Page 61 - Futr Investment Proposal

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Exit Routes and Returns

We believe Futr will be a highly attractive asset capable of producing significant returns

Exit Routes Forecast Returns

The business is forecast to be highly cash In 2023 the sensitised business is forecasting £7m
generative and profitable. EBITDA. Applying a modest multiple of 6x would
produce a 9x return.
The business is likely to be attractive to private
equity and could potential IPO. Note - not all revenue is SaaS hence used
EBITDA.
There is a high likelihood that a trade buyer
would be attracted to Futr given its client base In 2023 the SaaS revenue run rate is forecast to
particularly the public sector. Futr could provide be is £7.5m. Applying a 10x multiple this would
a trade buyer with a route into these clients and provide a potential return of 18x.
cross sell opportunities.

Futr will become a divisionally run business with a
Retail and Public arm. Either of those sectors
could be sold singly if it was attractive to the
buyer and Praetura.