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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal EBITDA Multiple | 6.5x - 8.5x | 7.5x |
| Fair Value | £1.30 - £1.59 | £1.44 |
| Upside | 65.0% - 102.8% | 83.2% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (GBP in millions) | Input Projections | ||||||||||
| Fiscal Years Ending | May-24 | May-25 | May-26 | May-27 | May-28 | May-29 | May-30 | May-31 | May-32 | May-33 | May-34 |
| Revenue | 528 | 494 | 513 | 533 | 543 | 554 | 565 | 577 | 588 | 600 | 612 |
| % Growth | -19.6% | -6.4% | 3.8% | 3.8% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | -48 | 74 | 75 | 79 | 80 | 82 | 83 | 85 | 87 | 89 | 90 |
| % of Revenue | -9.1% | 15.0% | 14.6% | 14.8% | 14.8% | 14.8% | 14.8% | 14.8% | 14.8% | 14.8% | 14.8% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (GBP in millions) | May-25 | May-26 | May-27 | May-28 | May-29 | May-30 | May-31 | May-32 | May-33 | May-34 | |
| EBITDA | 74 | 75 | 79 | 80 | 82 | 83 | 85 | 87 | 89 | 90 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (18) | (16) | (16) | (16) | (17) | (17) | (17) | (18) | (18) | (18) | |
| EBIT | 56 | 59 | 63 | 64 | 65 | 66 | 68 | 69 | 71 | 72 | |
| Pro forma Taxes | (16) | (17) | (18) | (18) | (18) | (19) | (19) | (19) | (20) | (20) | |
| NOPAT | (40) | 40 | 42 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 |
| Capital Expenditures | (6) | (7) | (7) | (7) | (7) | (7) | (7) | (7) | (7) | (7) | (7) |
| NWC Investment | (2) | (1) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 7 | 18 | 16 | 16 | 16 | 17 | 17 | 17 | 18 | 18 | 18 |
| Free Cash Flow | (40) | 51 | 52 | 54 | 55 | 56 | 58 | 59 | 60 | 62 | 63 |
| % Growth | NM | 1% | 5% | 2% | 2% | 3% | 2% | 2% | 2% | 2% | |