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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Terminal EBITDA Multiple | 13.9x - 15.9x | 14.9x |
| Fair Value | €27.59 - €32.06 | €29.79 |
| Upside | 3.3% - 20.1% | 11.6% |
| Select Revenue and EBITDA Forecast | ||||||
| (GBP in millions) | Input Projections | |||||
| Fiscal Years Ending | Jul-24 | Jul-25 | Jul-26 | Jul-27 | Jul-28 | Jul-29 |
| Revenue | 3,132 | 3,333 | 3,463 | 3,619 | 3,094 | 2,599 |
| % Growth | 3.1% | 6.4% | 3.9% | 4.5% | -14.5% | -16.0% |
| EBITDA | 540 | 662 | 698 | 741 | 629 | 675 |
| % of Revenue | 17.2% | 19.9% | 20.1% | 20.5% | 20.3% | 26.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (GBP in millions) | Jul-25 | Jul-26 | Jul-27 | Jul-28 | Jul-29 | |
| EBITDA | 662 | 698 | 741 | 629 | 675 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (86) | (83) | (81) | (29) | (117) | |
| EBIT | 577 | 615 | 660 | 600 | 558 | |
| Pro forma Taxes | (219) | (234) | (251) | (228) | (212) | |
| NOPAT | 277 | 357 | 381 | 409 | 372 | 346 |
| Capital Expenditures | (68) | (100) | (87) | (93) | (97) | (97) |
| NWC Investment | (20) | (42) | (27) | (33) | 109 | 103 |
| (+) D&A | 94 | 86 | 83 | 81 | 29 | 117 |
| Free Cash Flow | 283 | 302 | 350 | 365 | 414 | 469 |
| % Growth | 7% | 16% | 4% | 13% | 13% | |