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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal Revenue Multiple | 3.5x - 3.8x | 3.7x |
| Fair Value | $15.28 - $17.12 | $16.18 |
| Upside | 32.1% - 48.0% | 39.9% |
| Select Revenue and EBITDA Forecast | ||||||
| (GBP in millions) | Input Projections | |||||
| Fiscal Years Ending | Sep-24 | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 |
| Revenue | 291 | 304 | 322 | 336 | 338 | 350 |
| % Growth | -5.2% | 4.5% | 5.7% | 4.6% | 0.5% | 3.6% |
| EBITDA | 76 | 93 | 104 | 116 | 129 | 134 |
| % of Revenue | 25.9% | 30.4% | 32.3% | 34.4% | 38.2% | 38.2% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (GBP in millions) | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 | |
| EBITDA | 93 | 104 | 116 | 129 | 134 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (24) | (27) | (26) | (28) | (25) | |
| EBIT | 68 | 77 | 90 | 101 | 109 | |
| Pro forma Taxes | (14) | (15) | (18) | (20) | (22) | |
| NOPAT | 44 | 55 | 62 | 72 | 81 | 87 |
| Capital Expenditures | (33) | (28) | (30) | (30) | (24) | (23) |
| NWC Investment | 8 | (7) | (9) | (7) | (1) | (6) |
| (+) D&A | 20 | 24 | 27 | 26 | 28 | 25 |
| Free Cash Flow | 40 | 44 | 50 | 60 | 84 | 83 |
| % Growth | 11% | 12% | 22% | 40% | -2% | |