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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 5.3% - 5.8% | 5.5% |
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Fair Value | $31.63 - $45.66 | $37.33 |
| Upside | 22.4% - 76.7% | 44.5% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (GBP in millions) | Jul-24 | Jul-25 | Jul-26 | Jul-27 | Jul-28 | Jul-29 | Terminal | |
| Net Income to Common | 250 | 400 | 433 | 480 | 482 | 510 | 510 | |
| % Growth | 11.1% | 60.0% | 8.2% | 11.0% | 0.4% | 5.8% | ||
| Payout Ratio | 58.8% | 65.0% | 71.0% | 77.0% | 83.0% | 90.0% | 92.5% | |
| Projected Dividends | 147 | 260 | 307 | 370 | 400 | 459 | 472 | |
| % Growth | 76.8% | 18.2% | 20.3% | 8.2% | 14.7% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (GBP in millions) | Jul-20 | Jul-21 | Jul-22 | Jul-23 | Jul-24 | Jan-24 | Jan-25 | |
| Cash Dividends Paid | 126 | 185 | 150 | 143 | 147 | 100 | 104 | |
| % Growth | 47% | -19% | -5% | 3% | 4% | |||
| Net Income to Common | 65 | 156 | 11 | 225 | 250 | 111 | 167 | |
| % Growth | 140% | -93% | 1945% | 11% | 50% | |||
| Payout Ratio | 194% | 119% | 1364% | 64% | 59% | 90% | 62% | |
| Retention Ratio | -94% | -19% | -1264% | 36% | 41% | 10% | 38% | |
| Adjusted EBITDA | 346 | 434 | 446 | 534 | 540 | 271 | 292 | |
| % Growth | 25% | 3% | 20% | 1% | 8% | |||
| Total Debt | 1,561 | 1,502 | 1,206 | 672 | 672 | 685 | 691 | |
| Shareholder's Equity | 2,373 | 2,402 | 2,699 | 2,384 | 2,230 | 2,104 | 2,272 | |
| Debt / EBITDA | 4.5 | 3.5 | 2.7 | 1.3 | 1.2 | 1.2 | ||
| Debt / Equity | 66% | 63% | 45% | 28% | 30% | 33% | 30% | |
| 3-Yr Avg. Dividend Growth | -6.9% | |||||||
| 5-Yr Median Payout Ratio | 118.6% | |||||||