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 13:17.
Starts from Fiscal year 2026 financials in GBP and a share price of GBP 1.17. Growth begins at 2.7% a year (the valuation's blended assumption) and fades to 2.9% by year 10. Margins held at EBITDA 39.7%, net -1.0%, free cash flow 21.1% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.
Confidence: EV/EBITDA (12x) is somewhat apart; annual data only; value is more than 2x the price.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | -2.6% | GBP 6.61B | -0.6% |
| Base | 3.4% | GBP 9.37B | 2.9% |
| Bull | 9.4% | GBP 13.12B | 6.4% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| Fiscal year 2026 | – | GBP 33.43B | GBP 13.27B | -GBP 328.05M | GBP 7.05B | -0.01 | 0.29 | n/a | n/a | 1.17 |
| Year 1 | 3.4% | GBP 34.58B | GBP 13.72B | -GBP 339.31M | GBP 7.29B | -0.01 | 0.30 | n/a | n/a | 1.29 |
| Year 2 | 3.1% | GBP 35.64B | GBP 14.14B | -GBP 349.70M | GBP 7.51B | -0.01 | 0.31 | n/a | n/a | 1.41 |
| Year 3 | 2.7% | GBP 36.61B | GBP 14.53B | -GBP 359.21M | GBP 7.71B | -0.01 | 0.32 | n/a | n/a | 1.53 |
| Year 4 | 2.7% | GBP 37.62B | GBP 14.93B | -GBP 369.08M | GBP 7.93B | -0.02 | 0.33 | n/a | n/a | 1.66 |
| Year 5 | 2.8% | GBP 38.66B | GBP 15.34B | -GBP 379.31M | GBP 8.15B | -0.02 | 0.34 | n/a | n/a | 1.80 |
| Year 6 | 2.8% | GBP 39.74B | GBP 15.77B | -GBP 389.92M | GBP 8.37B | -0.02 | 0.35 | n/a | n/a | 1.85 |
| Year 7 | 2.8% | GBP 40.86B | GBP 16.22B | -GBP 400.93M | GBP 8.61B | -0.02 | 0.36 | n/a | n/a | 1.90 |
| Year 8 | 2.8% | GBP 42.03B | GBP 16.68B | -GBP 412.36M | GBP 8.86B | -0.02 | 0.37 | n/a | n/a | 1.95 |
| Year 9 | 2.9% | GBP 43.23B | GBP 17.16B | -GBP 424.21M | GBP 9.11B | -0.02 | 0.38 | n/a | n/a | 2.01 |
| Year 10 | 2.9% | GBP 44.49B | GBP 17.66B | -GBP 436.51M | GBP 9.37B | -0.02 | 0.39 | n/a | n/a | 2.07 |
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.