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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 0.8% - 1.3% | 1.0% |
| Discount Rate | 17.8% - 16.8% | 17.3% |
| Fair Value | £2.13 - £2.29 | £2.20 |
| Upside | -49.2% - -45.3% | -47.4% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (GBP in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Terminal | |
| Net Income to Common | 5 | 61 | 64 | 68 | 71 | 74 | 74 | |
| % Growth | NM | 1038.6% | 4.3% | 6.7% | 4.3% | 3.0% | ||
| Payout Ratio | 1009.3% | 90.0% | 90.0% | 90.0% | 90.0% | 90.0% | 92.5% | |
| Projected Dividends | 55 | 55 | 58 | 62 | 64 | 66 | 68 | |
| % Growth | 1.5% | 4.3% | 6.7% | 4.3% | 3.0% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (GBP in millions) | Mar-21 | Mar-22 | Mar-23 | Mar-24 | Mar-25 | Mar-24 | Mar-25 | |
| Cash Dividends Paid | 44 | 45 | 44 | 51 | 55 | 51 | 55 | |
| % Growth | 1% | -2% | 15% | 8% | 8% | |||
| Net Income to Common | (236) | 124 | (38) | (193) | 5 | (193) | 5 | |
| % Growth | NM | NM | NM | NM | NM | |||
| Payout Ratio | -19% | 36% | -116% | -26% | 1009% | -26% | 1009% | |
| Retention Ratio | 119% | 64% | 216% | 126% | -909% | 126% | -909% | |
| Adjusted EBITDA | 65 | 70 | 97 | 103 | 101 | 103 | 101 | |
| % Growth | 7% | 39% | 6% | -2% | -2% | |||
| Total Debt | 779 | 627 | 944 | 890 | 876 | 890 | 876 | |
| Shareholder's Equity | 1,720 | 1,800 | 1,788 | 1,549 | 1,502 | 1,549 | 1,502 | |
| Debt / EBITDA | 11.9 | 8.9 | 9.7 | 8.6 | 8.7 | 8.8 | ||
| Debt / Equity | 45% | 35% | 53% | 57% | 58% | 57% | 58% | |
| 3-Yr Avg. Dividend Growth | 7.0% | |||||||
| 5-Yr Median Payout Ratio | -18.8% | |||||||