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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | -3.911 M - 28.136 M | 2.339 M |
| Discount Rate | 10.5% - 8.5% | 9.5% |
| Fair Value | £0.26 - £1.30 | £0.44 |
| Upside | -63.7% - 80.6% | -39.5% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-24 | ||
| (USD in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 160 | 335 | 402 | 85 | 75 | 75 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | (417) | (308) | 122 | (28) | (62) | (62) | |
| (+) Net Interest Expense | 30 | 26 | 19 | 4 | 2 | 2 | |
| (+) Other Non Operating Exp. | 3 | 6 | 7 | 7 | |||
| (+) D&A | 394 | 576 | 209 | 42 | 52 | 52 | |
| (+) Non-recurring Items | 64 | 4 | 12 | ||||
| Adjusted EBITDA | 71 | 294 | 358 | 36 | (1) | (1) | |
| (-) D&A | (394) | (576) | (209) | (42) | (52) | (52) | |
| Adjusted EBIT | (324) | (282) | 148 | (6) | (52) | (52) | |
| % of Revenue | -202.6% | -84.1% | 36.9% | -7.2% | -70.1% | -70.1% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 0.0% | 0.0% | 36.9% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (USD in millions) | Low | Mid | High | Market | |||
| Enterprise Value | (37) | 25 | 331 | 125 | |||
| (+) Cash & Short Term Investments | 196 | 196 | 196 | 196 | |||
| (+) Investments & Other | 0 | 0 | 0 | 0 | |||
| (-) Debt | (66) | (66) | (66) | (66) | |||
| (-) Other Liabilities | 0 | 0 | 0 | 0 | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 93 | 154 | 461 | 255 | |||
| (/) Shares Outstanding | 275.3 | 275.3 | 275.3 | 275.3 | |||
| Implied Stock Price (USD) | 0.34 | 0.56 | 1.67 | 0.93 | |||
| FX Rate: USD/GBP | 1.29 | 1.29 | 1.29 | 1.29 | |||
| Implied Stock Price (GBP) | 0.26 | 0.44 | 1.30 | 0.72 | |||
| Upside / (Downside) | -63.73% | -39.48% | 80.61% | ||||
| Stock Price | 0.72 | ||||||
| Stock Price Close | 0.72 | ||||||
| Restatment Type | Press Release | ||||||
| Reporting Currency | USD | ||||||
| Trading Currency | GBP | ||||||
| FX Rate: USD/GBP | 1.29 | ||||||
| Market Cap | 198.0 | ||||||
| Shares Outstanding | 275.3 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||