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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal EBITDA Multiple | 6.7x - 8.7x | 7.7x |
| Fair Value | $7.77 - $10.05 | $8.89 |
| Upside | 5.8% - 36.8% | 21.0% |
| Select Revenue and EBITDA Forecast | ||||||
| (GBP in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
| Revenue | 3,468 | 3,547 | 3,801 | 4,147 | 4,374 | 4,911 |
| % Growth | 3.5% | 2.3% | 7.2% | 9.1% | 5.5% | 12.3% |
| EBITDA | 323 | 817 | 943 | 1,054 | 1,178 | 1,337 |
| % of Revenue | 9.3% | 23.0% | 24.8% | 25.4% | 26.9% | 27.2% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (GBP in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 817 | 943 | 1,054 | 1,178 | 1,337 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (153) | (163) | (170) | (194) | (226) | |
| EBIT | 664 | 780 | 884 | 984 | 1,111 | |
| Pro forma Taxes | (166) | (195) | (221) | (246) | (278) | |
| NOPAT | (6) | 498 | 585 | 663 | 738 | 833 |
| Capital Expenditures | (108) | (153) | (164) | (176) | (175) | (177) |
| NWC Investment | 9 | 6 | 20 | 27 | 17 | 41 |
| (+) D&A | 331 | 153 | 163 | 170 | 194 | 226 |
| Free Cash Flow | 226 | 504 | 603 | 683 | 774 | 924 |
| % Growth | 123% | 20% | 13% | 13% | 19% | |