# Beazley (BEZ.LSE)

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

Analysis as of: 2026-10-16T07:35:50.316Z. Financial observations: FY2015–FY2025.

Listing currency: GBX. Reporting currency: USD.

## 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 1,308.50 per share; close as of 2026-10-02.

Estimated value: low GBX 1,080.61 per share, central GBX 1,188.67 per share, high GBX 1,320.74 per share. Buy at or below the central value GBX 1,188.67 per share. Valuation as of 2026-10-16T07:35:50.316Z; scenarios are not confidence intervals.

Expected annual return: 9.1% at the stated quote. About 9.1% 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: 9

- Required profitable years: 8

- Return on common equity variation (informational): 0.65×

Chart: Net income; fiscal year observations.

- FY2016: $251M

- FY2017: $130M

- FY2018: $68M

- FY2019: $234M

- FY2020: -$46M

- FY2021: $309M

- FY2022: $161M

- FY2023: $1.0B

- FY2024: $1.1B

- FY2025: $933M

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 14.4%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 4.6%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 16.9%

- FY2017: 8.7%

- FY2018: 4.6%

- FY2019: 14.4%

- FY2020: -2.5%

- FY2021: 14.5%

- FY2022: 6.2%

- FY2023: 26.4%

- FY2024: 24.5%

- FY2025: 19.1%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 15.7%

- Book return interval: 10 years

- Starting book value per share: $2.73

- Ending book value per share: $7.85

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

- FY2016: 7.1%

- FY2017: 6.0%

- FY2018: 3.1%

- FY2019: 16.4%

- FY2020: 3.7%

- FY2021: 17.2%

- FY2022: 23.9%

- FY2023: 42.4%

- FY2024: 23.2%

- FY2025: 19.9%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: 1.6%

- Diluted shares, 5-year annual growth: 1.2%

- Share growth excluding flagged crisis recapitalisations: 1.6%

- Five-year share growth excluding flagged crisis recapitalisations: 1.2%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.54×

- Book value created per share: $5.12

- Earnings retained per share after dividends and buybacks: $3.32

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

- FY2015: 100

- FY2016: 101

- FY2017: 101

- FY2018: 101

- FY2019: 101

- FY2020: 111

- FY2021: 117

- FY2022: 119

- FY2023: 129

- FY2024: 128

- FY2025: 118

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 0.9% a year forever · net income -17.5%

Story as of 2026-10-04T11:00:21.160Z; price observation 2026-10-02.

The price assumes profits grow 0.9% a year forever

### Net income · FY2025

net income -17.5%; source https://filings.xbrl.org/213800VTOMUWD41GIT12/2025-12-31/ESEF/GB/0/213800VTOMUWD41GIT12-2025-12-31/reports/213800VTOMUWD41GIT12-2025-12-31-T01.html; observed 2026-04-21.

- FY2016: $251M 

- FY2017: $130M 

- FY2018: $68M 

- FY2019: $234M 

- FY2020: -$46M 

- FY2021: $309M 

- FY2022: $161M 

- FY2023: $1.0B 

- FY2024: $1.1B 

- FY2025: $933M 

## Owner memo

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

### How it makes money

Operates in insurance specialty; annual sales are USD 1.1 billion.

- Source: https://filings.xbrl.org/213800VTOMUWD41GIT12/2025-12-31/ESEF/GB/0/213800VTOMUWD41GIT12-2025-12-31/reports/213800VTOMUWD41GIT12-2025-12-31-T01.html (filed 2026-04-21); FY2025: revenue 1058100000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BEZ.LSE: Beazley plc, through its subsidiaries, provides risk insurance and reinsurance solutions in the United States, the United Kingdom, and rest of Europe. The company operates through Cyber Risks, Digital, MAP Risks, Property Risks, and Specialty Risks segments. The Cyber Risks segment underwrites cyber and technology risks. The Digital segment underwrites various marine, contingency, and SME liability risks through digital channels, such as e-trading platforms and broker portals. The MAP Risks segment underwrites marine, portfolio underwriting and political, and contingency business. The Property Risks segment underwrites first-party property risks and reinsurance business. The Specialty Risks segment underwrites liability classes, including employment practices risks, and directors and officers, as well as healthcare, lawyers, and international financial institutions. It also underwrites life, health, and personal accident; and jewelry, fine art, and specie products risk insurance. Beazley plc was founded in 1986 and is based in London, the United Kingdom.

### Why customers stay

It earns 14.4% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-21); 10-year return on tangible equity observations [[2016,0.16917166543101705],[2017,0.08673026886383348],[2018,0.04649260344945123],[2019,0.1440349473943272],[2020,-0.0254766510085659],[2021,0.14487516425755584],[2022,0.062482999805712064],[2023,0.26449602019525514],[2024,0.24535469306242946],[2025,0.19136671207714673]]; median 0.14445505582594154. 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 USD 548 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-21); Dividend observations: [[2016,75201000],[2017,70248000],[2018,80500000],[2019,79500000],[2020,50200000],[2021,103000000],[2022,103000000],[2023,107700000],[2024,120500000],[2025,215426843]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/213800VTOMUWD41GIT12/2025-12-31/ESEF/GB/0/213800VTOMUWD41GIT12-2025-12-31/reports/213800VTOMUWD41GIT12-2025-12-31-T01.html (filed 2026-04-21); FY2025: cash repurchases 547960128 USD.

### Are managers owners

Insiders own 3.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BEZ.LSE SharesStats.PercentInsiders = 3.857 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 0.9% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-21); Price 1308.5; FX 75.34943299551671; original perpetual distributable cash 1.5775383221747674; discount 0.1; growth 0.009158106148591916. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-02.

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

- 2016-10: GBX 364.00 per share

- 2016-11: GBX 381.00 per share

- 2016-12: GBX 387.50 per share

- 2017-01: GBX 405.60 per share

- 2017-02: GBX 434.00 per share

- 2017-03: GBX 428.00 per share

- 2017-04: GBX 439.80 per share

- 2017-05: GBX 472.20 per share

- 2017-06: GBX 488.10 per share

- 2017-07: GBX 512.50 per share

- 2017-08: GBX 511.00 per share

- 2017-09: GBX 479.50 per share

- 2017-10: GBX 505.50 per share

- 2017-11: GBX 488.00 per share

- 2017-12: GBX 534.50 per share

- 2018-01: GBX 531.00 per share

- 2018-02: GBX 520.00 per share

- 2018-03: GBX 573.00 per share

- 2018-04: GBX 591.50 per share

- 2018-05: GBX 598.00 per share

- 2018-06: GBX 586.00 per share

- 2018-07: GBX 561.00 per share

- 2018-08: GBX 594.50 per share

- 2018-09: GBX 571.00 per share

- 2018-10: GBX 527.50 per share

- 2018-11: GBX 559.00 per share

- 2018-12: GBX 503.50 per share

- 2019-01: GBX 494.00 per share

- 2019-02: GBX 547.50 per share

- 2019-03: GBX 515.00 per share

- 2019-04: GBX 576.00 per share

- 2019-05: GBX 560.00 per share

- 2019-06: GBX 551.50 per share

- 2019-07: GBX 576.50 per share

- 2019-08: GBX 569.50 per share

- 2019-09: GBX 622.00 per share

- 2019-10: GBX 586.50 per share

- 2019-11: GBX 532.00 per share

- 2019-12: GBX 556.00 per share

- 2020-01: GBX 541.50 per share

- 2020-02: GBX 534.50 per share

- 2020-03: GBX 390.60 per share

- 2020-04: GBX 396.00 per share

- 2020-05: GBX 384.20 per share

- 2020-06: GBX 410.00 per share

- 2020-07: GBX 417.40 per share

- 2020-08: GBX 430.20 per share

- 2020-09: GBX 305.80 per share

- 2020-10: GBX 294.00 per share

- 2020-11: GBX 365.40 per share

- 2020-12: GBX 364.60 per share

- 2021-01: GBX 311.40 per share

- 2021-02: GBX 345.80 per share

- 2021-03: GBX 351.80 per share

- 2021-04: GBX 338.80 per share

- 2021-05: GBX 300.60 per share

- 2021-06: GBX 332.40 per share

- 2021-07: GBX 392.40 per share

- 2021-08: GBX 391.50 per share

- 2021-09: GBX 379.20 per share

- 2021-10: GBX 390.00 per share

- 2021-11: GBX 400.40 per share

- 2021-12: GBX 466.30 per share

- 2022-01: GBX 491.00 per share

- 2022-02: GBX 450.60 per share

- 2022-03: GBX 420.80 per share

- 2022-04: GBX 431.60 per share

- 2022-05: GBX 486.40 per share

- 2022-06: GBX 499.00 per share

- 2022-07: GBX 542.00 per share

- 2022-08: GBX 583.00 per share

- 2022-09: GBX 564.00 per share

- 2022-10: GBX 624.50 per share

- 2022-11: GBX 649.50 per share

- 2022-12: GBX 679.50 per share

- 2023-01: GBX 665.00 per share

- 2023-02: GBX 683.00 per share

- 2023-03: GBX 597.50 per share

- 2023-04: GBX 595.50 per share

- 2023-05: GBX 605.50 per share

- 2023-06: GBX 589.00 per share

- 2023-07: GBX 548.50 per share

- 2023-08: GBX 546.00 per share

- 2023-09: GBX 553.50 per share

- 2023-10: GBX 514.50 per share

- 2023-11: GBX 536.00 per share

- 2023-12: GBX 522.00 per share

- 2024-01: GBX 544.50 per share

- 2024-02: GBX 652.00 per share

- 2024-03: GBX 665.50 per share

- 2024-04: GBX 663.00 per share

- 2024-05: GBX 690.00 per share

- 2024-06: GBX 708.00 per share

- 2024-07: GBX 683.50 per share

- 2024-08: GBX 750.00 per share

- 2024-09: GBX 761.00 per share

- 2024-10: GBX 755.50 per share

- 2024-11: GBX 776.50 per share

- 2024-12: GBX 816.50 per share

- 2025-01: GBX 838.00 per share

- 2025-02: GBX 876.50 per share

- 2025-03: GBX 927.00 per share

- 2025-04: GBX 884.50 per share

- 2025-05: GBX 943.50 per share

- 2025-06: GBX 935.00 per share

- 2025-07: GBX 894.50 per share

- 2025-08: GBX 783.50 per share

- 2025-09: GBX 907.00 per share

- 2025-10: GBX 930.50 per share

- 2025-11: GBX 797.50 per share

- 2025-12: GBX 832.00 per share

- 2026-01: GBX 1,133.00 per share

- 2026-02: GBX 1,267.00 per share

- 2026-03: GBX 1,266.00 per share

- 2026-04: GBX 1,276.00 per share

- 2026-05: GBX 1,281.00 per share

- 2026-06: GBX 1,287.00 per share

- 2026-07: GBX 1,290.50 per share

- 2026-08: GBX 1,297.00 per share

- 2026-09: GBX 1,308.50 per share

- 2026-10: GBX 1,308.50 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 515.84 per share, central GBX 644.80 per share, high GBX 859.73 per share

- FY2017: low GBX 478.91 per share, central GBX 598.64 per share, high GBX 798.18 per share

- FY2018: low GBX 445.79 per share, central GBX 557.24 per share, high GBX 742.99 per share

- FY2019: low GBX 482.93 per share, central GBX 603.67 per share, high GBX 804.89 per share

- FY2020: low GBX 465.33 per share, central GBX 581.66 per share, high GBX 775.55 per share

- FY2021: low GBX 531.86 per share, central GBX 664.82 per share, high GBX 886.43 per share

- FY2022: low GBX 674.09 per share, central GBX 842.61 per share, high GBX 1,123.48 per share

- FY2023: low GBX 1,214.35 per share, central GBX 1,517.94 per share, high GBX 2,023.92 per share

- FY2024: low GBX 1,491.13 per share, central GBX 1,863.91 per share, high GBX 2,485.21 per share

- FY2025: low GBX 1,038.30 per share, central GBX 1,142.13 per share, high GBX 1,269.03 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/213800VTOMUWD41GIT12/2025-12-31/ESEF/GB/0/213800VTOMUWD41GIT12-2025-12-31/reports/213800VTOMUWD41GIT12-2025-12-31-T01.html); period 2025-12-31, filed 2026-04-21.

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.

Beazley

BEZ · LSE

STOXX Europe 600

A wonderful business at too high a price

Passes the quality tests.

Share price: GBX 1,308.50
Buy up to: GBX 1,188.67
Expected / yr: 9.1% 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 9 years (at least 8 needed).

Net income

10y median: $243M
Worst year: -$46M
Latest · 2025: $933M

Earned a median 14.4% on equity (minimum 10%).

Return on common equity

10y median: 14.4%
Worst year: -2.5%
Latest · 2025: 19.1%

Book value plus dividends grew 15.7% a year (minimum 7%).

Annual book + dividend return

10y median: 16.8%
Worst year: 3.1%
Latest · 2025: 19.9%

Ordinary share growth was 1.6% over the full period and 1.2% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 111
Worst year: 129
Latest · 2025: 118

0 accounting warnings were found (none allowed).

Filing signals · estimated likelihood

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 1 loss year in 10 (at most 2), three-year average earnings per share 1.56 USD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price GBX 364.00 · Value 644.80 · Buy at or below 644.80; 2016-11 · Price GBX 381.00 · Value 644.80 · Buy at or below 644.80; 2016-12 · Price GBX 387.50 · Value 644.80 · Buy at or below 644.80; 2017-01 · Price GBX 405.60 · Value 644.80 · Buy at or below 644.80; 2017-02 · Price GBX 434.00 · Value 598.64 · Buy at or below 598.64; 2017-03 · Price GBX 428.00 · Value 598.64 · Buy at or below 598.64; 2017-04 · Price GBX 439.80 · Value 598.64 · Buy at or below 598.64; 2017-05 · Price GBX 472.20 · Value 598.64 · Buy at or below 598.64; 2017-06 · Price GBX 488.10 · Value 598.64 · Buy at or below 598.64; 2017-07 · Price GBX 512.50 · Value 598.64 · Buy at or below 598.64; 2017-08 · Price GBX 511.00 · Value 598.64 · Buy at or below 598.64; 2017-09 · Price GBX 479.50 · Value 598.64 · Buy at or below 598.64; 2017-10 · Price GBX 505.50 · Value 598.64 · Buy at or below 598.64; 2017-11 · Price GBX 488.00 · Value 598.64 · Buy at or below 598.64; 2017-12 · Price GBX 534.50 · Value 598.64 · Buy at or below 598.64; 2018-01 · Price GBX 531.00 · Value 598.64 · Buy at or below 598.64; 2018-02 · Price GBX 520.00 · Value 557.24 · Buy at or below 557.24; 2018-03 · Price GBX 573.00 · Value 557.24 · Buy at or below 557.24; 2018-04 · Price GBX 591.50 · Value 557.24 · Buy at or below 557.24; 2018-05 · Price GBX 598.00 · Value 557.24 · Buy at or below 557.24; 2018-06 · Price GBX 586.00 · Value 557.24 · Buy at or below 557.24; 2018-07 · Price GBX 561.00 · Value 557.24 · Buy at or below 557.24; 2018-08 · Price GBX 594.50 · Value 557.24 · Buy at or below 557.24; 2018-09 · Price GBX 571.00 · Value 557.24 · Buy at or below 557.24; 2018-10 · Price GBX 527.50 · Value 557.24 · Buy at or below 557.24; 2018-11 · Price GBX 559.00 · Value 557.24 · Buy at or below 557.24; 2018-12 · Price GBX 503.50 · Value 557.24 · Buy at or below 557.24; 2019-01 · Price GBX 494.00 · Value 557.24 · Buy at or below 557.24; 2019-02 · Price GBX 547.50 · Value 603.67 · Buy at or below 603.67; 2019-03 · Price GBX 515.00 · Value 603.67 · Buy at or below 603.67; 2019-04 · Price GBX 576.00 · Value 603.67 · Buy at or below 603.67; 2019-05 · Price GBX 560.00 · Value 603.67 · Buy at or below 603.67; 2019-06 · Price GBX 551.50 · Value 603.67 · Buy at or below 603.67; 2019-07 · Price GBX 576.50 · Value 603.67 · Buy at or below 603.67; 2019-08 · Price GBX 569.50 · Value 603.67 · Buy at or below 603.67; 2019-09 · Price GBX 622.00 · Value 603.67 · Buy at or below 603.67; 2019-10 · Price GBX 586.50 · Value 603.67 · Buy at or below 603.67; 2019-11 · Price GBX 532.00 · Value 603.67 · Buy at or below 603.67; 2019-12 · Price GBX 556.00 · Value 603.67 · Buy at or below 603.67; 2020-01 · Price GBX 541.50 · Value 603.67 · Buy at or below 603.67; 2020-02 · Price GBX 534.50 · Value 581.66 · Buy at or below 581.66; 2020-03 · Price GBX 390.60 · Value 581.66 · Buy at or below 581.66; 2020-04 · Price GBX 396.00 · Value 581.66 · Buy at or below 581.66; 2020-05 · Price GBX 384.20 · Value 581.66 · Buy at or below 581.66; 2020-06 · Price GBX 410.00 · Value 581.66 · Buy at or below 581.66; 2020-07 · Price GBX 417.40 · Value 581.66 · Buy at or below 581.66; 2020-08 · Price GBX 430.20 · Value 581.66 · Buy at or below 581.66; 2020-09 · Price GBX 305.80 · Value 581.66 · Buy at or below 581.66; 2020-10 · Price GBX 294.00 · Value 581.66 · Buy at or below 581.66; 2020-11 · Price GBX 365.40 · Value 581.66 · Buy at or below 581.66; 2020-12 · Price GBX 364.60 · Value 581.66 · Buy at or below 581.66; 2021-01 · Price GBX 311.40 · Value 581.66 · Buy at or below 581.66; 2021-02 · Price GBX 345.80 · Value 664.82 · Buy at or below 664.82; 2021-03 · Price GBX 351.80 · Value 664.82 · Buy at or below 664.82; 2021-04 · Price GBX 338.80 · Value 664.82 · Buy at or below 664.82; 2021-05 · Price GBX 300.60 · Value 664.82 · Buy at or below 664.82; 2021-06 · Price GBX 332.40 · Value 664.82 · Buy at or below 664.82; 2021-07 · Price GBX 392.40 · Value 664.82 · Buy at or below 664.82; 2021-08 · Price GBX 391.50 · Value 664.82 · Buy at or below 664.82; 2021-09 · Price GBX 379.20 · Value 664.82 · Buy at or below 664.82; 2021-10 · Price GBX 390.00 · Value 664.82 · Buy at or below 664.82; 2021-11 · Price GBX 400.40 · Value 664.82 · Buy at or below 664.82; 2021-12 · Price GBX 466.30 · Value 664.82 · Buy at or below 664.82; 2022-01 · Price GBX 491.00 · Value 664.82 · Buy at or below 664.82; 2022-02 · Price GBX 450.60 · Value 842.61 · Buy at or below 842.61; 2022-03 · Price GBX 420.80 · Value 842.61 · Buy at or below 842.61; 2022-04 · Price GBX 431.60 · Value 842.61 · Buy at or below 842.61; 2022-05 · Price GBX 486.40 · Value 842.61 · Buy at or below 842.61; 2022-06 · Price GBX 499.00 · Value 842.61 · Buy at or below 842.61; 2022-07 · Price GBX 542.00 · Value 842.61 · Buy at or below 842.61; 2022-08 · Price GBX 583.00 · Value 842.61 · Buy at or below 842.61; 2022-09 · Price GBX 564.00 · Value 842.61 · Buy at or below 842.61; 2022-10 · Price GBX 624.50 · Value 842.61 · Buy at or below 842.61; 2022-11 · Price GBX 649.50 · Value 842.61 · Buy at or below 842.61; 2022-12 · Price GBX 679.50 · Value 842.61 · Buy at or below 842.61; 2023-01 · Price GBX 665.00 · Value 842.61 · Buy at or below 842.61; 2023-02 · Price GBX 683.00 · Value 1517.94 · Buy at or below 1517.94; 2023-03 · Price GBX 597.50 · Value 1517.94 · Buy at or below 1517.94; 2023-04 · Price GBX 595.50 · Value 1517.94 · Buy at or below 1517.94; 2023-05 · Price GBX 605.50 · Value 1517.94 · Buy at or below 1517.94; 2023-06 · Price GBX 589.00 · Value 1517.94 · Buy at or below 1517.94; 2023-07 · Price GBX 548.50 · Value 1517.94 · Buy at or below 1517.94; 2023-08 · Price GBX 546.00 · Value 1517.94 · Buy at or below 1517.94; 2023-09 · Price GBX 553.50 · Value 1517.94 · Buy at or below 1517.94; 2023-10 · Price GBX 514.50 · Value 1517.94 · Buy at or below 1517.94; 2023-11 · Price GBX 536.00 · Value 1517.94 · Buy at or below 1517.94; 2023-12 · Price GBX 522.00 · Value 1517.94 · Buy at or below 1517.94; 2024-01 · Price GBX 544.50 · Value 1517.94 · Buy at or below 1517.94; 2024-02 · Price GBX 652.00 · Value 1863.91 · Buy at or below 1863.91; 2024-03 · Price GBX 665.50 · Value 1863.91 · Buy at or below 1863.91; 2024-04 · Price GBX 663.00 · Value 1863.91 · Buy at or below 1863.91; 2024-05 · Price GBX 690.00 · Value 1863.91 · Buy at or below 1863.91; 2024-06 · Price GBX 708.00 · Value 1863.91 · Buy at or below 1863.91; 2024-07 · Price GBX 683.50 · Value 1863.91 · Buy at or below 1863.91; 2024-08 · Price GBX 750.00 · Value 1863.91 · Buy at or below 1863.91; 2024-09 · Price GBX 761.00 · Value 1863.91 · Buy at or below 1863.91; 2024-10 · Price GBX 755.50 · Value 1863.91 · Buy at or below 1863.91; 2024-11 · Price GBX 776.50 · Value 1863.91 · Buy at or below 1863.91; 2024-12 · Price GBX 816.50 · Value 1863.91 · Buy at or below 1863.91; 2025-01 · Price GBX 838.00 · Value 1863.91 · Buy at or below 1863.91; 2025-02 · Price GBX 876.50 · Value 1142.13 · Buy at or below 1142.13; 2025-03 · Price GBX 927.00 · Value 1142.13 · Buy at or below 1142.13; 2025-04 · Price GBX 884.50 · Value 1142.13 · Buy at or below 1142.13; 2025-05 · Price GBX 943.50 · Value 1142.13 · Buy at or below 1142.13; 2025-06 · Price GBX 935.00 · Value 1142.13 · Buy at or below 1142.13; 2025-07 · Price GBX 894.50 · Value 1142.13 · Buy at or below 1142.13; 2025-08 · Price GBX 783.50 · Value 1142.13 · Buy at or below 1142.13; 2025-09 · Price GBX 907.00 · Value 1142.13 · Buy at or below 1142.13; 2025-10 · Price GBX 930.50 · Value 1142.13 · Buy at or below 1142.13; 2025-11 · Price GBX 797.50 · Value 1142.13 · Buy at or below 1142.13; 2025-12 · Price GBX 832.00 · Value 1142.13 · Buy at or below 1142.13; 2026-01 · Price GBX 1133.00 · Value 1142.13 · Buy at or below 1142.13; 2026-02 · Price GBX 1267.00 · Value 1188.67 · Buy at or below 1188.67; 2026-03 · Price GBX 1266.00 · Value 1188.67 · Buy at or below 1188.67; 2026-04 · Price GBX 1276.00 · Value 1188.67 · Buy at or below 1188.67; 2026-05 · Price GBX 1281.00 · Value 1188.67 · Buy at or below 1188.67; 2026-06 · Price GBX 1287.00 · Value 1188.67 · Buy at or below 1188.67; 2026-07 · Price GBX 1290.50 · Value 1188.67 · Buy at or below 1188.67; 2026-08 · Price GBX 1297.00 · Value 1188.67 · Buy at or below 1188.67; 2026-09 · Price GBX 1308.50 · Value 1188.67 · Buy at or below 1188.67; 2026-10 · Price GBX 1308.50 · Value 1188.67 · Buy at or below 1188.67; 2026-10 · Price GBX 1308.50 · Value 1188.67 · Buy at or below 1188.67

GBX per share · annual estimates

Price & return math
Value range	GBX 1,080.61 – GBX 1,320.74
Buy at or below	Central value GBX 1,188.67
Discount to value	1 − 1308.50 / 1188.67 = -10.1%
Return / year	About 9.1% a year at today's price (required return 10.0%)
Cash-flow inputs	Book GBX 587.04/share; ROE 20.2%; first payout GBX 118.87/share, growing 0.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net income$933M

Net income

Book / share$7.85

Book / share

Dividend / share$0.35

Dividend / share

Return on equity19.1%

Return on equity

Diluted shares621M

Diluted shares

Prices 2 Oct 2026 · FY2025Original filing ↗ ·