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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 9.846 M - 42.473 M | 30.09 M |
| Discount Rate | 11.3% - 9.3% | 10.3% |
| Fair Value | £1.18 - £1.62 | £1.42 |
| Upside | 62.8% - 123.1% | 96.2% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Sep-20 | Sep-21 | Sep-22 | Sep-23 | Sep-24 | Sep-24 | ||
| (GBP in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 16 | 76 | 157 | 43 | 38 | 38 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | (1) | 62 | 140 | 31 | 20 | 20 | |
| (+) Net Interest Expense | 5 | 4 | 5 | 9 | 7 | 7 | |
| (+) Other Non Operating Exp. | |||||||
| (+) D&A | |||||||
| (+) Non-recurring Items | (9) | (0) | (0) | ||||
| Adjusted EBITDA | 4 | 66 | 145 | 31 | 27 | 27 | |
| (-) D&A | #NUM! | #NUM! | #NUM! | #NUM! | #NUM! | #NUM! | |
| Adjusted EBIT | 4 | 66 | 145 | 31 | 27 | 27 | |
| % of Revenue | 24.5% | 86.6% | 92.1% | 73.3% | 70.4% | 70.4% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 24.5% | 73.3% | 92.1% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (GBP in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 88 | 294 | 459 | (300) | |||
| (+) Cash & Short Term Investments | 972 | 972 | 972 | 972 | |||
| (+) Investments & Other | 0 | 0 | 0 | 0 | |||
| (-) Debt | (56) | (56) | (56) | (56) | |||
| (-) Other Liabilities | 0 | 0 | 0 | 0 | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 1,004 | 1,210 | 1,375 | 616 | |||
| (/) Shares Outstanding | 851.5 | 851.5 | 851.5 | 851.5 | |||
| Implied Stock Price (GBP) | 1.18 | 1.42 | 1.62 | 0.72 | |||
| FX Rate: GBP/GBP | 1.00 | 1.00 | 1.00 | 1.00 | |||
| Implied Stock Price (GBP) | 1.18 | 1.42 | 1.62 | 0.72 | |||
| Upside / (Downside) | 62.78% | 96.21% | 123.07% | ||||
| Stock Price | 0.72 | ||||||
| Stock Price Close | 0.72 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | GBP | ||||||
| Trading Currency | GBP | ||||||
| FX Rate: GBP/GBP | 1.00 | ||||||
| Market Cap | 616.5 | ||||||
| Shares Outstanding | 851.5 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||