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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal Revenue Multiple | 2.8x - 3.1x | 2.9x |
| Fair Value | $5.16 - $5.98 | $5.56 |
| Upside | -5.3% - 9.7% | 1.9% |
| 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 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 |
| Revenue | 1,912 | 1,935 | 2,023 | 2,132 | 2,546 | 1,396 | 1,396 | 1,396 | 1,396 | 1,396 | 1,396 |
| % Growth | 21.0% | 1.2% | 4.5% | 5.4% | 19.4% | -45.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 291 | 285 | 322 | 342 | 252 | 138 | 138 | 138 | 138 | 138 | 138 |
| % of Revenue | 15.2% | 14.7% | 15.9% | 16.0% | 9.9% | 9.9% | 9.9% | 9.9% | 9.9% | 9.9% | 9.9% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 | ||
| EBITDA | 285 | 322 | 342 | 252 | 138 | 138 | 138 | 138 | 138 | 138 | |
| Other Income / (Exp) | 0 | 0 | 0 | 140 | 221 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (64) | (73) | (78) | (94) | (51) | (51) | (51) | (51) | (51) | (51) | |
| EBIT | 221 | 248 | 263 | 298 | 307 | 87 | 87 | 87 | 87 | 87 | |
| Pro forma Taxes | (44) | (50) | (53) | (60) | (61) | (17) | (17) | (17) | (17) | (17) | |
| NOPAT | 173 | 177 | 199 | 211 | 238 | 246 | 70 | 70 | 70 | 70 | 70 |
| Capital Expenditures | (85) | (101) | (99) | (100) | (106) | (114) | (107) | (107) | (107) | (107) | (107) |
| NWC Investment | 8 | 1 | 2 | 3 | 10 | (27) | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 75 | 64 | 73 | 78 | 94 | 51 | 51 | 51 | 51 | 51 | 51 |
| Free Cash Flow | 170 | 141 | 175 | 191 | 236 | 156 | 14 | 14 | 14 | 14 | 14 |
| % Growth | 24% | 10% | 23% | -34% | -91% | 0% | 0% | 0% | 0% | ||