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 2025; Annual financials downloaded 04 Nov 2026 15:22.
Starts from Fiscal year 2025 financials in GBP and a share price of GBP 5.54. Growth begins at 2.0% a year (the valuation's blended assumption) and fades to 2.5% by year 10. Margins held at EBITDA 16.2%, net 0.0%, free cash flow 6.0% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.
Confidence: Earnings-based DCF disagrees strongly; annual data only; profit and cash flow steady for 3 years; value is more than 1.5x the Earnings-based DCF value; free cash flow is more than 2x earnings, so the cash-flow value may be overstated; cyclical business: current cash flow is a poor guide to the cycle.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | -13.2% | GBP 11.69B | 0.4% |
| Base | -7.2% | GBP 16.79B | 4.1% |
| Bull | -1.2% | GBP 23.74B | 7.7% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| Fiscal year 2025 | – | GBP 189.34B | GBP 30.70B | GBP 55.00M | GBP 11.27B | 0.00 | 0.71 | 0.25 | n/a | 5.54 |
| Year 1 | -7.2% | GBP 175.68B | GBP 28.51B | GBP 607.61M | GBP 11.24B | 0.04 | 0.71 | 0.04 | n/a | 61.93 |
| Year 2 | -2.6% | GBP 171.16B | GBP 27.79B | GBP 1.13B | GBP 11.71B | 0.07 | 0.74 | 0.07 | n/a | 116.95 |
| Year 3 | 2.1% | GBP 174.77B | GBP 28.40B | GBP 1.71B | GBP 12.74B | 0.11 | 0.80 | 0.11 | n/a | 178.56 |
| Year 4 | 2.2% | GBP 178.56B | GBP 29.04B | GBP 2.31B | GBP 13.80B | 0.15 | 0.87 | 0.15 | n/a | 244.19 |
| Year 5 | 2.2% | GBP 182.52B | GBP 29.71B | GBP 2.94B | GBP 14.92B | 0.19 | 0.94 | 0.19 | n/a | 314.14 |
| Year 6 | 2.3% | GBP 186.68B | GBP 30.39B | GBP 3.01B | GBP 15.26B | 0.19 | 0.96 | 0.19 | n/a | 321.29 |
| Year 7 | 2.3% | GBP 191.04B | GBP 31.09B | GBP 3.08B | GBP 15.62B | 0.19 | 0.98 | 0.19 | n/a | 328.79 |
| Year 8 | 2.4% | GBP 195.60B | GBP 31.84B | GBP 3.16B | GBP 15.99B | 0.20 | 1.00 | 0.20 | n/a | 336.64 |
| Year 9 | 2.4% | GBP 200.38B | GBP 32.62B | GBP 3.23B | GBP 16.38B | 0.20 | 1.03 | 0.20 | n/a | 344.87 |
| Year 10 | 2.5% | GBP 205.39B | GBP 33.43B | GBP 3.31B | GBP 16.79B | 0.21 | 1.06 | 0.21 | n/a | 353.49 |
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.