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 09:57; Fiscal year 2026; Annual financials downloaded 06 Nov 2026 13:40.
Starts from Fiscal year 2026 financials in GBP and a share price of GBP 5.61. Growth begins at 5.5% a year (the valuation's blended assumption) and fades to 2.4% by year 10. Margins held at EBITDA 19.8%, net 4.8%, free cash flow 6.1% 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 | -2.6% | GBP 123.52M | 0.1% |
| Base | 3.4% | GBP 174.71M | 3.7% |
| Bull | 9.4% | GBP 243.67M | 7.2% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| Fiscal year 2026 | – | GBP 2.01B | GBP 397.00M | GBP 97.00M | GBP 122.00M | 0.22 | 0.27 | 0.20 | 3.57 | 5.61 |
| Year 1 | 3.4% | GBP 2.07B | GBP 410.58M | GBP 100.32M | GBP 126.17M | 0.22 | 0.28 | 0.20 | 3.59 | 5.33 |
| Year 2 | 4.3% | GBP 2.16B | GBP 428.20M | GBP 104.62M | GBP 131.59M | 0.23 | 0.29 | 0.21 | 3.62 | 5.07 |
| Year 3 | 4.8% | GBP 2.27B | GBP 448.83M | GBP 109.66M | GBP 137.93M | 0.25 | 0.31 | 0.22 | 3.64 | 4.79 |
| Year 4 | 4.5% | GBP 2.37B | GBP 468.91M | GBP 114.57M | GBP 144.10M | 0.26 | 0.32 | 0.23 | 3.66 | 4.47 |
| Year 5 | 4.1% | GBP 2.47B | GBP 488.27M | GBP 119.30M | GBP 150.05M | 0.27 | 0.34 | 0.24 | 3.69 | 4.09 |
| Year 6 | 3.8% | GBP 2.56B | GBP 506.74M | GBP 123.81M | GBP 155.72M | 0.28 | 0.35 | 0.25 | 3.71 | 4.25 |
| Year 7 | 3.4% | GBP 2.65B | GBP 524.15M | GBP 128.07M | GBP 161.07M | 0.29 | 0.36 | 0.26 | 3.74 | 4.39 |
| Year 8 | 3.1% | GBP 2.73B | GBP 540.35M | GBP 132.03M | GBP 166.05M | 0.30 | 0.37 | 0.27 | 3.77 | 4.53 |
| Year 9 | 2.7% | GBP 2.81B | GBP 555.19M | GBP 135.65M | GBP 170.61M | 0.30 | 0.38 | 0.28 | 3.79 | 4.65 |
| Year 10 | 2.4% | GBP 2.87B | GBP 568.51M | GBP 138.91M | GBP 174.71M | 0.31 | 0.39 | 0.28 | 3.82 | 4.77 |
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.