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 2025; Annual financials downloaded 06 Nov 2026 12:40.
Starts from Fiscal year 2025 financials in GBP and a share price of GBP 4.05. Growth begins at 2.1% a year (the valuation's blended assumption) and fades to 2.9% by year 10. Margins held at EBITDA 12.3%, net -1.6%, free cash flow 4.7% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.
Confidence: EV/EBITDA (12x) disagrees strongly; annual data only.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | -6.1% | GBP 549.01M | -1.4% |
| Base | -0.1% | GBP 782.33M | 2.1% |
| Bull | 5.9% | GBP 1.10B | 5.7% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| Fiscal year 2025 | – | GBP 13.55B | GBP 1.67B | -GBP 215.00M | GBP 633.00M | -0.20 | 0.59 | n/a | n/a | 4.05 |
| Year 1 | -0.1% | GBP 13.53B | GBP 1.60B | -GBP 214.74M | GBP 632.24M | -0.20 | 0.59 | n/a | n/a | 4.04 |
| Year 2 | 1.0% | GBP 13.67B | GBP 1.55B | -GBP 216.92M | GBP 638.64M | -0.20 | 0.59 | n/a | n/a | 4.08 |
| Year 3 | 2.2% | GBP 13.98B | GBP 1.52B | -GBP 221.77M | GBP 652.94M | -0.21 | 0.61 | n/a | n/a | 4.16 |
| Year 4 | 2.3% | GBP 14.30B | GBP 1.49B | -GBP 226.95M | GBP 668.17M | -0.21 | 0.62 | n/a | n/a | 4.25 |
| Year 5 | 2.4% | GBP 14.65B | GBP 1.46B | -GBP 232.46M | GBP 684.40M | -0.22 | 0.64 | n/a | n/a | 4.35 |
| Year 6 | 2.5% | GBP 15.02B | GBP 1.50B | -GBP 238.32M | GBP 701.66M | -0.22 | 0.65 | n/a | n/a | 4.46 |
| Year 7 | 2.6% | GBP 15.41B | GBP 1.54B | -GBP 244.56M | GBP 720.02M | -0.23 | 0.67 | n/a | n/a | 4.58 |
| Year 8 | 2.7% | GBP 15.83B | GBP 1.58B | -GBP 251.19M | GBP 739.54M | -0.23 | 0.69 | n/a | n/a | 4.70 |
| Year 9 | 2.8% | GBP 16.27B | GBP 1.62B | -GBP 258.23M | GBP 760.29M | -0.24 | 0.71 | n/a | n/a | 4.83 |
| Year 10 | 2.9% | GBP 16.75B | GBP 1.67B | -GBP 265.72M | GBP 782.33M | -0.25 | 0.73 | n/a | n/a | 4.97 |
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.