# Burberry Group (BRBY.LSE)

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

Analysis as of: 2026-10-16T07:37:24.748Z. Financial observations: FY2000–FY2026.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 1,102.00 per share; close as of 2026-10-15.

Estimated value: low GBX 669.90 per share, central GBX 738.30 per share, high GBX 829.35 per share. Buy at or below the central value GBX 738.30 per share. Valuation as of 2026-10-16T07:37:24.748Z; scenarios are not confidence intervals.

Expected annual return: 7.2% at the stated quote. About 7.2% 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: fail

- 7 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 7

- Years with a net loss: 1

- Operating margin variation: 0.42×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.16×

- FY2018: 0.17×

- FY2019: 0.16×

- FY2020: 0.18×

- FY2021: 0.18×

- FY2022: 0.18×

- FY2023: 0.21×

- FY2024: 0.14×

- FY2025: -0.00×

- FY2026: 0.06×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 8.5pp below the typical margin (limit 4pp)

- ROIC, median of available years: 22.1%

- ROIC, second-lowest year: 5.9%

- Typical minus recent gross margin: 8.5 pp

- Typical gross margin (annual median): 61.0%

- Recent gross margin (lower of latest and 3-year median): 52.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.3%

- ROIC including acquisitions, ten-year median: 18.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 42.0%

- FY2018: 76.3%

- FY2019: 67.3%

- FY2020: 20.5%

- FY2021: 20.6%

- FY2022: 23.7%

- FY2023: 26.4%

- FY2024: 13.7%

- FY2025: -0.1%

- FY2026: 5.9%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.93×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 1.0B

- Net income, five-year total: GBP 1.1B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 5.1 pp

- Working capital / revenue, final three-year average: 23.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.84×

- FY2023: 0.87×

- FY2024: 0.74×

- FY2025: 0.39×

- FY2026: 4.33×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 67.3% vs 5.9%

- Per-share earnings: 0.70 to 0.06 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.1%

- Ordinary dilution, 5-year annual growth: -2.5%

- Market cap gain: GBP -3.6B

- Cumulative retained earnings: GBP -665M

- Diluted shares, 10-year annual growth: -2.1%

- Diluted shares, 5-year annual growth: -2.5%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -26.6%

- Per-share value change: GBP -0.64

- Per-share value, starting three-year median: GBP 0.70

- Per-share value, ending three-year median: GBP 0.06

- Buybacks concentrated in cheaper years (correlation): 0.43

- Average buyback yield: 3.0%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: GBP 201M

- Cumulative net income, 10 years: GBP 2.5B

- ROIC, first three-year median: 67.3%

- ROIC, last three-year median: 5.9%

Chart: Earnings per share; fiscal year observations.

- FY2017: GBP 0.66

- FY2018: GBP 0.70

- FY2019: GBP 0.82

- FY2020: GBP 0.30

- FY2021: GBP 0.93

- FY2022: GBP 1.00

- FY2023: GBP 1.30

- FY2024: GBP 0.76

- FY2025: GBP -0.21

- FY2026: GBP 0.06

### accounting: pass

- Sloan accruals: -15.0%

- Receivables to sales index (DSRI): 1.31×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 4.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 23.05×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.23×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -11.3%

- FY2018: -17.3%

- FY2019: -3.1%

- FY2020: -10.1%

- FY2021: -6.2%

- FY2022: -8.2%

- FY2023: -7.1%

- FY2024: -7.0%

- FY2025: -14.7%

- FY2026: -15.0%

## Holders

## Price story

Down 57% since Apr 2023 · "Burberry's Europe sales hit by Iran war while US and China grow" (finance.yahoo.com, Jul 2026) · sales -1.7%

Story as of 2026-10-16T10:00:09.059Z; price observation 2026-10-15.

Price needs cash profits to grow 7.1% a year for ten years

- 2025-07-18: Burberry Stems Sales Declines in First Quarter as Schulman’s Strategy Takes Hold ([finance.yahoo.com](https://finance.yahoo.com/news/burberry-stems-sales-declines-first-065648561.html))

- 2026-07-20: Burberry sales climb 5% in Q1 as US and China drive growth ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/burberry-sales-climb-5-q1-091938043.html))

### Sales · FY2025–2026

sales -1.7%; source https://filings.xbrl.org/213800PE1KEFCNFR1R50/2026-03-28/ESEF/GB/0/213800PE1KEFCNFR1R50-2026-03-28/reports/213800PE1KEFCNFR1R50-2026-03-28-T01.xhtml; observed 2026-06-02.

- FY2017: GBP 2.8B 

- FY2018: GBP 2.7B 

- FY2019: GBP 2.7B 

- FY2020: GBP 2.6B 

- FY2021: GBP 2.3B 

- FY2022: GBP 2.8B 

- FY2023: GBP 3.1B 

- FY2024: GBP 3.0B 

- FY2025: GBP 2.5B 

- FY2026: GBP 2.4B 

### Gross margin · FY2026

gross margin 52.5%; source https://filings.xbrl.org/213800PE1KEFCNFR1R50/2026-03-28/ESEF/GB/0/213800PE1KEFCNFR1R50-2026-03-28/reports/213800PE1KEFCNFR1R50-2026-03-28-T01.xhtml; observed 2026-06-02.

- FY2017: 69.9% 

- FY2018: 69.4% 

- FY2019: 68.4% 

- FY2020: 54.9% 

- FY2021: 58.3% 

- FY2022: 59.6% 

- FY2023: 59.6% 

- FY2024: 67.7% 

- FY2025: 62.5% 

- FY2026: 52.5% 

## Owner memo

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

### How it makes money

Operates in luxury goods; annual sales are GBP 2.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2026: revenue 2420000000; grossProfit 1271000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BRBY.LSE: Burberry Group plc, together with its subsidiaries, engages in manufacturing, retail, and wholesale of luxury goods under the Burberry brand in the Asia Pacific, China, Europe, the Middle East, India, Africa, and the Americas. The company operates in two segments, Retail/Wholesale and Licensing. It offers accessories, womenswear, menswear, childrenswear, and others, as well as eyewear and beauty, and bags. The company also licenses third parties to manufacture and distribute products using the Burberry trademarks. It sells its products through operated stores, concessions, outlets, digital commerce, Burberry franchisees, department stores, multi-brand specialty accounts, and through the Burberry.com website. Burberry Group plc was founded in 1856 and is headquartered in London, the United Kingdom.

### Why customers stay

Margins ranged from 52.5% to 67.7% during 2024–26; it earns 22.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2024: grossProfit / revenue = 67.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2025: grossProfit / revenue = 62.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2026: grossProfit / revenue = 52.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); 10-year return on capital observations [[2017,0.41954829654204423],[2018,0.7630132640021152],[2019,0.6727290948852537],[2020,0.20546123371415434],[2021,0.20571315290320352],[2022,0.237273157498782],[2023,0.26361791476622],[2024,0.13737343848343253],[2025,-0.001240188383045526],[2026,0.05930232558139535]]; median 0.22149315520099278. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 60% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/213800PE1KEFCNFR1R50/2026-03-28/ESEF/GB/0/213800PE1KEFCNFR1R50-2026-03-28/reports/213800PE1KEFCNFR1R50-2026-03-28-T01.xhtml (filed 2026-06-02); Gross margin observations: [[2021,0.5827893681471052],[2022,0.5958952583156405],[2023,0.5956690368455074]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 9 of 10 years; bought back GBP 5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2017: growth capex 0; upkeep 71300000; owner earnings 367000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2018: growth capex 0; upkeep 57500000; owner earnings 360000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2019: growth capex 0; upkeep 62600000; owner earnings 392500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2020: growth capex 0; upkeep 148800000; owner earnings 78600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2021: growth capex 0; upkeep 117700000; owner earnings 331080000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2022: growth capex 0; upkeep 165000000; owner earnings 332400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2023: growth capex 0; upkeep 179000000; owner earnings 427400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2024: growth capex 0; upkeep 212000000; owner earnings 199400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2026: growth capex 0; upkeep 114000000; owner earnings 91000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); Dividend observations: [[2017,164400000],[2018,169400000],[2019,171100000],[2020,175200000],[2021,442900000],[2022,219000000],[2023,203000000],[2024,233000000],[2025,152000000],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2026: cash repurchases 5000000 GBP.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BRBY.LSE SharesStats.PercentInsiders = 0.213 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7.1% yearly over ten years; actual decline was 10.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); Ten-year compound average after fade. Initial solved rate 0.08938845185528732. Price 1102; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.7861805086653162 → FY2026 0.25402532437079883. Closing-price date 2026-10-15.

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

- 2016-10: GBX 1,475.00 per share

- 2016-11: GBX 1,429.00 per share

- 2016-12: GBX 1,497.00 per share

- 2017-01: GBX 1,640.00 per share

- 2017-02: GBX 1,726.00 per share

- 2017-03: GBX 1,724.00 per share

- 2017-04: GBX 1,614.00 per share

- 2017-05: GBX 1,815.00 per share

- 2017-06: GBX 1,661.00 per share

- 2017-07: GBX 1,711.00 per share

- 2017-08: GBX 1,797.00 per share

- 2017-09: GBX 1,760.00 per share

- 2017-10: GBX 1,902.00 per share

- 2017-11: GBX 1,716.00 per share

- 2017-12: GBX 1,792.00 per share

- 2018-01: GBX 1,579.00 per share

- 2018-02: GBX 1,533.50 per share

- 2018-03: GBX 1,696.00 per share

- 2018-04: GBX 1,823.50 per share

- 2018-05: GBX 2,069.00 per share

- 2018-06: GBX 2,160.00 per share

- 2018-07: GBX 2,107.00 per share

- 2018-08: GBX 2,236.00 per share

- 2018-09: GBX 2,015.00 per share

- 2018-10: GBX 1,811.00 per share

- 2018-11: GBX 1,776.50 per share

- 2018-12: GBX 1,735.50 per share

- 2019-01: GBX 1,801.50 per share

- 2019-02: GBX 1,889.50 per share

- 2019-03: GBX 1,954.50 per share

- 2019-04: GBX 2,017.00 per share

- 2019-05: GBX 1,695.00 per share

- 2019-06: GBX 1,862.00 per share

- 2019-07: GBX 2,259.00 per share

- 2019-08: GBX 2,164.00 per share

- 2019-09: GBX 2,174.00 per share

- 2019-10: GBX 2,044.00 per share

- 2019-11: GBX 2,104.00 per share

- 2019-12: GBX 2,205.00 per share

- 2020-01: GBX 1,953.00 per share

- 2020-02: GBX 1,649.00 per share

- 2020-03: GBX 1,324.50 per share

- 2020-04: GBX 1,390.00 per share

- 2020-05: GBX 1,495.50 per share

- 2020-06: GBX 1,599.50 per share

- 2020-07: GBX 1,252.50 per share

- 2020-08: GBX 1,444.50 per share

- 2020-09: GBX 1,554.00 per share

- 2020-10: GBX 1,356.00 per share

- 2020-11: GBX 1,729.00 per share

- 2020-12: GBX 1,789.50 per share

- 2021-01: GBX 1,718.50 per share

- 2021-02: GBX 1,815.50 per share

- 2021-03: GBX 1,898.50 per share

- 2021-04: GBX 2,061.00 per share

- 2021-05: GBX 2,136.00 per share

- 2021-06: GBX 2,066.00 per share

- 2021-07: GBX 2,064.00 per share

- 2021-08: GBX 1,859.50 per share

- 2021-09: GBX 1,815.00 per share

- 2021-10: GBX 1,929.00 per share

- 2021-11: GBX 1,757.50 per share

- 2021-12: GBX 1,817.50 per share

- 2022-01: GBX 1,867.50 per share

- 2022-02: GBX 1,940.00 per share

- 2022-03: GBX 1,674.00 per share

- 2022-04: GBX 1,591.00 per share

- 2022-05: GBX 1,713.00 per share

- 2022-06: GBX 1,641.00 per share

- 2022-07: GBX 1,796.00 per share

- 2022-08: GBX 1,748.00 per share

- 2022-09: GBX 1,808.00 per share

- 2022-10: GBX 1,815.00 per share

- 2022-11: GBX 2,177.00 per share

- 2022-12: GBX 2,030.00 per share

- 2023-01: GBX 2,461.00 per share

- 2023-02: GBX 2,466.00 per share

- 2023-03: GBX 2,586.00 per share

- 2023-04: GBX 2,591.00 per share

- 2023-05: GBX 2,154.00 per share

- 2023-06: GBX 2,120.00 per share

- 2023-07: GBX 2,223.00 per share

- 2023-08: GBX 2,184.00 per share

- 2023-09: GBX 1,908.50 per share

- 2023-10: GBX 1,692.00 per share

- 2023-11: GBX 1,463.50 per share

- 2023-12: GBX 1,416.00 per share

- 2024-01: GBX 1,308.00 per share

- 2024-02: GBX 1,285.00 per share

- 2024-03: GBX 1,213.00 per share

- 2024-04: GBX 1,150.50 per share

- 2024-05: GBX 1,035.00 per share

- 2024-06: GBX 877.80 per share

- 2024-07: GBX 775.00 per share

- 2024-08: GBX 667.80 per share

- 2024-09: GBX 701.00 per share

- 2024-10: GBX 783.40 per share

- 2024-11: GBX 898.20 per share

- 2024-12: GBX 980.00 per share

- 2025-01: GBX 1,192.00 per share

- 2025-02: GBX 1,086.00 per share

- 2025-03: GBX 771.80 per share

- 2025-04: GBX 723.60 per share

- 2025-05: GBX 1,035.00 per share

- 2025-06: GBX 1,182.00 per share

- 2025-07: GBX 1,290.50 per share

- 2025-08: GBX 1,283.50 per share

- 2025-09: GBX 1,168.00 per share

- 2025-10: GBX 1,237.50 per share

- 2025-11: GBX 1,139.50 per share

- 2025-12: GBX 1,269.00 per share

- 2026-01: GBX 1,099.00 per share

- 2026-02: GBX 1,163.00 per share

- 2026-03: GBX 1,088.00 per share

- 2026-04: GBX 1,157.80 per share

- 2026-05: GBX 1,179.00 per share

- 2026-06: GBX 1,062.00 per share

- 2026-07: GBX 1,187.50 per share

- 2026-08: GBX 1,084.00 per share

- 2026-09: GBX 1,020.00 per share

- 2026-10: GBX 1,102.00 per share

## Annual estimated value (GBX per share)

- FY2017: low GBX 1,333.98 per share, central GBX 1,827.94 per share, high GBX 2,115.57 per share

- FY2018: low GBX 1,385.08 per share, central GBX 1,878.37 per share, high GBX 2,169.81 per share

- FY2019: low GBX 1,388.31 per share, central GBX 1,890.14 per share, high GBX 2,185.16 per share

- FY2020: low GBX 1,160.09 per share, central GBX 1,290.19 per share, high GBX 1,463.38 per share

- FY2021: low GBX 1,135.53 per share, central GBX 1,250.89 per share, high GBX 1,404.45 per share

- FY2022: low GBX 1,327.22 per share, central GBX 1,469.47 per share, high GBX 1,658.84 per share

- FY2023: low GBX 1,498.46 per share, central GBX 1,669.72 per share, high GBX 1,897.70 per share

- FY2024: low GBX 1,174.81 per share, central GBX 1,322.07 per share, high GBX 1,518.09 per share

- FY2025: low GBX 1,096.52 per share, central GBX 1,218.31 per share, high GBX 1,380.43 per share

- FY2026: low GBX 669.87 per share, central GBX 738.26 per share, high GBX 829.32 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

Prior published observations retained from 2026-10-15T06:43:12.588Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800PE1KEFCNFR1R50/2026-03-28/ESEF/GB/0/213800PE1KEFCNFR1R50-2026-03-28/reports/213800PE1KEFCNFR1R50-2026-03-28-T01.xhtml); period 2026-03-28, filed 2026-06-02.

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.

Burberry Group

BRBY · LSE

FTSE 100 · STOXX Europe 600

Not a wonderful business

3 quality tests fail. A lower price would not fix the business.

Share price: GBX 1,102.00
Buy up to: GBX 738.30
Expected / yr: 7.2% at today's price (10.0% at central value)

The business

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

1. Is this a good business?

Evidence only; not required for Buy

Sales fell in 7 years (limit 5), and margins varied 42% around their average (limit 35%).

Operating margin

10y median: 16.8%
Worst year: -0.1%
Latest · 2026: 6.3%

The second-worst year 5.9% (minimum 10%), and gross margin fell 8.5 percentage points (limit 4).

ROIC excluding acquisitions

10y median: 22.1%
Worst year: -0.1%
Latest · 2026: 5.9%

New investment earned 0% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.93×
Annual median: 0.84×
Latest · 2026: 4.33×

Per-share value fell from 0.7 to 0.06, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: GBP 0.73
Worst year: GBP -0.21
Latest · 2026: GBP 0.06

Profits were backed by cash: accruals were -15% of assets (limit 10%).

Sloan accruals

10y median: -9.2%
Worst year: -3.1%
Latest · 2026: -15.0%

Profit record · pass 1 loss year in 10 (at most 2), mean operating margin 14.5%, three-year average owner earnings per share 0.24 GBP.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price GBX 1475.00; 2016-11 · Price GBX 1429.00; 2016-12 · Price GBX 1497.00; 2017-01 · Price GBX 1640.00 · Value 1827.94 · Buy at or below 1827.94; 2017-02 · Price GBX 1726.00 · Value 1827.94 · Buy at or below 1827.94; 2017-03 · Price GBX 1724.00 · Value 1827.94 · Buy at or below 1827.94; 2017-04 · Price GBX 1614.00 · Value 1827.94 · Buy at or below 1827.94; 2017-05 · Price GBX 1815.00 · Value 1827.94 · Buy at or below 1827.94; 2017-06 · Price GBX 1661.00 · Value 1827.94 · Buy at or below 1827.94; 2017-07 · Price GBX 1711.00 · Value 1827.94 · Buy at or below 1827.94; 2017-08 · Price GBX 1797.00 · Value 1827.94 · Buy at or below 1827.94; 2017-09 · Price GBX 1760.00 · Value 1827.94 · Buy at or below 1827.94; 2017-10 · Price GBX 1902.00 · Value 1827.94 · Buy at or below 1827.94; 2017-11 · Price GBX 1716.00 · Value 1827.94 · Buy at or below 1827.94; 2017-12 · Price GBX 1792.00 · Value 1827.94 · Buy at or below 1827.94; 2018-01 · Price GBX 1579.00 · Value 1827.94 · Buy at or below 1827.94; 2018-02 · Price GBX 1533.50 · Value 1878.37 · Buy at or below 1878.37; 2018-03 · Price GBX 1696.00 · Value 1878.37 · Buy at or below 1878.37; 2018-04 · Price GBX 1823.50 · Value 1878.37 · Buy at or below 1878.37; 2018-05 · Price GBX 2069.00 · Value 1878.37 · Buy at or below 1878.37; 2018-06 · Price GBX 2160.00 · Value 1878.37 · Buy at or below 1878.37; 2018-07 · Price GBX 2107.00 · Value 1878.37 · Buy at or below 1878.37; 2018-08 · Price GBX 2236.00 · Value 1878.37 · Buy at or below 1878.37; 2018-09 · Price GBX 2015.00 · Value 1878.37 · Buy at or below 1878.37; 2018-10 · Price GBX 1811.00 · Value 1878.37 · Buy at or below 1878.37; 2018-11 · Price GBX 1776.50 · Value 1878.37 · Buy at or below 1878.37; 2018-12 · Price GBX 1735.50 · Value 1878.37 · Buy at or below 1878.37; 2019-01 · Price GBX 1801.50 · Value 1878.37 · Buy at or below 1878.37; 2019-02 · Price GBX 1889.50 · Value 1890.14 · Buy at or below 1890.14; 2019-03 · Price GBX 1954.50 · Value 1890.14 · Buy at or below 1890.14; 2019-04 · Price GBX 2017.00 · Value 1890.14 · Buy at or below 1890.14; 2019-05 · Price GBX 1695.00 · Value 1890.14 · Buy at or below 1890.14; 2019-06 · Price GBX 1862.00 · Value 1890.14 · Buy at or below 1890.14; 2019-07 · Price GBX 2259.00 · Value 1890.14 · Buy at or below 1890.14; 2019-08 · Price GBX 2164.00 · Value 1890.14 · Buy at or below 1890.14; 2019-09 · Price GBX 2174.00 · Value 1890.14 · Buy at or below 1890.14; 2019-10 · Price GBX 2044.00 · Value 1890.14 · Buy at or below 1890.14; 2019-11 · Price GBX 2104.00 · Value 1890.14 · Buy at or below 1890.14; 2019-12 · Price GBX 2205.00 · Value 1890.14 · Buy at or below 1890.14; 2020-01 · Price GBX 1953.00 · Value 1890.14 · Buy at or below 1890.14; 2020-02 · Price GBX 1649.00 · Value 1290.19 · Buy at or below 1290.19; 2020-03 · Price GBX 1324.50 · Value 1290.19 · Buy at or below 1290.19; 2020-04 · Price GBX 1390.00 · Value 1290.19 · Buy at or below 1290.19; 2020-05 · Price GBX 1495.50 · Value 1290.19 · Buy at or below 1290.19; 2020-06 · Price GBX 1599.50 · Value 1290.19 · Buy at or below 1290.19; 2020-07 · Price GBX 1252.50 · Value 1290.19 · Buy at or below 1290.19; 2020-08 · Price GBX 1444.50 · Value 1290.19 · Buy at or below 1290.19; 2020-09 · Price GBX 1554.00 · Value 1290.19 · Buy at or below 1290.19; 2020-10 · Price GBX 1356.00 · Value 1290.19 · Buy at or below 1290.19; 2020-11 · Price GBX 1729.00 · Value 1290.19 · Buy at or below 1290.19; 2020-12 · Price GBX 1789.50 · Value 1290.19 · Buy at or below 1290.19; 2021-01 · Price GBX 1718.50 · Value 1290.19 · Buy at or below 1290.19; 2021-02 · Price GBX 1815.50 · Value 1250.89 · Buy at or below 1250.89; 2021-03 · Price GBX 1898.50 · Value 1250.89 · Buy at or below 1250.89; 2021-04 · Price GBX 2061.00 · Value 1250.89 · Buy at or below 1250.89; 2021-05 · Price GBX 2136.00 · Value 1250.89 · Buy at or below 1250.89; 2021-06 · Price GBX 2066.00 · Value 1250.89 · Buy at or below 1250.89; 2021-07 · Price GBX 2064.00 · Value 1250.89 · Buy at or below 1250.89; 2021-08 · Price GBX 1859.50 · Value 1250.89 · Buy at or below 1250.89; 2021-09 · Price GBX 1815.00 · Value 1250.89 · Buy at or below 1250.89; 2021-10 · Price GBX 1929.00 · Value 1250.89 · Buy at or below 1250.89; 2021-11 · Price GBX 1757.50 · Value 1250.89 · Buy at or below 1250.89; 2021-12 · Price GBX 1817.50 · Value 1250.89 · Buy at or below 1250.89; 2022-01 · Price GBX 1867.50 · Value 1250.89 · Buy at or below 1250.89; 2022-02 · Price GBX 1940.00 · Value 1469.47 · Buy at or below 1469.47; 2022-03 · Price GBX 1674.00 · Value 1469.47 · Buy at or below 1469.47; 2022-04 · Price GBX 1591.00 · Value 1469.47 · Buy at or below 1469.47; 2022-05 · Price GBX 1713.00 · Value 1469.47 · Buy at or below 1469.47; 2022-06 · Price GBX 1641.00 · Value 1469.47 · Buy at or below 1469.47; 2022-07 · Price GBX 1796.00 · Value 1469.47 · Buy at or below 1469.47; 2022-08 · Price GBX 1748.00 · Value 1469.47 · Buy at or below 1469.47; 2022-09 · Price GBX 1808.00 · Value 1469.47 · Buy at or below 1469.47; 2022-10 · Price GBX 1815.00 · Value 1469.47 · Buy at or below 1469.47; 2022-11 · Price GBX 2177.00 · Value 1469.47 · Buy at or below 1469.47; 2022-12 · Price GBX 2030.00 · Value 1469.47 · Buy at or below 1469.47; 2023-01 · Price GBX 2461.00 · Value 1469.47 · Buy at or below 1469.47; 2023-02 · Price GBX 2466.00 · Value 1669.72 · Buy at or below 1669.72; 2023-03 · Price GBX 2586.00 · Value 1669.72 · Buy at or below 1669.72; 2023-04 · Price GBX 2591.00 · Value 1669.72 · Buy at or below 1669.72; 2023-05 · Price GBX 2154.00 · Value 1669.72 · Buy at or below 1669.72; 2023-06 · Price GBX 2120.00 · Value 1669.72 · Buy at or below 1669.72; 2023-07 · Price GBX 2223.00 · Value 1669.72 · Buy at or below 1669.72; 2023-08 · Price GBX 2184.00 · Value 1669.72 · Buy at or below 1669.72; 2023-09 · Price GBX 1908.50 · Value 1669.72 · Buy at or below 1669.72; 2023-10 · Price GBX 1692.00 · Value 1669.72 · Buy at or below 1669.72; 2023-11 · Price GBX 1463.50 · Value 1669.72 · Buy at or below 1669.72; 2023-12 · Price GBX 1416.00 · Value 1669.72 · Buy at or below 1669.72; 2024-01 · Price GBX 1308.00 · Value 1669.72 · Buy at or below 1669.72; 2024-02 · Price GBX 1285.00 · Value 1322.07 · Buy at or below 1322.07; 2024-03 · Price GBX 1213.00 · Value 1322.07 · Buy at or below 1322.07; 2024-04 · Price GBX 1150.50 · Value 1322.07 · Buy at or below 1322.07; 2024-05 · Price GBX 1035.00 · Value 1322.07 · Buy at or below 1322.07; 2024-06 · Price GBX 877.80 · Value 1322.07 · Buy at or below 1322.07; 2024-07 · Price GBX 775.00 · Value 1322.07 · Buy at or below 1322.07; 2024-08 · Price GBX 667.80 · Value 1322.07 · Buy at or below 1322.07; 2024-09 · Price GBX 701.00 · Value 1322.07 · Buy at or below 1322.07; 2024-10 · Price GBX 783.40 · Value 1322.07 · Buy at or below 1322.07; 2024-11 · Price GBX 898.20 · Value 1322.07 · Buy at or below 1322.07; 2024-12 · Price GBX 980.00 · Value 1322.07 · Buy at or below 1322.07; 2025-01 · Price GBX 1192.00 · Value 1322.07 · Buy at or below 1322.07; 2025-02 · Price GBX 1086.00 · Value 1218.31 · Buy at or below 1218.31; 2025-03 · Price GBX 771.80 · Value 1218.31 · Buy at or below 1218.31; 2025-04 · Price GBX 723.60 · Value 1218.31 · Buy at or below 1218.31; 2025-05 · Price GBX 1035.00 · Value 1218.31 · Buy at or below 1218.31; 2025-06 · Price GBX 1182.00 · Value 1218.31 · Buy at or below 1218.31; 2025-07 · Price GBX 1290.50 · Value 1218.31 · Buy at or below 1218.31; 2025-08 · Price GBX 1283.50 · Value 1218.31 · Buy at or below 1218.31; 2025-09 · Price GBX 1168.00 · Value 1218.31 · Buy at or below 1218.31; 2025-10 · Price GBX 1237.50 · Value 1218.31 · Buy at or below 1218.31; 2025-11 · Price GBX 1139.50 · Value 1218.31 · Buy at or below 1218.31; 2025-12 · Price GBX 1269.00 · Value 1218.31 · Buy at or below 1218.31; 2026-01 · Price GBX 1099.00 · Value 1218.31 · Buy at or below 1218.31; 2026-02 · Price GBX 1163.00 · Value 738.26 · Buy at or below 738.26; 2026-03 · Price GBX 1088.00 · Value 738.26 · Buy at or below 738.26; 2026-04 · Price GBX 1157.80 · Value 738.26 · Buy at or below 738.26; 2026-05 · Price GBX 1179.00 · Value 738.26 · Buy at or below 738.26; 2026-06 · Price GBX 1062.00 · Value 738.26 · Buy at or below 738.26; 2026-07 · Price GBX 1187.50 · Value 738.26 · Buy at or below 738.26; 2026-08 · Price GBX 1084.00 · Value 738.26 · Buy at or below 738.26; 2026-09 · Price GBX 1020.00 · Value 738.26 · Buy at or below 738.26; 2026-10 · Price GBX 1102.00 · Value 738.26 · Buy at or below 738.26; 2026-10 · Price GBX 1102.00 · Value 738.26 · Buy at or below 738.26

GBX per share · annual estimates

Price & return math
Value range	GBX 669.90 – GBX 829.35
Buy at or below	Central value GBX 738.30
Discount to value	1 − 1102.00 / 738.30 = -49.3%
Return / year	About 7.2% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash GBX 45.39/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash GBX 173.81/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueGBP 2.4B

Revenue

Owner earningsGBP 91M

Owner earnings

Operating margin6.3%

Operating margin

Net cash / debtGBP -852M

Net cash / debt

Diluted shares358M

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·