) D&A | 64 | 64 | 64 | 66 | 71 | 88 | 99 | 106 | 110 | 112 | 114 |
| Free Cash Flow | 95 | 134 | 139 | 148 | 171 | 263 | 298 | 322 | 335 | 340 | 347 |
| % Growth | 42% | 4% | 7% | 15% | 54% | 14% | 8% | 4% | 1% | 2% | |