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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.0% - 8.0% | 8.5% |
| Terminal EBITDA Multiple | 12.1x - 14.1x | 13.1x |
| Fair Value | £2.57 - £3.12 | £2.84 |
| Upside | 11.3% - 35.1% | 22.8% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (USD 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 | 2,289 | 2,364 | 2,516 | 2,673 | 2,866 | 2,997 | 3,057 | 3,118 | 3,180 | 3,244 | 3,309 |
| % Growth | 6.9% | 3.2% | 6.4% | 6.3% | 7.2% | 4.6% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 528 | 628 | 685 | 753 | 837 | 837 | 854 | 871 | 888 | 906 | 924 |
| % of Revenue | 23.1% | 26.6% | 27.2% | 28.2% | 29.2% | 27.9% | 27.9% | 27.9% | 27.9% | 27.9% | 27.9% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 628 | 685 | 753 | 837 | 837 | 854 | 871 | 888 | 906 | 924 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (102) | (99) | (101) | (114) | (61) | (62) | (63) | (65) | (66) | (67) | |
| EBIT | 527 | 587 | 652 | 723 | 776 | 792 | 807 | 823 | 840 | 857 | |
| Pro forma Taxes | (132) | (147) | (163) | (181) | (194) | (198) | (202) | (206) | (210) | (214) | |
| NOPAT | 263 | 395 | 440 | 489 | 542 | 582 | 594 | 606 | 618 | 630 | 643 |
| Capital Expenditures | (122) | (137) | (137) | (149) | (149) | (172) | (157) | (159) | (162) | (159) | (160) |
| NWC Investment | (21) | (11) | (22) | (23) | (28) | (19) | (9) | (9) | (9) | (9) | (9) |
| (+) D&A | 177 | 102 | 99 | 101 | 114 | 61 | 62 | 63 | 65 | 66 | 67 |
| Free Cash Flow | 297 | 349 | 379 | 419 | 479 | 452 | 491 | 501 | 511 | 527 | 540 |
| % Growth | 18% | 9% | 10% | 14% | -6% | 9% | 2% | 2% | 3% | 2% | |