# Admiral Group (ADM.LSE)

Canonical: https://gigainvestors.com/s/ADM.LSE

Analysis as of: 2026-10-16T07:35:10.332Z. Financial observations: FY2015–FY2025.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 3,750.00 per share; close as of 2026-10-15.

Estimated value: low GBX 975.64 per share, central GBX 1,104.19 per share, high GBX 1,271.77 per share. Buy at or below the central value GBX 1,104.19 per share. Valuation as of 2026-10-16T07:35:10.332Z; scenarios are not confidence intervals.

Expected annual return: 4.6% at the stated quote. About 4.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.20×

Chart: Net income; fiscal year observations.

- FY2016: GBP 222M

- FY2017: GBP 334M

- FY2018: GBP 395M

- FY2019: GBP 432M

- FY2020: GBP 529M

- FY2021: GBP 998M

- FY2022: GBP 373M

- FY2023: GBP 338M

- FY2024: GBP 663M

- FY2025: GBP 743M

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Underwriting economics assessed through return on tangible common equity

- Bank / P&C ROTE, median of available years: 62.0%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 54.4%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 54.4%

- FY2017: 68.7%

- FY2018: 66.3%

- FY2019: 60.8%

- FY2020: 58.0%

- FY2021: 83.7%

- FY2022: 55.3%

- FY2023: 45.1%

- FY2024: 63.2%

- FY2025: 66.6%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 56.8%

- Book return interval: 10 years

- Starting book value per share: GBP 2.19

- Ending book value per share: GBP 4.68

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 49.0%

- FY2017: 63.9%

- FY2018: 65.6%

- FY2019: 67.2%

- FY2020: 67.5%

- FY2021: 88.0%

- FY2022: 13.8%

- FY2023: 33.9%

- FY2024: 76.4%

- FY2025: 56.6%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: 0.9%

- Diluted shares, 5-year annual growth: 0.8%

- Share growth excluding flagged crisis recapitalisations: 0.9%

- Five-year share growth excluding flagged crisis recapitalisations: 0.8%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.70×

- Book value created per share: GBP 2.49

- Earnings retained per share after dividends and buybacks: GBP 1.46

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 100

- FY2017: 102

- FY2018: 104

- FY2019: 104

- FY2020: 105

- FY2021: 107

- FY2022: 108

- FY2023: 110

- FY2024: 109

- FY2025: 110

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price is 2.1 times annual sales · net income +12%

Story as of 2026-10-16T10:00:03.877Z; price observation 2026-10-15.

The price is 2.1 times annual sales

### Net income · FY2025

net income +12%; source https://filings.xbrl.org/213800FGVM7Z9EJB2685/2025-12-31/ESEF/GB/0/213800FGVM7Z9EJB2685-2025-12-31/reports/213800FGVM7Z9EJB2685-2025-12-31-T01.html; observed 2026-04-07.

- FY2016: GBP 222M 

- FY2017: GBP 334M 

- FY2018: GBP 395M 

- FY2019: GBP 432M 

- FY2020: GBP 529M 

- FY2021: GBP 998M 

- FY2022: GBP 373M 

- FY2023: GBP 338M 

- FY2024: GBP 663M 

- FY2025: GBP 743M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance property & casualty; annual sales are GBP 5.6 billion.

- Source: https://filings.xbrl.org/213800FGVM7Z9EJB2685/2025-12-31/ESEF/GB/0/213800FGVM7Z9EJB2685-2025-12-31/reports/213800FGVM7Z9EJB2685-2025-12-31-T01.html (filed 2026-04-07); FY2025: revenue 5571900000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ADM.LSE: Admiral Group plc, a financial services company, provides insurance and personal lending products in the United Kingdom, France, Italy, and Spain. It operates through four segments: UK Insurance, European Insurance, Admiral Money, and Other. The company offers underwriting services that include motor, household, pet, travel, and other insurance, as well as car and home insurance; and distributes and underwrites unsecured personal loans, car finance products, and secured homeowner loans. It provides its insurance products and services under the Admiral, Admiral Business, Admiral Money, Admiral Pioneer, Balumba, Bell, Connect by Admiral, ConTe.it Assicurazioni, ConTe.it Prestiti, Diamond, Gladiator, L'olivier " assurance, More Than, Qualitas Auto, and Veygo brand names. The company was formerly known as Admiral Group Limited and changed its name to Admiral Group plc in September 2004. Admiral Group plc was founded in 1993 and is headquartered in Cardiff, the United Kingdom.

### Why customers stay

It earns 62% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 10-year return on tangible equity observations [[2016,0.5438081253059227],[2017,0.6866652983083322],[2018,0.6625859466711387],[2019,0.6076447442383361],[2020,0.5804610318331503],[2021,0.8370239892635464],[2022,0.5531662464778289],[2023,0.45132861530244356],[2024,0.6322562196168144],[2025,0.6655911087209824]]; median 0.6199504819275753. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back GBP 35.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2016,349800000],[2017,300300000],[2018,332700000],[2019,367800000],[2020,425700000],[2021,720900000],[2022,658300000],[2023,307100000],[2024,369800000],[2025,715400000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/213800FGVM7Z9EJB2685/2025-12-31/ESEF/GB/0/213800FGVM7Z9EJB2685-2025-12-31/reports/213800FGVM7Z9EJB2685-2025-12-31-T01.html (filed 2026-04-07); FY2025: cash repurchases 35300000 GBP.

### Are managers owners

Insiders own 15.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ADM.LSE SharesStats.PercentInsiders = 15.609 percentage points; cache date 2026-10-16.

### What the price says

The price is 2.1 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Closing price 3750 GBX; reporting-to-trading FX 100; FY2025 annual sales per share 18.076029690379176; price multiple 2.0745706132558013. FY2025 cash earnings/share 2.376592873270873. Closing-price date 2026-10-15.

## Monthly share-price history (GBX per share)

- 2016-10: GBX 1,917.00 per share

- 2016-11: GBX 1,901.00 per share

- 2016-12: GBX 1,827.00 per share

- 2017-01: GBX 1,776.00 per share

- 2017-02: GBX 1,828.00 per share

- 2017-03: GBX 1,989.00 per share

- 2017-04: GBX 2,011.00 per share

- 2017-05: GBX 2,037.00 per share

- 2017-06: GBX 2,003.00 per share

- 2017-07: GBX 2,068.00 per share

- 2017-08: GBX 1,931.00 per share

- 2017-09: GBX 1,817.00 per share

- 2017-10: GBX 1,924.00 per share

- 2017-11: GBX 1,923.00 per share

- 2017-12: GBX 2,002.00 per share

- 2018-01: GBX 1,848.00 per share

- 2018-02: GBX 1,843.00 per share

- 2018-03: GBX 1,844.00 per share

- 2018-04: GBX 1,993.00 per share

- 2018-05: GBX 1,925.50 per share

- 2018-06: GBX 1,907.50 per share

- 2018-07: GBX 1,981.00 per share

- 2018-08: GBX 2,080.00 per share

- 2018-09: GBX 2,080.00 per share

- 2018-10: GBX 2,013.00 per share

- 2018-11: GBX 2,084.00 per share

- 2018-12: GBX 2,047.00 per share

- 2019-01: GBX 2,071.00 per share

- 2019-02: GBX 2,182.00 per share

- 2019-03: GBX 2,170.00 per share

- 2019-04: GBX 2,204.00 per share

- 2019-05: GBX 2,062.00 per share

- 2019-06: GBX 2,208.00 per share

- 2019-07: GBX 2,167.00 per share

- 2019-08: GBX 2,147.00 per share

- 2019-09: GBX 2,118.00 per share

- 2019-10: GBX 2,022.00 per share

- 2019-11: GBX 2,140.00 per share

- 2019-12: GBX 2,309.00 per share

- 2020-01: GBX 2,259.00 per share

- 2020-02: GBX 2,112.00 per share

- 2020-03: GBX 2,230.00 per share

- 2020-04: GBX 2,330.00 per share

- 2020-05: GBX 2,333.00 per share

- 2020-06: GBX 2,299.00 per share

- 2020-07: GBX 2,400.00 per share

- 2020-08: GBX 2,637.00 per share

- 2020-09: GBX 2,611.00 per share

- 2020-10: GBX 2,750.00 per share

- 2020-11: GBX 2,857.00 per share

- 2020-12: GBX 2,906.00 per share

- 2021-01: GBX 2,882.00 per share

- 2021-02: GBX 3,088.00 per share

- 2021-03: GBX 3,101.00 per share

- 2021-04: GBX 3,129.00 per share

- 2021-05: GBX 2,939.00 per share

- 2021-06: GBX 3,144.00 per share

- 2021-07: GBX 3,400.00 per share

- 2021-08: GBX 3,611.00 per share

- 2021-09: GBX 3,108.00 per share

- 2021-10: GBX 2,870.00 per share

- 2021-11: GBX 2,957.00 per share

- 2021-12: GBX 3,157.00 per share

- 2022-01: GBX 3,144.00 per share

- 2022-02: GBX 2,977.00 per share

- 2022-03: GBX 2,563.00 per share

- 2022-04: GBX 2,524.00 per share

- 2022-05: GBX 2,223.00 per share

- 2022-06: GBX 2,244.00 per share

- 2022-07: GBX 1,918.00 per share

- 2022-08: GBX 2,122.00 per share

- 2022-09: GBX 1,914.50 per share

- 2022-10: GBX 2,017.00 per share

- 2022-11: GBX 2,026.00 per share

- 2022-12: GBX 2,137.00 per share

- 2023-01: GBX 2,200.00 per share

- 2023-02: GBX 2,201.00 per share

- 2023-03: GBX 2,038.00 per share

- 2023-04: GBX 2,311.00 per share

- 2023-05: GBX 2,325.00 per share

- 2023-06: GBX 2,082.00 per share

- 2023-07: GBX 2,129.00 per share

- 2023-08: GBX 2,490.00 per share

- 2023-09: GBX 2,377.00 per share

- 2023-10: GBX 2,443.00 per share

- 2023-11: GBX 2,701.00 per share

- 2023-12: GBX 2,684.00 per share

- 2024-01: GBX 2,515.00 per share

- 2024-02: GBX 2,666.00 per share

- 2024-03: GBX 2,837.00 per share

- 2024-04: GBX 2,729.00 per share

- 2024-05: GBX 2,714.00 per share

- 2024-06: GBX 2,615.00 per share

- 2024-07: GBX 2,754.00 per share

- 2024-08: GBX 2,918.00 per share

- 2024-09: GBX 2,784.00 per share

- 2024-10: GBX 2,564.00 per share

- 2024-11: GBX 2,563.00 per share

- 2024-12: GBX 2,644.00 per share

- 2025-01: GBX 2,703.00 per share

- 2025-02: GBX 2,875.00 per share

- 2025-03: GBX 2,850.00 per share

- 2025-04: GBX 3,258.00 per share

- 2025-05: GBX 3,350.00 per share

- 2025-06: GBX 3,270.00 per share

- 2025-07: GBX 3,418.00 per share

- 2025-08: GBX 3,626.00 per share

- 2025-09: GBX 3,352.00 per share

- 2025-10: GBX 3,276.00 per share

- 2025-11: GBX 3,172.00 per share

- 2025-12: GBX 3,176.00 per share

- 2026-01: GBX 2,750.00 per share

- 2026-02: GBX 2,964.00 per share

- 2026-03: GBX 3,150.00 per share

- 2026-04: GBX 3,378.00 per share

- 2026-05: GBX 3,296.00 per share

- 2026-06: GBX 3,560.00 per share

- 2026-07: GBX 3,772.00 per share

- 2026-08: GBX 4,024.00 per share

- 2026-09: GBX 3,616.00 per share

- 2026-10: GBX 3,750.00 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 381.70 per share, central GBX 432.06 per share, high GBX 497.73 per share

- FY2017: low GBX 453.17 per share, central GBX 513.86 per share, high GBX 593.33 per share

- FY2018: low GBX 544.64 per share, central GBX 617.59 per share, high GBX 713.10 per share

- FY2019: low GBX 649.82 per share, central GBX 737.95 per share, high GBX 853.74 per share

- FY2020: low GBX 823.69 per share, central GBX 935.41 per share, high GBX 1,082.18 per share

- FY2021: low GBX 1,059.85 per share, central GBX 1,203.59 per share, high GBX 1,392.44 per share

- FY2022: low GBX 581.85 per share, central GBX 657.67 per share, high GBX 756.22 per share

- FY2023: low GBX 630.11 per share, central GBX 710.91 per share, high GBX 815.47 per share

- FY2024: low GBX 900.76 per share, central GBX 1,019.45 per share, high GBX 1,174.16 per share

- FY2025: low GBX 951.90 per share, central GBX 1,077.33 per share, high GBX 1,240.83 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800FGVM7Z9EJB2685/2025-12-31/ESEF/GB/0/213800FGVM7Z9EJB2685-2025-12-31/reports/213800FGVM7Z9EJB2685-2025-12-31-T01.html); period 2025-12-31, filed 2026-04-07.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Admiral Group

ADM · LSE

FTSE 100 · STOXX Europe 600

A wonderful business at too high a price

Passes the quality tests.

Share price: GBX 3,750.00
Buy up to: GBX 1,104.19
Expected / yr: 4.6% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Profits were positive in 10 years (at least 8 needed).

Net income

10y median: GBP 414M
Worst year: GBP 222M
Latest · 2025: GBP 743M

Earned a median 62% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 62.0%
Worst year: 45.1%
Latest · 2025: 66.6%

Book value plus dividends grew 56.8% a year (minimum 7%).

Annual book + dividend return

10y median: 64.8%
Worst year: 13.8%
Latest · 2025: 56.6%

Ordinary share growth was 0.9% over the full period and 0.8% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 105
Worst year: 110
Latest · 2025: 110

0 accounting warnings were found (none allowed).

Filing signals · estimated likelihood

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 1.89 GBP.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price GBX 1917.00 · Value 432.06 · Buy at or below 432.06; 2016-11 · Price GBX 1901.00 · Value 432.06 · Buy at or below 432.06; 2016-12 · Price GBX 1827.00 · Value 432.06 · Buy at or below 432.06; 2017-01 · Price GBX 1776.00 · Value 432.06 · Buy at or below 432.06; 2017-02 · Price GBX 1828.00 · Value 513.86 · Buy at or below 513.86; 2017-03 · Price GBX 1989.00 · Value 513.86 · Buy at or below 513.86; 2017-04 · Price GBX 2011.00 · Value 513.86 · Buy at or below 513.86; 2017-05 · Price GBX 2037.00 · Value 513.86 · Buy at or below 513.86; 2017-06 · Price GBX 2003.00 · Value 513.86 · Buy at or below 513.86; 2017-07 · Price GBX 2068.00 · Value 513.86 · Buy at or below 513.86; 2017-08 · Price GBX 1931.00 · Value 513.86 · Buy at or below 513.86; 2017-09 · Price GBX 1817.00 · Value 513.86 · Buy at or below 513.86; 2017-10 · Price GBX 1924.00 · Value 513.86 · Buy at or below 513.86; 2017-11 · Price GBX 1923.00 · Value 513.86 · Buy at or below 513.86; 2017-12 · Price GBX 2002.00 · Value 513.86 · Buy at or below 513.86; 2018-01 · Price GBX 1848.00 · Value 513.86 · Buy at or below 513.86; 2018-02 · Price GBX 1843.00 · Value 617.59 · Buy at or below 617.59; 2018-03 · Price GBX 1844.00 · Value 617.59 · Buy at or below 617.59; 2018-04 · Price GBX 1993.00 · Value 617.59 · Buy at or below 617.59; 2018-05 · Price GBX 1925.50 · Value 617.59 · Buy at or below 617.59; 2018-06 · Price GBX 1907.50 · Value 617.59 · Buy at or below 617.59; 2018-07 · Price GBX 1981.00 · Value 617.59 · Buy at or below 617.59; 2018-08 · Price GBX 2080.00 · Value 617.59 · Buy at or below 617.59; 2018-09 · Price GBX 2080.00 · Value 617.59 · Buy at or below 617.59; 2018-10 · Price GBX 2013.00 · Value 617.59 · Buy at or below 617.59; 2018-11 · Price GBX 2084.00 · Value 617.59 · Buy at or below 617.59; 2018-12 · Price GBX 2047.00 · Value 617.59 · Buy at or below 617.59; 2019-01 · Price GBX 2071.00 · Value 617.59 · Buy at or below 617.59; 2019-02 · Price GBX 2182.00 · Value 737.95 · Buy at or below 737.95; 2019-03 · Price GBX 2170.00 · Value 737.95 · Buy at or below 737.95; 2019-04 · Price GBX 2204.00 · Value 737.95 · Buy at or below 737.95; 2019-05 · Price GBX 2062.00 · Value 737.95 · Buy at or below 737.95; 2019-06 · Price GBX 2208.00 · Value 737.95 · Buy at or below 737.95; 2019-07 · Price GBX 2167.00 · Value 737.95 · Buy at or below 737.95; 2019-08 · Price GBX 2147.00 · Value 737.95 · Buy at or below 737.95; 2019-09 · Price GBX 2118.00 · Value 737.95 · Buy at or below 737.95; 2019-10 · Price GBX 2022.00 · Value 737.95 · Buy at or below 737.95; 2019-11 · Price GBX 2140.00 · Value 737.95 · Buy at or below 737.95; 2019-12 · Price GBX 2309.00 · Value 737.95 · Buy at or below 737.95; 2020-01 · Price GBX 2259.00 · Value 737.95 · Buy at or below 737.95; 2020-02 · Price GBX 2112.00 · Value 935.41 · Buy at or below 935.41; 2020-03 · Price GBX 2230.00 · Value 935.41 · Buy at or below 935.41; 2020-04 · Price GBX 2330.00 · Value 935.41 · Buy at or below 935.41; 2020-05 · Price GBX 2333.00 · Value 935.41 · Buy at or below 935.41; 2020-06 · Price GBX 2299.00 · Value 935.41 · Buy at or below 935.41; 2020-07 · Price GBX 2400.00 · Value 935.41 · Buy at or below 935.41; 2020-08 · Price GBX 2637.00 · Value 935.41 · Buy at or below 935.41; 2020-09 · Price GBX 2611.00 · Value 935.41 · Buy at or below 935.41; 2020-10 · Price GBX 2750.00 · Value 935.41 · Buy at or below 935.41; 2020-11 · Price GBX 2857.00 · Value 935.41 · Buy at or below 935.41; 2020-12 · Price GBX 2906.00 · Value 935.41 · Buy at or below 935.41; 2021-01 · Price GBX 2882.00 · Value 935.41 · Buy at or below 935.41; 2021-02 · Price GBX 3088.00 · Value 1203.59 · Buy at or below 1203.59; 2021-03 · Price GBX 3101.00 · Value 1203.59 · Buy at or below 1203.59; 2021-04 · Price GBX 3129.00 · Value 1203.59 · Buy at or below 1203.59; 2021-05 · Price GBX 2939.00 · Value 1203.59 · Buy at or below 1203.59; 2021-06 · Price GBX 3144.00 · Value 1203.59 · Buy at or below 1203.59; 2021-07 · Price GBX 3400.00 · Value 1203.59 · Buy at or below 1203.59; 2021-08 · Price GBX 3611.00 · Value 1203.59 · Buy at or below 1203.59; 2021-09 · Price GBX 3108.00 · Value 1203.59 · Buy at or below 1203.59; 2021-10 · Price GBX 2870.00 · Value 1203.59 · Buy at or below 1203.59; 2021-11 · Price GBX 2957.00 · Value 1203.59 · Buy at or below 1203.59; 2021-12 · Price GBX 3157.00 · Value 1203.59 · Buy at or below 1203.59; 2022-01 · Price GBX 3144.00 · Value 1203.59 · Buy at or below 1203.59; 2022-02 · Price GBX 2977.00 · Value 657.67 · Buy at or below 657.67; 2022-03 · Price GBX 2563.00 · Value 657.67 · Buy at or below 657.67; 2022-04 · Price GBX 2524.00 · Value 657.67 · Buy at or below 657.67; 2022-05 · Price GBX 2223.00 · Value 657.67 · Buy at or below 657.67; 2022-06 · Price GBX 2244.00 · Value 657.67 · Buy at or below 657.67; 2022-07 · Price GBX 1918.00 · Value 657.67 · Buy at or below 657.67; 2022-08 · Price GBX 2122.00 · Value 657.67 · Buy at or below 657.67; 2022-09 · Price GBX 1914.50 · Value 657.67 · Buy at or below 657.67; 2022-10 · Price GBX 2017.00 · Value 657.67 · Buy at or below 657.67; 2022-11 · Price GBX 2026.00 · Value 657.67 · Buy at or below 657.67; 2022-12 · Price GBX 2137.00 · Value 657.67 · Buy at or below 657.67; 2023-01 · Price GBX 2200.00 · Value 657.67 · Buy at or below 657.67; 2023-02 · Price GBX 2201.00 · Value 710.91 · Buy at or below 710.91; 2023-03 · Price GBX 2038.00 · Value 710.91 · Buy at or below 710.91; 2023-04 · Price GBX 2311.00 · Value 710.91 · Buy at or below 710.91; 2023-05 · Price GBX 2325.00 · Value 710.91 · Buy at or below 710.91; 2023-06 · Price GBX 2082.00 · Value 710.91 · Buy at or below 710.91; 2023-07 · Price GBX 2129.00 · Value 710.91 · Buy at or below 710.91; 2023-08 · Price GBX 2490.00 · Value 710.91 · Buy at or below 710.91; 2023-09 · Price GBX 2377.00 · Value 710.91 · Buy at or below 710.91; 2023-10 · Price GBX 2443.00 · Value 710.91 · Buy at or below 710.91; 2023-11 · Price GBX 2701.00 · Value 710.91 · Buy at or below 710.91; 2023-12 · Price GBX 2684.00 · Value 710.91 · Buy at or below 710.91; 2024-01 · Price GBX 2515.00 · Value 710.91 · Buy at or below 710.91; 2024-02 · Price GBX 2666.00 · Value 1019.45 · Buy at or below 1019.45; 2024-03 · Price GBX 2837.00 · Value 1019.45 · Buy at or below 1019.45; 2024-04 · Price GBX 2729.00 · Value 1019.45 · Buy at or below 1019.45; 2024-05 · Price GBX 2714.00 · Value 1019.45 · Buy at or below 1019.45; 2024-06 · Price GBX 2615.00 · Value 1019.45 · Buy at or below 1019.45; 2024-07 · Price GBX 2754.00 · Value 1019.45 · Buy at or below 1019.45; 2024-08 · Price GBX 2918.00 · Value 1019.45 · Buy at or below 1019.45; 2024-09 · Price GBX 2784.00 · Value 1019.45 · Buy at or below 1019.45; 2024-10 · Price GBX 2564.00 · Value 1019.45 · Buy at or below 1019.45; 2024-11 · Price GBX 2563.00 · Value 1019.45 · Buy at or below 1019.45; 2024-12 · Price GBX 2644.00 · Value 1019.45 · Buy at or below 1019.45; 2025-01 · Price GBX 2703.00 · Value 1019.45 · Buy at or below 1019.45; 2025-02 · Price GBX 2875.00 · Value 1077.33 · Buy at or below 1077.33; 2025-03 · Price GBX 2850.00 · Value 1077.33 · Buy at or below 1077.33; 2025-04 · Price GBX 3258.00 · Value 1077.33 · Buy at or below 1077.33; 2025-05 · Price GBX 3350.00 · Value 1077.33 · Buy at or below 1077.33; 2025-06 · Price GBX 3270.00 · Value 1077.33 · Buy at or below 1077.33; 2025-07 · Price GBX 3418.00 · Value 1077.33 · Buy at or below 1077.33; 2025-08 · Price GBX 3626.00 · Value 1077.33 · Buy at or below 1077.33; 2025-09 · Price GBX 3352.00 · Value 1077.33 · Buy at or below 1077.33; 2025-10 · Price GBX 3276.00 · Value 1077.33 · Buy at or below 1077.33; 2025-11 · Price GBX 3172.00 · Value 1077.33 · Buy at or below 1077.33; 2025-12 · Price GBX 3176.00 · Value 1077.33 · Buy at or below 1077.33; 2026-01 · Price GBX 2750.00 · Value 1077.33 · Buy at or below 1077.33; 2026-02 · Price GBX 2964.00 · Value 1104.19 · Buy at or below 1104.19; 2026-03 · Price GBX 3150.00 · Value 1104.19 · Buy at or below 1104.19; 2026-04 · Price GBX 3378.00 · Value 1104.19 · Buy at or below 1104.19; 2026-05 · Price GBX 3296.00 · Value 1104.19 · Buy at or below 1104.19; 2026-06 · Price GBX 3560.00 · Value 1104.19 · Buy at or below 1104.19; 2026-07 · Price GBX 3772.00 · Value 1104.19 · Buy at or below 1104.19; 2026-08 · Price GBX 4024.00 · Value 1104.19 · Buy at or below 1104.19; 2026-09 · Price GBX 3616.00 · Value 1104.19 · Buy at or below 1104.19; 2026-10 · Price GBX 3750.00 · Value 1104.19 · Buy at or below 1104.19; 2026-10 · Price GBX 3750.00 · Value 1104.19 · Buy at or below 1104.19

GBX per share · annual estimates

Price & return math
Value range	GBX 975.64 – GBX 1,271.77
Buy at or below	Central value GBX 1,104.19
Discount to value	1 − 3750.00 / 1104.19 = -239.6%
Return / year	About 4.6% a year at today's price (required return 10.0%)
Cash-flow inputs	Book GBX 370.97/share; ROE 25.0%; first payout GBX 83.80/share, growing 2.4% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeGBP 743M

Net income

Book / shareGBP 4.68

Book / share

Dividend / shareGBP 2.32

Dividend / share

Return on tangible equity66.6%

Return on tangible equity

Diluted shares308M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·