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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal EBITDA Multiple | 4.3x - 6.3x | 5.3x |
| Fair Value | £0.84 - £1.15 | £0.99 |
| Upside | 7.2% - 46.9% | 26.7% |
| 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 |
| Revenue | 528 | 494 | 513 | 533 | 543 | 554 |
| % Growth | -19.6% | -6.4% | 3.8% | 3.8% | 2.0% | 2.0% |
| EBITDA | -48 | 74 | 75 | 79 | 80 | 82 |
| % of Revenue | -9.1% | 15.0% | 14.6% | 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 | |
| EBITDA | 74 | 75 | 79 | 80 | 82 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (18) | (16) | (16) | (16) | (17) | |
| EBIT | 56 | 59 | 63 | 64 | 65 | |
| Pro forma Taxes | (16) | (17) | (18) | (18) | (18) | |
| NOPAT | (40) | 40 | 42 | 45 | 46 | 47 |
| Capital Expenditures | (6) | (7) | (7) | (7) | (7) | (7) |
| NWC Investment | (2) | (1) | 0 | 0 | 0 | 0 |
| (+) D&A | 7 | 18 | 16 | 16 | 16 | 17 |
| Free Cash Flow | (40) | 51 | 52 | 54 | 55 | 56 |
| % Growth | NM | 1% | 5% | 2% | 2% | |