BME.L 20250311

	A	B	C	D	E	F	G	H	I	J	K	L
1	ASSUMPTIONS									Changing Cell	FormulaCell TargetCell
2	Internal Rate of Return (IRR) or Discount Rate	18.4%				=	Cells to update / Change			B2	G23	B8
3	Perpetual Growth Rate	3%				=	Calculated Final Results
4	Tax Rate	25.0%
5	Base Year - Operating Income (Millions)	580
6	Outstanding Number Of Shares Diluted in Millions	1003
7	Stock Price (BME.L)	2.31
8	Current Market Cap	2313
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10		Growth Rate	Operating Income	Interest Payment	Adjusted Cash Flow	Discount Ratio	Discounted FCF
11	Year 1	5%	609	120	367	1.184	310
12	Year 2	5%	639	120	390	1.402	278
13	Year 3	5%	671	120	414	1.659	249
14	Year 4	5%	705	120	439	1.965	223
15	Year 5	5%	740	120	465	2.326	200
16	Year 6	5%	777	120	493	2.754	179
17	Year 7	5%	816	120	522	3.260	160
18	Year 8	5%	857	120	553	3.860	143
19	Year 9	5%	900	120	585	4.570	128
20	Year 10	5%	945	120	619	5.410	114
21								Share of Terminal Value %	Implied TV/FCF Ratio
22	Terminal Value				4139	5.410	765	27.8%	6.7
23						Implied Market Cap	2750
24						Implied Share Price	2.74
25						Margin of Safety Trading at % Discount	15.9%
26						Upside Potential %	18.9%
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