# Computacenter (CCC.LSE)

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

Analysis as of: 2026-10-16T07:36:37.027Z. Financial observations: FY1996–FY2025.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: GBX 5,160.00 per share; close as of 2026-10-15.

Estimated value: low GBX 4,185.98 per share, central GBX 5,527.69 per share, high GBX 6,405.93 per share. Buy at or below the central value GBX 5,527.69 per share. Valuation as of 2026-10-16T07:36:37.027Z; scenarios are not confidence intervals.

Expected annual return: 10.5% at the stated quote. About 10.5% 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

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.22×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.03×

- FY2017: 0.03×

- FY2018: 0.03×

- FY2019: 0.03×

- FY2020: 0.04×

- FY2021: 0.05×

- FY2022: 0.04×

- FY2023: 0.04×

- FY2024: 0.03×

- FY2025: 0.03×

### moat: pass

- ROIC, median of available years: 35.8%

- ROIC, second-lowest year: 29.8%

- Typical minus recent gross margin: 0.8 pp

- Typical gross margin (annual median): 13.1%

- Recent gross margin (lower of latest and 3-year median): 12.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.5%

- ROIC including acquisitions, ten-year median: 25.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 26.7%

- FY2017: 31.7%

- FY2018: 29.8%

- FY2019: 31.6%

- FY2020: 38.1%

- FY2021: 40.1%

- FY2022: 33.5%

- FY2023: 46.5%

- FY2024: 59.1%

- FY2025: 55.3%

### economics: pass

- Owner earnings / net income, 5-yr: 1.17×

- Cash conversion uses consolidated totals: No

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

- Net income, five-year total: GBP 890M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.7 pp

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

- Working capital / revenue, final three-year average: 5.9%

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

- FY2021: 1.17×

- FY2022: 1.16×

- FY2023: 1.11×

- FY2024: 1.21×

- FY2025: 1.19×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 29.8% vs 55.3%

- Per-share earnings: 0.70 to 1.56 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.6%

- Ordinary dilution, 5-year annual growth: -1.6%

- Market cap gain: GBP 2.1B

- Cumulative retained earnings: GBP 794M

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

- Diluted shares, 5-year annual growth: -1.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 10.5%

- Per-share value change: GBP 0.86

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

- Per-share value, ending three-year median: GBP 1.56

- Buybacks concentrated in cheaper years (correlation): 0.77

- Average buyback yield: 1.8%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 445M

- Cumulative net income, 10 years: GBP 1.4B

- ROIC, first three-year median: 29.8%

- ROIC, last three-year median: 55.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.52

- FY2017: GBP 0.70

- FY2018: GBP 0.70

- FY2019: GBP 0.89

- FY2020: GBP 1.34

- FY2021: GBP 1.62

- FY2022: GBP 1.59

- FY2023: GBP 1.74

- FY2024: GBP 1.56

- FY2025: GBP 1.45

### accounting: pass

- Sloan accruals: -3.5%

- Receivables to sales index (DSRI): 0.92×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.92×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.32×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.4%

- FY2017: -1.7%

- FY2018: -1.7%

- FY2019: -5.2%

- FY2020: -3.5%

- FY2021: -1.4%

- FY2022: -1.8%

- FY2023: -7.0%

- FY2024: -7.3%

- FY2025: -3.5%

## Holders

## Price story

Price needs cash profits to grow 4.8% a year for ten years · "Computacenter profits nearly double on surging demand for AI infrastructure" (uk.finance.yahoo.com, Sep 2026) · sales +32%

Story as of 2026-10-16T10:00:07.756Z; price observation 2026-10-15.

Price needs cash profits to grow 4.8% a year for ten years

- 2026-04-24: UK's Computacenter forecasts strong year as AI and data centre demand lifts orders ([finance.yahoo.com](https://finance.yahoo.com/sectors/technology/articles/uks-computacenter-expects-top-forecast-062903758.html))

### Sales · FY2024–2025

sales +32%; source https://filings.xbrl.org/549300XSXUZ1I19DB105/2025-12-31/ESEF/GB/0/549300XSXUZ1I19DB105-2025-12-31/reports/549300XSXUZ1I19DB105-2025-12-31-T01.xhtml; observed 2026-04-09.

- FY2016: GBP 3.2B 

- FY2017: GBP 3.8B 

- FY2018: GBP 4.4B 

- FY2019: GBP 5.1B 

- FY2020: GBP 5.4B 

- FY2021: GBP 5.0B 

- FY2022: GBP 6.5B 

- FY2023: GBP 6.9B 

- FY2024: GBP 7.0B 

- FY2025: GBP 9.2B 

### Gross margin · FY2025

gross margin 12.3%; source https://filings.xbrl.org/549300XSXUZ1I19DB105/2025-12-31/ESEF/GB/0/549300XSXUZ1I19DB105-2025-12-31/reports/549300XSXUZ1I19DB105-2025-12-31-T01.xhtml; observed 2026-04-09.

- FY2016: 13.2% 

- FY2017: 13.1% 

- FY2018: 12.6% 

- FY2019: 13.0% 

- FY2020: 13.1% 

- FY2021: 17.1% 

- FY2022: 14.5% 

- FY2023: 15.1% 

- FY2024: 14.9% 

- FY2025: 12.3% 

## Owner memo

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

### How it makes money

Operates in information technology services; annual sales are GBP 9.2 billion.

- Source: https://filings.xbrl.org/549300XSXUZ1I19DB105/2025-12-31/ESEF/GB/0/549300XSXUZ1I19DB105-2025-12-31/reports/549300XSXUZ1I19DB105-2025-12-31-T01.xhtml (filed 2026-04-09); FY2025: revenue 9193900000; grossProfit 1134000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CCC.LSE: Computacenter plc provides technology and services to corporate and public sector organizations in the United Kingdom, Germany, Western Europe, North America, and internationally. It offers procurement, specialist, software, logistical, technical, and circular technology sourcing services; IT strategy and advisory, integration, deployment, and support services; and managed services. The company also provides workplace solutions, including IT support, field and onsite support services, Productivity and Teamwork technology sourcing, modern endpoint, device lifecycle management, IT asset management, print solutions, and technology sourcing; cloud and applications solution, such as custom application, business automation, application platforms, data and AI platforms, and cloud services; infrastructure services, data center and edge platforms, relocation and migration, and operational resilience services; and software-defined (SD) wide area network service, proactive and reactive services, network automation, managed secure networking and implementation, SD campus networking, multi cloud connectivity, and data center networking and multi cloud network deployment. In addition, it offers security solutions, including service centers, integration centers, professional services hubs, and field and maintenance services. The company was founded in 1981 and is headquartered in Hatfield, the United Kingdom.

### Why customers stay

Margins ranged from 12.3% to 15.1% during 2023–25; it earns 35.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2023: grossProfit / revenue = 15.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2024: grossProfit / revenue = 14.9%.

- Source: https://filings.xbrl.org/549300XSXUZ1I19DB105/2025-12-31/ESEF/GB/0/549300XSXUZ1I19DB105-2025-12-31/reports/549300XSXUZ1I19DB105-2025-12-31-T01.xhtml (filed 2026-04-09); FY2025: grossProfit / revenue = 12.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); 10-year return on capital observations [[2016,0.2667898264839015],[2017,0.3168332813985349],[2018,0.2982994570228734],[2019,0.31607387180416074],[2020,0.38096043556025955],[2021,0.40105478070580164],[2022,0.3350734398267226],[2023,0.46512797616335755],[2024,0.5907822391212018],[2025,0.5533081761006289]]; median 0.3580169376934911. 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 21.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2016: growth capex 0; upkeep 17641000; owner earnings 74960000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2017: growth capex 1818000; upkeep 28621000; owner earnings 81314000. Growth capex / owner earnings = 0.022357773569127087.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2018: growth capex 10634000; upkeep 34808000; owner earnings 80931000. Growth capex / owner earnings = 0.13139588044136363.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2019: growth capex 0; upkeep 38869000; owner earnings 112697800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2020: growth capex 0; upkeep 27501000; owner earnings 182626200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2021: growth capex 0; upkeep 30300000; owner earnings 216480000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2022: growth capex 0; upkeep 35500000; owner earnings 212780000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2023: growth capex 0; upkeep 35100000; owner earnings 220120000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2024: growth capex 0; upkeep 19000000; owner earnings 207200000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/549300XSXUZ1I19DB105/2025-12-31/ESEF/GB/0/549300XSXUZ1I19DB105-2025-12-31/reports/549300XSXUZ1I19DB105-2025-12-31-T01.xhtml (filed 2026-04-09); FY2025: growth capex 0; upkeep 21800000; owner earnings 183540000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); Dividend observations: [[2016,26802000],[2017,27112000],[2018,30880000],[2019,35764000],[2020,13943000],[2021,62400000],[2022,80500000],[2023,77300000],[2024,78900000],[2025,74600000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/549300XSXUZ1I19DB105/2025-12-31/ESEF/GB/0/549300XSXUZ1I19DB105-2025-12-31/reports/549300XSXUZ1I19DB105-2025-12-31-T01.xhtml (filed 2026-04-09); FY2025: cash repurchases 21900000 GBP.

### Are managers owners

Insiders own 60% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CCC.LSE SharesStats.PercentInsiders = 60.016999999999996 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 4.8% yearly over ten years; actual growth was 6.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); Ten-year compound average after fade. Initial solved rate 0.06536283548250102. Price 5160; FX 100; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.8864637581146034 → FY2025 1.7275653696278308. Closing-price date 2026-10-15.

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

- 2016-10: GBX 726.50 per share

- 2016-11: GBX 733.50 per share

- 2016-12: GBX 800.00 per share

- 2017-01: GBX 793.00 per share

- 2017-02: GBX 783.50 per share

- 2017-03: GBX 745.50 per share

- 2017-04: GBX 819.50 per share

- 2017-05: GBX 847.00 per share

- 2017-06: GBX 811.00 per share

- 2017-07: GBX 885.00 per share

- 2017-08: GBX 1,023.00 per share

- 2017-09: GBX 987.00 per share

- 2017-10: GBX 995.00 per share

- 2017-11: GBX 1,126.00 per share

- 2017-12: GBX 1,153.00 per share

- 2018-01: GBX 1,136.00 per share

- 2018-02: GBX 1,104.00 per share

- 2018-03: GBX 1,148.00 per share

- 2018-04: GBX 1,268.00 per share

- 2018-05: GBX 1,318.00 per share

- 2018-06: GBX 1,446.00 per share

- 2018-07: GBX 1,566.00 per share

- 2018-08: GBX 1,356.00 per share

- 2018-09: GBX 1,266.00 per share

- 2018-10: GBX 1,098.00 per share

- 2018-11: GBX 1,074.00 per share

- 2018-12: GBX 1,006.00 per share

- 2019-01: GBX 1,046.00 per share

- 2019-02: GBX 1,110.00 per share

- 2019-03: GBX 1,106.00 per share

- 2019-04: GBX 1,207.00 per share

- 2019-05: GBX 1,251.00 per share

- 2019-06: GBX 1,332.00 per share

- 2019-07: GBX 1,525.00 per share

- 2019-08: GBX 1,325.00 per share

- 2019-09: GBX 1,293.00 per share

- 2019-10: GBX 1,369.00 per share

- 2019-11: GBX 1,511.00 per share

- 2019-12: GBX 1,773.00 per share

- 2020-01: GBX 1,794.00 per share

- 2020-02: GBX 1,653.00 per share

- 2020-03: GBX 1,430.00 per share

- 2020-04: GBX 1,456.00 per share

- 2020-05: GBX 1,604.00 per share

- 2020-06: GBX 1,641.00 per share

- 2020-07: GBX 1,983.00 per share

- 2020-08: GBX 2,020.00 per share

- 2020-09: GBX 2,366.00 per share

- 2020-10: GBX 2,274.00 per share

- 2020-11: GBX 2,224.00 per share

- 2020-12: GBX 2,448.00 per share

- 2021-01: GBX 2,352.00 per share

- 2021-02: GBX 2,086.00 per share

- 2021-03: GBX 2,370.00 per share

- 2021-04: GBX 2,678.00 per share

- 2021-05: GBX 2,686.00 per share

- 2021-06: GBX 2,572.00 per share

- 2021-07: GBX 2,722.00 per share

- 2021-08: GBX 2,938.00 per share

- 2021-09: GBX 2,718.00 per share

- 2021-10: GBX 2,690.00 per share

- 2021-11: GBX 2,816.00 per share

- 2021-12: GBX 2,910.00 per share

- 2022-01: GBX 2,658.00 per share

- 2022-02: GBX 2,728.00 per share

- 2022-03: GBX 2,942.00 per share

- 2022-04: GBX 2,678.00 per share

- 2022-05: GBX 2,536.00 per share

- 2022-06: GBX 2,352.00 per share

- 2022-07: GBX 2,596.00 per share

- 2022-08: GBX 2,470.00 per share

- 2022-09: GBX 1,933.00 per share

- 2022-10: GBX 1,810.00 per share

- 2022-11: GBX 1,986.00 per share

- 2022-12: GBX 1,911.00 per share

- 2023-01: GBX 2,218.00 per share

- 2023-02: GBX 2,262.00 per share

- 2023-03: GBX 2,138.00 per share

- 2023-04: GBX 2,296.00 per share

- 2023-05: GBX 2,320.00 per share

- 2023-06: GBX 2,290.00 per share

- 2023-07: GBX 2,194.00 per share

- 2023-08: GBX 2,180.00 per share

- 2023-09: GBX 2,530.00 per share

- 2023-10: GBX 2,566.00 per share

- 2023-11: GBX 2,700.00 per share

- 2023-12: GBX 2,792.00 per share

- 2024-01: GBX 2,904.00 per share

- 2024-02: GBX 2,902.00 per share

- 2024-03: GBX 2,696.00 per share

- 2024-04: GBX 2,582.00 per share

- 2024-05: GBX 2,814.00 per share

- 2024-06: GBX 2,872.00 per share

- 2024-07: GBX 2,692.00 per share

- 2024-08: GBX 2,726.00 per share

- 2024-09: GBX 2,474.00 per share

- 2024-10: GBX 2,190.00 per share

- 2024-11: GBX 2,228.00 per share

- 2024-12: GBX 2,124.00 per share

- 2025-01: GBX 2,334.00 per share

- 2025-02: GBX 2,146.00 per share

- 2025-03: GBX 2,444.00 per share

- 2025-04: GBX 2,410.00 per share

- 2025-05: GBX 2,604.00 per share

- 2025-06: GBX 2,400.00 per share

- 2025-07: GBX 2,296.00 per share

- 2025-08: GBX 2,300.00 per share

- 2025-09: GBX 2,686.00 per share

- 2025-10: GBX 2,866.00 per share

- 2025-11: GBX 2,970.00 per share

- 2025-12: GBX 2,930.00 per share

- 2026-01: GBX 3,328.00 per share

- 2026-02: GBX 3,174.00 per share

- 2026-03: GBX 2,990.00 per share

- 2026-04: GBX 3,752.00 per share

- 2026-05: GBX 4,452.00 per share

- 2026-06: GBX 4,274.00 per share

- 2026-07: GBX 4,598.00 per share

- 2026-08: GBX 5,670.00 per share

- 2026-09: GBX 5,405.00 per share

- 2026-10: GBX 5,160.00 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 877.27 per share, central GBX 1,248.30 per share, high GBX 1,455.24 per share

- FY2017: low GBX 1,051.23 per share, central GBX 1,366.97 per share, high GBX 1,581.80 per share

- FY2018: low GBX 1,127.80 per share, central GBX 1,413.62 per share, high GBX 1,636.17 per share

- FY2019: low GBX 1,442.31 per share, central GBX 1,932.97 per share, high GBX 2,248.60 per share

- FY2020: low GBX 1,706.70 per share, central GBX 2,409.53 per share, high GBX 2,801.52 per share

- FY2021: low GBX 1,583.80 per share, central GBX 2,236.54 per share, high GBX 2,600.60 per share

- FY2022: low GBX 2,810.94 per share, central GBX 4,042.45 per share, high GBX 4,729.32 per share

- FY2023: low GBX 3,205.66 per share, central GBX 4,541.83 per share, high GBX 5,287.07 per share

- FY2024: low GBX 3,366.33 per share, central GBX 4,763.55 per share, high GBX 5,542.83 per share

- FY2025: low GBX 4,135.02 per share, central GBX 5,460.40 per share, high GBX 6,327.95 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/549300XSXUZ1I19DB105/2025-12-31/ESEF/GB/0/549300XSXUZ1I19DB105-2025-12-31/reports/549300XSXUZ1I19DB105-2025-12-31-T01.xhtml); period 2025-12-31, filed 2026-04-09.

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.

Computacenter

CCC · LSE

FTSE 100 · STOXX Europe 600

A wonderful business at a fair price

Passes the quality tests.

Share price: GBX 5,160.00
Buy up to: GBX 5,527.69
Expected / yr: 10.5% 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

Margins varied 22.2% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 3.3%
Worst year: 2.6%
Latest · 2025: 2.9%

Capital return excluding acquisitions: median 35.8% (minimum 15%), and the second-worst year 29.8% (minimum 10%).

ROIC excluding acquisitions

10y median: 35.8%
Worst year: 26.7%
Latest · 2025: 55.3%

Each $1 of profit left $1.17 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.17×
Annual median: 1.17×
Latest · 2025: 1.19×

Per-share value rose from 0.7 to 1.56, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: GBP 1.39
Worst year: GBP 0.52
Latest · 2025: GBP 1.45

Profits were backed by cash: accruals were -3.5% of assets (limit 10%).

Sloan accruals

10y median: -2.6%
Worst year: -0.4%
Latest · 2025: -3.5%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 3.5%, three-year average owner earnings per share 1.85 GBP.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price GBX 726.50 · Value 1248.30 · Buy at or below 1248.30; 2016-11 · Price GBX 733.50 · Value 1248.30 · Buy at or below 1248.30; 2016-12 · Price GBX 800.00 · Value 1248.30 · Buy at or below 1248.30; 2017-01 · Price GBX 793.00 · Value 1248.30 · Buy at or below 1248.30; 2017-02 · Price GBX 783.50 · Value 1366.97 · Buy at or below 1366.97; 2017-03 · Price GBX 745.50 · Value 1366.97 · Buy at or below 1366.97; 2017-04 · Price GBX 819.50 · Value 1366.97 · Buy at or below 1366.97; 2017-05 · Price GBX 847.00 · Value 1366.97 · Buy at or below 1366.97; 2017-06 · Price GBX 811.00 · Value 1366.97 · Buy at or below 1366.97; 2017-07 · Price GBX 885.00 · Value 1366.97 · Buy at or below 1366.97; 2017-08 · Price GBX 1023.00 · Value 1366.97 · Buy at or below 1366.97; 2017-09 · Price GBX 987.00 · Value 1366.97 · Buy at or below 1366.97; 2017-10 · Price GBX 995.00 · Value 1366.97 · Buy at or below 1366.97; 2017-11 · Price GBX 1126.00 · Value 1366.97 · Buy at or below 1366.97; 2017-12 · Price GBX 1153.00 · Value 1366.97 · Buy at or below 1366.97; 2018-01 · Price GBX 1136.00 · Value 1366.97 · Buy at or below 1366.97; 2018-02 · Price GBX 1104.00 · Value 1413.62 · Buy at or below 1413.62; 2018-03 · Price GBX 1148.00 · Value 1413.62 · Buy at or below 1413.62; 2018-04 · Price GBX 1268.00 · Value 1413.62 · Buy at or below 1413.62; 2018-05 · Price GBX 1318.00 · Value 1413.62 · Buy at or below 1413.62; 2018-06 · Price GBX 1446.00 · Value 1413.62 · Buy at or below 1413.62; 2018-07 · Price GBX 1566.00 · Value 1413.62 · Buy at or below 1413.62; 2018-08 · Price GBX 1356.00 · Value 1413.62 · Buy at or below 1413.62; 2018-09 · Price GBX 1266.00 · Value 1413.62 · Buy at or below 1413.62; 2018-10 · Price GBX 1098.00 · Value 1413.62 · Buy at or below 1413.62; 2018-11 · Price GBX 1074.00 · Value 1413.62 · Buy at or below 1413.62; 2018-12 · Price GBX 1006.00 · Value 1413.62 · Buy at or below 1413.62; 2019-01 · Price GBX 1046.00 · Value 1413.62 · Buy at or below 1413.62; 2019-02 · Price GBX 1110.00 · Value 1932.97 · Buy at or below 1932.97; 2019-03 · Price GBX 1106.00 · Value 1932.97 · Buy at or below 1932.97; 2019-04 · Price GBX 1207.00 · Value 1932.97 · Buy at or below 1932.97; 2019-05 · Price GBX 1251.00 · Value 1932.97 · Buy at or below 1932.97; 2019-06 · Price GBX 1332.00 · Value 1932.97 · Buy at or below 1932.97; 2019-07 · Price GBX 1525.00 · Value 1932.97 · Buy at or below 1932.97; 2019-08 · Price GBX 1325.00 · Value 1932.97 · Buy at or below 1932.97; 2019-09 · Price GBX 1293.00 · Value 1932.97 · Buy at or below 1932.97; 2019-10 · Price GBX 1369.00 · Value 1932.97 · Buy at or below 1932.97; 2019-11 · Price GBX 1511.00 · Value 1932.97 · Buy at or below 1932.97; 2019-12 · Price GBX 1773.00 · Value 1932.97 · Buy at or below 1932.97; 2020-01 · Price GBX 1794.00 · Value 1932.97 · Buy at or below 1932.97; 2020-02 · Price GBX 1653.00 · Value 2409.53 · Buy at or below 2409.53; 2020-03 · Price GBX 1430.00 · Value 2409.53 · Buy at or below 2409.53; 2020-04 · Price GBX 1456.00 · Value 2409.53 · Buy at or below 2409.53; 2020-05 · Price GBX 1604.00 · Value 2409.53 · Buy at or below 2409.53; 2020-06 · Price GBX 1641.00 · Value 2409.53 · Buy at or below 2409.53; 2020-07 · Price GBX 1983.00 · Value 2409.53 · Buy at or below 2409.53; 2020-08 · Price GBX 2020.00 · Value 2409.53 · Buy at or below 2409.53; 2020-09 · Price GBX 2366.00 · Value 2409.53 · Buy at or below 2409.53; 2020-10 · Price GBX 2274.00 · Value 2409.53 · Buy at or below 2409.53; 2020-11 · Price GBX 2224.00 · Value 2409.53 · Buy at or below 2409.53; 2020-12 · Price GBX 2448.00 · Value 2409.53 · Buy at or below 2409.53; 2021-01 · Price GBX 2352.00 · Value 2409.53 · Buy at or below 2409.53; 2021-02 · Price GBX 2086.00 · Value 2236.54 · Buy at or below 2236.54; 2021-03 · Price GBX 2370.00 · Value 2236.54 · Buy at or below 2236.54; 2021-04 · Price GBX 2678.00 · Value 2236.54 · Buy at or below 2236.54; 2021-05 · Price GBX 2686.00 · Value 2236.54 · Buy at or below 2236.54; 2021-06 · Price GBX 2572.00 · Value 2236.54 · Buy at or below 2236.54; 2021-07 · Price GBX 2722.00 · Value 2236.54 · Buy at or below 2236.54; 2021-08 · Price GBX 2938.00 · Value 2236.54 · Buy at or below 2236.54; 2021-09 · Price GBX 2718.00 · Value 2236.54 · Buy at or below 2236.54; 2021-10 · Price GBX 2690.00 · Value 2236.54 · Buy at or below 2236.54; 2021-11 · Price GBX 2816.00 · Value 2236.54 · Buy at or below 2236.54; 2021-12 · Price GBX 2910.00 · Value 2236.54 · Buy at or below 2236.54; 2022-01 · Price GBX 2658.00 · Value 2236.54 · Buy at or below 2236.54; 2022-02 · Price GBX 2728.00 · Value 4042.45 · Buy at or below 4042.45; 2022-03 · Price GBX 2942.00 · Value 4042.45 · Buy at or below 4042.45; 2022-04 · Price GBX 2678.00 · Value 4042.45 · Buy at or below 4042.45; 2022-05 · Price GBX 2536.00 · Value 4042.45 · Buy at or below 4042.45; 2022-06 · Price GBX 2352.00 · Value 4042.45 · Buy at or below 4042.45; 2022-07 · Price GBX 2596.00 · Value 4042.45 · Buy at or below 4042.45; 2022-08 · Price GBX 2470.00 · Value 4042.45 · Buy at or below 4042.45; 2022-09 · Price GBX 1933.00 · Value 4042.45 · Buy at or below 4042.45; 2022-10 · Price GBX 1810.00 · Value 4042.45 · Buy at or below 4042.45; 2022-11 · Price GBX 1986.00 · Value 4042.45 · Buy at or below 4042.45; 2022-12 · Price GBX 1911.00 · Value 4042.45 · Buy at or below 4042.45; 2023-01 · Price GBX 2218.00 · Value 4042.45 · Buy at or below 4042.45; 2023-02 · Price GBX 2262.00 · Value 4541.83 · Buy at or below 4541.83; 2023-03 · Price GBX 2138.00 · Value 4541.83 · Buy at or below 4541.83; 2023-04 · Price GBX 2296.00 · Value 4541.83 · Buy at or below 4541.83; 2023-05 · Price GBX 2320.00 · Value 4541.83 · Buy at or below 4541.83; 2023-06 · Price GBX 2290.00 · Value 4541.83 · Buy at or below 4541.83; 2023-07 · Price GBX 2194.00 · Value 4541.83 · Buy at or below 4541.83; 2023-08 · Price GBX 2180.00 · Value 4541.83 · Buy at or below 4541.83; 2023-09 · Price GBX 2530.00 · Value 4541.83 · Buy at or below 4541.83; 2023-10 · Price GBX 2566.00 · Value 4541.83 · Buy at or below 4541.83; 2023-11 · Price GBX 2700.00 · Value 4541.83 · Buy at or below 4541.83; 2023-12 · Price GBX 2792.00 · Value 4541.83 · Buy at or below 4541.83; 2024-01 · Price GBX 2904.00 · Value 4541.83 · Buy at or below 4541.83; 2024-02 · Price GBX 2902.00 · Value 4763.55 · Buy at or below 4763.55; 2024-03 · Price GBX 2696.00 · Value 4763.55 · Buy at or below 4763.55; 2024-04 · Price GBX 2582.00 · Value 4763.55 · Buy at or below 4763.55; 2024-05 · Price GBX 2814.00 · Value 4763.55 · Buy at or below 4763.55; 2024-06 · Price GBX 2872.00 · Value 4763.55 · Buy at or below 4763.55; 2024-07 · Price GBX 2692.00 · Value 4763.55 · Buy at or below 4763.55; 2024-08 · Price GBX 2726.00 · Value 4763.55 · Buy at or below 4763.55; 2024-09 · Price GBX 2474.00 · Value 4763.55 · Buy at or below 4763.55; 2024-10 · Price GBX 2190.00 · Value 4763.55 · Buy at or below 4763.55; 2024-11 · Price GBX 2228.00 · Value 4763.55 · Buy at or below 4763.55; 2024-12 · Price GBX 2124.00 · Value 4763.55 · Buy at or below 4763.55; 2025-01 · Price GBX 2334.00 · Value 4763.55 · Buy at or below 4763.55; 2025-02 · Price GBX 2146.00 · Value 5460.40 · Buy at or below 5460.40; 2025-03 · Price GBX 2444.00 · Value 5460.40 · Buy at or below 5460.40; 2025-04 · Price GBX 2410.00 · Value 5460.40 · Buy at or below 5460.40; 2025-05 · Price GBX 2604.00 · Value 5460.40 · Buy at or below 5460.40; 2025-06 · Price GBX 2400.00 · Value 5460.40 · Buy at or below 5460.40; 2025-07 · Price GBX 2296.00 · Value 5460.40 · Buy at or below 5460.40; 2025-08 · Price GBX 2300.00 · Value 5460.40 · Buy at or below 5460.40; 2025-09 · Price GBX 2686.00 · Value 5460.40 · Buy at or below 5460.40; 2025-10 · Price GBX 2866.00 · Value 5460.40 · Buy at or below 5460.40; 2025-11 · Price GBX 2970.00 · Value 5460.40 · Buy at or below 5460.40; 2025-12 · Price GBX 2930.00 · Value 5460.40 · Buy at or below 5460.40; 2026-01 · Price GBX 3328.00 · Value 5460.40 · Buy at or below 5460.40; 2026-02 · Price GBX 3174.00 · Value 5527.69 · Buy at or below 5527.69; 2026-03 · Price GBX 2990.00 · Value 5527.69 · Buy at or below 5527.69; 2026-04 · Price GBX 3752.00 · Value 5527.69 · Buy at or below 5527.69; 2026-05 · Price GBX 4452.00 · Value 5527.69 · Buy at or below 5527.69; 2026-06 · Price GBX 4274.00 · Value 5527.69 · Buy at or below 5527.69; 2026-07 · Price GBX 4598.00 · Value 5527.69 · Buy at or below 5527.69; 2026-08 · Price GBX 5670.00 · Value 5527.69 · Buy at or below 5527.69; 2026-09 · Price GBX 5405.00 · Value 5527.69 · Buy at or below 5527.69; 2026-10 · Price GBX 5160.00 · Value 5527.69 · Buy at or below 5527.69; 2026-10 · Price GBX 5160.00 · Value 5527.69 · Buy at or below 5527.69

GBX per share · annual estimates

Price & return math
Value range	GBX 4,185.98 – GBX 6,405.93
Buy at or below	Central value GBX 5,527.69
Discount to value	1 − 5160.00 / 5527.69 = 6.7%
Return / year	About 10.5% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash GBX 278.55/share; 8.4% growth fades over 10 years to 3.0%; excess cash GBX 423.66/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueGBP 9.2B

Revenue

Owner earningsGBP 184M

Owner earnings

Operating margin2.9%

Operating margin

Net cash / debtGBP 426M

Net cash / debt

Diluted shares106M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·