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 09:56; Fiscal year 2025; Annual financials downloaded 06 Nov 2026 13:21.
Starts from Fiscal year 2025 financials in GBP and a share price of GBP 38.88. Growth begins at 2.0% a year (the valuation's blended assumption) and fades to 2.4% by year 10. Margins held at EBITDA 95.4%, net 94.1%, free cash flow -1.1% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.
Confidence: Dividend discount model disagrees strongly; annual data only; value is more than 2x the price; value is more than 1.5x the Dividend discount model value.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | -4.0% | GBP 151.34 | 9.2% |
| Base | 2.0% | GBP 175.44 | 10.8% |
| Bull | 8.0% | GBP 205.70 | 12.6% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| Fiscal year 2025 | – | GBP 2.00B | GBP 1.91B | GBP 1.89B | -GBP 22.20M | 10.51 | -0.12 | 0.49 | 62.66 | 38.88 |
| Year 1 | 2.0% | GBP 2.04B | GBP 1.95B | GBP 1.92B | -GBP 22.64M | 10.72 | -0.13 | 0.50 | 72.88 | 50.05 |
| Year 2 | 2.0% | GBP 2.09B | GBP 1.99B | GBP 1.96B | -GBP 23.11M | 10.94 | -0.13 | 0.51 | 83.31 | 62.73 |
| Year 3 | 2.1% | GBP 2.13B | GBP 2.03B | GBP 2.00B | -GBP 23.59M | 11.17 | -0.13 | 0.52 | 93.96 | 76.97 |
| Year 4 | 2.1% | GBP 2.17B | GBP 2.07B | GBP 2.05B | -GBP 24.09M | 11.41 | -0.13 | 0.53 | 104.84 | 92.82 |
| Year 5 | 2.2% | GBP 2.22B | GBP 2.12B | GBP 2.09B | -GBP 24.62M | 11.66 | -0.14 | 0.55 | 115.95 | 110.34 |
| Year 6 | 2.2% | GBP 2.27B | GBP 2.17B | GBP 2.14B | -GBP 25.16M | 11.92 | -0.14 | 0.56 | 127.31 | 121.15 |
| Year 7 | 2.3% | GBP 2.32B | GBP 2.22B | GBP 2.19B | -GBP 25.73M | 12.19 | -0.14 | 0.57 | 138.93 | 132.21 |
| Year 8 | 2.3% | GBP 2.38B | GBP 2.27B | GBP 2.24B | -GBP 26.33M | 12.47 | -0.15 | 0.58 | 150.82 | 143.52 |
| Year 9 | 2.4% | GBP 2.43B | GBP 2.32B | GBP 2.29B | -GBP 26.95M | 12.76 | -0.15 | 0.60 | 162.98 | 155.09 |
| Year 10 | 2.4% | GBP 2.49B | GBP 2.38B | GBP 2.34B | -GBP 27.59M | 13.07 | -0.15 | 0.61 | 175.44 | 166.95 |
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.