Project revenue, EBITDA, net income and free cash flow for the next 5 or 10 years. Growth starts at the same rate the valuation uses and fades to the long-run rate, with margins held at today's level. Bear and bull cases move growth by the company's own revenue volatility. It is a model of what the assumptions imply, not a prediction.
Price updated 06 Nov 2026 09:55; Fiscal year 2026; Annual financials downloaded 06 Nov 2026 13:18.
Starts from Fiscal year 2026 financials in GBP and a share price of GBP 5.46. Growth begins at 6.8% a year (the valuation's blended assumption) and fades to 2.9% by year 10. Margins held at EBITDA 66.0%, net 47.1%, free cash flow 47.9% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.
Confidence: Earnings-based DCF agrees; annual data only; profit and cash flow steady for 3 years.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | -0.7% | GBP 334.03M | 1.1% |
| Base | 5.3% | GBP 470.59M | 4.6% |
| Bull | 11.3% | GBP 653.99M | 8.1% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| Fiscal year 2026 | – | GBP 624.30M | GBP 412.00M | GBP 293.90M | GBP 298.90M | 0.34 | 0.35 | 0.11 | 0.47 | 5.46 |
| Year 1 | 5.3% | GBP 657.45M | GBP 433.88M | GBP 309.51M | GBP 314.77M | 0.36 | 0.36 | 0.11 | 0.72 | 5.74 |
| Year 2 | 5.8% | GBP 695.83M | GBP 459.21M | GBP 327.58M | GBP 333.15M | 0.38 | 0.39 | 0.12 | 0.97 | 6.06 |
| Year 3 | 5.9% | GBP 737.12M | GBP 486.45M | GBP 347.01M | GBP 352.92M | 0.40 | 0.41 | 0.13 | 1.25 | 6.40 |
| Year 4 | 5.5% | GBP 777.66M | GBP 513.21M | GBP 366.10M | GBP 372.33M | 0.42 | 0.43 | 0.14 | 1.54 | 6.74 |
| Year 5 | 5.1% | GBP 817.06M | GBP 539.21M | GBP 384.65M | GBP 391.19M | 0.45 | 0.45 | 0.14 | 1.84 | 7.06 |
| Year 6 | 4.6% | GBP 854.92M | GBP 564.20M | GBP 402.47M | GBP 409.32M | 0.47 | 0.47 | 0.15 | 2.16 | 7.39 |
| Year 7 | 4.2% | GBP 890.83M | GBP 587.89M | GBP 419.37M | GBP 426.51M | 0.49 | 0.49 | 0.16 | 2.49 | 7.70 |
| Year 8 | 3.8% | GBP 924.38M | GBP 610.04M | GBP 435.17M | GBP 442.57M | 0.50 | 0.51 | 0.16 | 2.83 | 7.99 |
| Year 9 | 3.3% | GBP 955.20M | GBP 630.37M | GBP 449.67M | GBP 457.32M | 0.52 | 0.53 | 0.17 | 3.18 | 8.26 |
| Year 10 | 2.9% | GBP 982.90M | GBP 648.65M | GBP 462.72M | GBP 470.59M | 0.54 | 0.55 | 0.17 | 3.55 | 8.49 |
EPS and free cash flow per share assume today's share count. Dividends assume today's payout ratio and book value grows with retained earnings. The implied share price follows the valuation models and is not a price target; override growth settings do not change the model fair value. Margins stay at today's level except where the notes say they drift toward their average, so it does not model margin expansion, buybacks, acquisitions or recessions. It is for information and education only and is not investment advice. See the methodology for how the growth rate is blended.