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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal EBITDA Multiple | 19.7x - 21.7x | 20.7x |
| Fair Value | $16.79 - $18.66 | $17.71 |
| Upside | 11.9% - 24.4% | 18.1% |
| Select Revenue and EBITDA Forecast | ||||||
| (GBP in millions) | Input Projections | |||||
| Fiscal Years Ending | Mar-24 | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 |
| Revenue | 1,412 | 1,645 | 1,825 | 2,058 | 2,305 | 2,683 |
| % Growth | 45.9% | 16.5% | 10.9% | 12.7% | 12.0% | 16.4% |
| EBITDA | 487 | 624 | 580 | 620 | 687 | 735 |
| % of Revenue | 34.5% | 38.0% | 31.8% | 30.1% | 29.8% | 27.4% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (GBP in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | |
| EBITDA | 624 | 580 | 620 | 687 | 735 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (25) | (42) | (52) | (179) | (149) | |
| EBIT | 599 | 538 | 567 | 508 | 586 | |
| Pro forma Taxes | (150) | (135) | (142) | (127) | (147) | |
| NOPAT | 362 | 449 | 404 | 426 | 381 | 440 |
| Capital Expenditures | (11) | (19) | (20) | (24) | (25) | (39) |
| NWC Investment | (9) | (4) | (3) | (4) | (5) | (7) |
| (+) D&A | 5 | 25 | 42 | 52 | 179 | 149 |
| Free Cash Flow | 347 | 451 | 423 | 449 | 530 | 543 |
| % Growth | 30% | -6% | 6% | 18% | 2% | |