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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal Revenue Multiple | 0.5x - 0.5x | 0.5x |
| Fair Value | £1.40 - £1.68 | £1.54 |
| Upside | -20.0% - -4.1% | -12.2% |
| 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 | 25 | 27 | 29 | 30 | 31 | 32 |
| % Growth | 10.7% | 10.9% | 7.5% | 3.5% | 2.0% | 2.0% |
| EBITDA | 1 | 1 | 2 | 2 | 2 | 2 |
| % of Revenue | 5.3% | 4.8% | 5.8% | 5.8% | 5.8% | 5.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (GBP in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 1 | 2 | 2 | 2 | 2 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (0) | (0) | (0) | (0) | (0) | |
| EBIT | 1 | 1 | 1 | 1 | 1 | |
| Pro forma Taxes | (0) | (0) | (0) | (0) | (0) | |
| NOPAT | 1 | 1 | 1 | 1 | 1 | 1 |
| Capital Expenditures | (0) | (0) | (0) | (0) | (0) | (0) |
| NWC Investment | (1) | (1) | (1) | (0) | (0) | (0) |
| (+) D&A | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 0 | 0 | 0 | 1 | 1 | 1 |
| % Growth | -36% | 106% | 79% | 19% | 2% | |