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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal EBITDA Multiple | 5.6x - 7.6x | 6.6x |
| Fair Value | $5.41 - $15.30 | $10.25 |
| Upside | -76.6% - -33.9% | -55.7% |
| Select Revenue and EBITDA Forecast | ||||||
| (GBP in millions) | Input Projections | |||||
| Fiscal Years Ending | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 |
| Revenue | 10,132 | 10,880 | 10,896 | 11,197 | 11,644 | 16,578 |
| % Growth | -3.1% | 7.4% | 0.1% | 2.8% | 4.0% | 42.4% |
| EBITDA | 3,286 | 3,408 | 4,096 | 4,603 | 4,802 | 5,170 |
| % of Revenue | 32.4% | 31.3% | 37.6% | 41.1% | 41.2% | 31.2% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (GBP in millions) | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | |
| EBITDA | 3,408 | 4,096 | 4,603 | 4,802 | 5,170 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (971) | (1,189) | (1,353) | (1,338) | (1,533) | |
| EBIT | 2,436 | 2,907 | 3,249 | 3,464 | 3,637 | |
| Pro forma Taxes | (536) | (640) | (715) | (762) | (800) | |
| NOPAT | 1,755 | 1,900 | 2,268 | 2,534 | 2,702 | 2,836 |
| Capital Expenditures | (2,689) | (5,057) | (5,740) | (5,137) | (5,157) | (5,141) |
| NWC Investment | 24 | (55) | (1) | (22) | (33) | (364) |
| (+) D&A | 1,036 | 971 | 1,189 | 1,353 | 1,338 | 1,533 |
| Free Cash Flow | 126 | (2,240) | (2,285) | (1,271) | (1,151) | (1,135) |
| % Growth | NM | NM | NM | NM | NM | |