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| Metrics | Range | Conclusion |
|---|---|---|
| Selected Beta | 0.74 - 1.08 | 0.91 |
| Cost Equity | 8.5% - 11.3% | 9.9% |
| Tax Rate | 20.0% - 20.0% | 20.0% |
| Cost Debt Aftax | 5.6% - 6.0% | 5.8% |
| Estimate Cost of Equity | ||||||
| Cost of Equity | Low | High | Notes | |||
| Selected Beta | 0.74 | 1.08 | See Re-levered Beta Section | |||
| (x) Country Market Risk Premium | 5.0% | 5.0% | Source Link | |||
| Adjusted Market Risk Premium | 3.7% | 5.4% | ||||
| (+) Risk-free Rate | 4.00% | 4.50% | Source Link | |||
| (+) Additional Risk Adjustments | 0.69% | 1.38% | Size & Country Default Risk | |||
| Cost of Equity | 8.50% | 11.25% | ||||
| Effective Interest Rate | ||||||
| Fiscal Year Ending | ||||||
| (GBP in millions) | Mar-20 | Mar-21 | Mar-22 | Mar-23 | Mar-24 | |
| FY-4 | FY-3 | FY-2 | FY-1 | FY | ||
| Interest Expense | interest_exp | 374 | 372 | 362 | 397 | 318 |
| Total Debt | total_debt | 10,723 | 9,922 | 9,440 | 9,153 | 9,230 |
| Effective Interest Rate | 3.6% | 3.7% | 4.3% | 3.5% | ||
| Average Effective Interest Rate | 3.8% | |||||