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 14:07.
Starts from Fiscal year 2025 financials in GBP and a share price of GBP 5.48. Growth begins at 7.6% a year (the valuation's blended assumption) and fades to 2.9% by year 10. Margins held at EBITDA 69.7%, net 51.1%, free cash flow 55.9% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.
Confidence: Earnings-based DCF is somewhat apart; annual data only; profit and cash flow steady for 3 years; value is more than 1.5x the Earnings-based DCF value.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | 1.5% | GBP 282.61M | 1.7% |
| Base | 7.5% | GBP 396.99M | 5.3% |
| Bull | 13.5% | GBP 550.27M | 8.8% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| Fiscal year 2025 | – | GBP 425.13M | GBP 296.20M | GBP 217.07M | GBP 237.83M | 0.28 | 0.31 | 0.10 | 0.11 | 5.48 |
| Year 1 | 7.5% | GBP 456.80M | GBP 318.27M | GBP 233.24M | GBP 255.55M | 0.30 | 0.33 | 0.11 | 0.30 | 5.87 |
| Year 2 | 7.3% | GBP 490.06M | GBP 341.44M | GBP 250.22M | GBP 274.16M | 0.32 | 0.35 | 0.12 | 0.50 | 6.28 |
| Year 3 | 6.6% | GBP 522.34M | GBP 363.93M | GBP 266.70M | GBP 292.22M | 0.34 | 0.38 | 0.12 | 0.72 | 6.68 |
| Year 4 | 6.1% | GBP 554.00M | GBP 385.99M | GBP 282.87M | GBP 309.92M | 0.36 | 0.40 | 0.13 | 0.96 | 7.06 |
| Year 5 | 5.5% | GBP 584.65M | GBP 407.35M | GBP 298.52M | GBP 327.07M | 0.39 | 0.42 | 0.14 | 1.20 | 7.43 |
| Year 6 | 5.0% | GBP 613.92M | GBP 427.74M | GBP 313.46M | GBP 343.45M | 0.40 | 0.44 | 0.15 | 1.46 | 7.80 |
| Year 7 | 4.5% | GBP 641.43M | GBP 446.90M | GBP 327.51M | GBP 358.83M | 0.42 | 0.46 | 0.15 | 1.73 | 8.15 |
| Year 8 | 4.0% | GBP 666.78M | GBP 464.57M | GBP 340.45M | GBP 373.02M | 0.44 | 0.48 | 0.16 | 2.01 | 8.48 |
| Year 9 | 3.4% | GBP 689.63M | GBP 480.49M | GBP 352.12M | GBP 385.80M | 0.45 | 0.50 | 0.16 | 2.30 | 8.77 |
| Year 10 | 2.9% | GBP 709.63M | GBP 494.43M | GBP 362.33M | GBP 396.99M | 0.47 | 0.51 | 0.17 | 2.60 | 9.02 |
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.