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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.0% - 8.0% | 8.5% |
| Terminal EBITDA Multiple | 9.7x - 11.7x | 10.7x |
| Fair Value | $27.63 - $33.59 | $30.56 |
| Upside | 25.2% - 52.2% | 38.4% |
| Select Revenue and EBITDA Forecast | ||||||
| (GBP in millions) | Input Projections | |||||
| Fiscal Years Ending | Jul-24 | Jul-25 | Jul-26 | Jul-27 | Jul-28 | Jul-29 |
| Revenue | 3,132 | 3,325 | 3,496 | 3,646 | 3,831 | 3,633 |
| % Growth | 3.1% | 6.1% | 5.1% | 4.3% | 5.1% | -5.2% |
| EBITDA | 540 | 663 | 720 | 794 | 833 | 908 |
| % of Revenue | 17.2% | 19.9% | 20.6% | 21.8% | 21.7% | 25.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (GBP in millions) | Jul-25 | Jul-26 | Jul-27 | Jul-28 | Jul-29 | |
| EBITDA | 663 | 720 | 794 | 833 | 908 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (89) | (97) | (128) | (134) | (175) | |
| EBIT | 574 | 623 | 666 | 699 | 733 | |
| Pro forma Taxes | (218) | (237) | (253) | (266) | (279) | |
| NOPAT | 277 | 356 | 386 | 413 | 433 | 454 |
| Capital Expenditures | (68) | (101) | (95) | (94) | (121) | (121) |
| NWC Investment | (20) | (40) | (36) | (31) | (38) | 41 |
| (+) D&A | 94 | 89 | 97 | 128 | 134 | 175 |
| Free Cash Flow | 283 | 304 | 353 | 416 | 408 | 550 |
| % Growth | 7% | 16% | 18% | -2% | 35% | |