# Coca-Cola Europacific Partners (CCEP.LSE)

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

Analysis as of: 2026-10-16T07:33:56.748Z. Financial observations: FY1996–FY2025.

Listing currency: GBX. Reporting currency: EUR.

## 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 8,300.00 per share; close as of 2026-10-15.

Estimated value: low GBX 4,264.00 per share, central GBX 4,809.81 per share, high GBX 5,536.40 per share. Buy at or below the central value GBX 4,809.81 per share. Valuation as of 2026-10-16T07:33:56.748Z; scenarios are not confidence intervals.

Expected annual return: 6.9% at the stated quote. About 6.9% 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: 0.15×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.14×

- FY2017: 0.13×

- FY2018: 0.14×

- FY2019: 0.14×

- FY2020: 0.08×

- FY2021: 0.11×

- FY2022: 0.12×

- FY2023: 0.13×

- FY2024: 0.10×

- FY2025: 0.13×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 12.1%

- ROIC, second-lowest year: 7.7%

- Typical minus recent gross margin: 1.3 pp

- Typical gross margin (annual median): 36.9%

- Recent gross margin (lower of latest and 3-year median): 35.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.9%

- ROIC including acquisitions, ten-year median: 7.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.9%

- FY2017: 9.4%

- FY2018: 13.1%

- FY2019: 12.7%

- FY2020: 6.4%

- FY2021: 7.7%

- FY2022: 12.4%

- FY2023: 13.8%

- FY2024: 11.8%

- FY2025: 15.9%

### economics: pass

- Owner earnings / net income, 5-yr: 1.05×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 7.8B

- Net income, five-year total: EUR 7.4B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.8 pp

- Working capital / revenue, change between three-year averages: -11.8 pp

- Working capital / revenue, final three-year average: 3.1%

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

- FY2021: 1.25×

- FY2022: 1.05×

- FY2023: 0.99×

- FY2024: 1.00×

- FY2025: 1.03×

### management: pass

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 9.9% vs 13.8%

- Per-share earnings: 1.32 to 3.63 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 6.8%

- Ordinary dilution, 5-year annual growth: -0.3%

- Diluted shares, 10-year annual growth: 6.8%

- Diluted shares, 5-year annual growth: -0.3%

- Per-share value growth: 13.5%

- Per-share value change: EUR 2.31

- Per-share value, starting three-year median: EUR 1.32

- Per-share value, ending three-year median: EUR 3.63

- Buybacks concentrated in cheaper years (correlation): -0.40

- Average buyback yield: 2.0%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 14B

- Cumulative net income, 10 years: EUR 11B

- ROIC, first three-year median: 9.9%

- ROIC, last three-year median: 13.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.18

- FY2017: EUR 1.32

- FY2018: EUR 1.93

- FY2019: EUR 2.34

- FY2020: EUR 1.09

- FY2021: EUR 2.15

- FY2022: EUR 3.29

- FY2023: EUR 3.63

- FY2024: EUR 3.07

- FY2025: EUR 4.15

### accounting: pass

- Sloan accruals: -2.7%

- Receivables to sales index (DSRI): 0.95×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.43×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 2.17×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.3%

- FY2017: -4.3%

- FY2018: -4.6%

- FY2019: -3.9%

- FY2020: -5.2%

- FY2021: -3.9%

- FY2022: -4.9%

- FY2023: -3.9%

- FY2024: -5.3%

- FY2025: -2.7%

## Holders

## Price story

Price needs cash profits to grow 8.1% a year for ten years · sales +2.3%

Story as of 2026-10-16T09:59:58.394Z; price observation 2026-10-15.

Price needs cash profits to grow 8.1% a year for ten years

### Sales · FY2024–2025

sales +2.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 9.6B 

- FY2017: EUR 10B 

- FY2018: EUR 12B 

- FY2019: EUR 12B 

- FY2020: EUR 11B 

- FY2021: EUR 14B 

- FY2022: EUR 17B 

- FY2023: EUR 18B 

- FY2024: EUR 20B 

- FY2025: EUR 21B 

### Gross margin · FY2025

gross margin 35.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 38.3% 

- FY2017: 38.2% 

- FY2018: 38.2% 

- FY2019: 37.6% 

- FY2020: 35.2% 

- FY2021: 37.0% 

- FY2022: 35.9% 

- FY2023: 36.8% 

- FY2024: 35.6% 

- FY2025: 35.6% 

## Owner memo

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

### How it makes money

Operates in beverages non-alcoholic; annual sales are EUR 20.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:56.748Z); FY2025: revenue 20901000000; grossProfit 7440000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 35.6% to 36.8% during 2023–25; it earns 12.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:56.748Z); FY2023: grossProfit / revenue = 36.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:56.748Z); FY2024: grossProfit / revenue = 35.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:56.748Z); FY2025: grossProfit / revenue = 35.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:56.748Z); 10-year return on capital observations [[2016,0.09854222665414],[2017,0.0944048863398167],[2018,0.13056977688202553],[2019,0.1270747026236663],[2020,0.06351423004640334],[2021,0.0769797141188717],[2022,0.12365647868030788],[2023,0.1381810702187144],[2024,0.11849404490645514],[2025,0.15889258990253755]]; median 0.12107526179338152. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 36% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:56.748Z); Gross margin observations: [[2021,0.3695415243769527],[2022,0.35935334872979213],[2023,0.36750081958255926]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 1 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:56.748Z); FY2016: growth capex 131097094; upkeep 390144953; owner earnings 575778438. Growth capex / owner earnings = 0.22768670264099053.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:56.748Z); FY2017: growth capex 28179573; upkeep 460266355; owner earnings 646251535. Growth capex / owner earnings = 0.04360465155413518.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:56.748Z); FY2018: growth capex 90817475; upkeep 528392586; owner earnings 938103243. Growth capex / owner earnings = 0.09680968025392489.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:56.748Z); FY2019: growth capex 0; upkeep 600256552; owner earnings 1046336102. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:56.748Z); FY2020: growth capex 0; upkeep 408000000; owner earnings 623000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:56.748Z); FY2021: growth capex 0; upkeep 349000000; owner earnings 1226400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:56.748Z); FY2022: growth capex 0; upkeep 603000000; owner earnings 1585800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:56.748Z); FY2023: growth capex 0; upkeep 672000000; owner earnings 1650600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:56.748Z); FY2024: growth capex 0; upkeep 791000000; owner earnings 1418400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:56.748Z); FY2025: growth capex 0; upkeep 720436014; owner earnings 1928212964. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:56.748Z); Dividend observations: [[2016,213950458],[2017,459327036],[2018,529424602],[2019,572337642],[2020,386000000],[2021,638000000],[2022,763000000],[2023,841000000],[2024,910000000],[2025,890458909]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:56.748Z); FY2025: cash repurchases 1004768090 EUR.

### Are managers owners

Insiders own 55.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CCEP.LSE SharesStats.PercentInsiders = 55.940999999999995 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 8.1% yearly over ten years; actual growth was 5.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:56.748Z); Ten-year compound average after fade. Initial solved rate 0.10331972396385536. Price 8300; FX 84.48781222921298; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.44152947639485 → FY2025 4.293705481663583. Closing-price date 2026-10-15.

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

- 2019-04: GBX 4,803.00 per share

- 2019-05: GBX 4,985.00 per share

- 2019-06: GBX 4,863.00 per share

- 2019-07: GBX 5,035.00 per share

- 2019-08: GBX 5,073.00 per share

- 2019-09: GBX 5,088.00 per share

- 2019-10: GBX 4,813.00 per share

- 2019-11: GBX 4,610.00 per share

- 2019-12: GBX 4,550.00 per share

- 2020-01: GBX 4,805.00 per share

- 2020-02: GBX 4,615.00 per share

- 2020-03: GBX 3,485.00 per share

- 2020-04: GBX 3,615.00 per share

- 2020-05: GBX 3,395.00 per share

- 2020-06: GBX 3,385.00 per share

- 2020-07: GBX 3,423.00 per share

- 2020-08: GBX 3,503.00 per share

- 2020-09: GBX 3,348.00 per share

- 2020-10: GBX 3,040.00 per share

- 2020-11: GBX 3,755.00 per share

- 2020-12: GBX 3,950.00 per share

- 2021-01: GBX 3,823.00 per share

- 2021-02: GBX 4,243.00 per share

- 2021-03: GBX 4,465.00 per share

- 2021-04: GBX 4,723.00 per share

- 2021-05: GBX 4,935.00 per share

- 2021-06: GBX 4,915.00 per share

- 2021-07: GBX 5,225.00 per share

- 2021-08: GBX 4,968.00 per share

- 2021-09: GBX 4,793.00 per share

- 2021-10: GBX 4,568.00 per share

- 2021-11: GBX 4,445.00 per share

- 2021-12: GBX 4,968.00 per share

- 2022-01: GBX 5,085.00 per share

- 2022-02: GBX 4,635.00 per share

- 2022-03: GBX 4,433.00 per share

- 2022-04: GBX 4,870.00 per share

- 2022-05: GBX 4,980.00 per share

- 2022-06: GBX 4,875.00 per share

- 2022-07: GBX 5,300.00 per share

- 2022-08: GBX 4,985.00 per share

- 2022-09: GBX 4,415.00 per share

- 2022-10: GBX 4,795.00 per share

- 2022-11: GBX 5,015.00 per share

- 2022-12: GBX 5,200.00 per share

- 2023-01: GBX 5,120.00 per share

- 2023-02: GBX 5,230.00 per share

- 2023-03: GBX 5,440.00 per share

- 2023-04: GBX 5,800.00 per share

- 2023-05: GBX 5,775.00 per share

- 2023-06: GBX 5,900.00 per share

- 2023-07: GBX 5,750.00 per share

- 2023-08: GBX 5,950.00 per share

- 2023-09: GBX 5,950.00 per share

- 2023-10: GBX 5,550.00 per share

- 2023-11: GBX 5,500.00 per share

- 2023-12: GBX 5,950.00 per share

- 2024-01: GBX 6,425.00 per share

- 2024-02: GBX 6,350.00 per share

- 2024-03: GBX 6,600.00 per share

- 2024-04: GBX 6,700.00 per share

- 2024-05: GBX 6,680.00 per share

- 2024-06: GBX 6,820.00 per share

- 2024-07: GBX 6,750.00 per share

- 2024-08: GBX 7,240.00 per share

- 2024-09: GBX 7,060.00 per share

- 2024-10: GBX 6,120.00 per share

- 2024-11: GBX 6,240.00 per share

- 2024-12: GBX 6,300.00 per share

- 2025-01: GBX 6,400.00 per share

- 2025-02: GBX 6,820.00 per share

- 2025-03: GBX 6,740.00 per share

- 2025-04: GBX 6,730.00 per share

- 2025-05: GBX 6,810.00 per share

- 2025-06: GBX 6,710.00 per share

- 2025-07: GBX 7,450.00 per share

- 2025-08: GBX 6,590.00 per share

- 2025-09: GBX 6,740.00 per share

- 2025-10: GBX 6,810.00 per share

- 2025-11: GBX 6,950.00 per share

- 2025-12: GBX 6,850.00 per share

- 2026-01: GBX 6,650.00 per share

- 2026-02: GBX 8,190.00 per share

- 2026-03: GBX 6,870.00 per share

- 2026-04: GBX 6,990.00 per share

- 2026-05: GBX 6,760.00 per share

- 2026-06: GBX 7,570.00 per share

- 2026-07: GBX 8,190.00 per share

- 2026-08: GBX 7,990.00 per share

- 2026-09: GBX 7,685.00 per share

- 2026-10: GBX 7,995.00 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 1,452.94 per share, central GBX 1,648.62 per share, high GBX 1,909.11 per share

- FY2017: low GBX 1,609.57 per share, central GBX 1,896.23 per share, high GBX 2,201.76 per share

- FY2018: low GBX 1,767.15 per share, central GBX 2,009.09 per share, high GBX 2,331.17 per share

- FY2019: low GBX 1,896.41 per share, central GBX 2,155.97 per share, high GBX 2,501.50 per share

- FY2020: low GBX 1,613.32 per share, central GBX 1,843.33 per share, high GBX 2,104.12 per share

- FY2021: low GBX 2,695.44 per share, central GBX 3,407.69 per share, high GBX 3,945.84 per share

- FY2022: low GBX 3,747.41 per share, central GBX 4,862.32 per share, high GBX 5,649.27 per share

- FY2023: low GBX 3,580.39 per share, central GBX 4,031.81 per share, high GBX 4,632.74 per share

- FY2024: low GBX 3,878.83 per share, central GBX 4,380.75 per share, high GBX 5,048.91 per share

- FY2025: low GBX 3,977.58 per share, central GBX 4,512.03 per share, high GBX 5,223.50 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 2026-10-15T06:39:44.559Z where newer inputs omit a numeric field or fiscal period.

## Sources

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.

Coca-Cola Europacific Partners

CCEP · LSE

Nasdaq-100 · FTSE 100

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: GBX 8,300.00
Buy up to: GBX 4,809.81
Expected / yr: 6.9% 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

Margins varied 15.1% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 12.8%
Worst year: 7.7%
Latest · 2025: 12.9%

Capital return excluding acquisitions: median 12.1% (minimum 15%), and the second-worst year 7.7% (minimum 10%).

ROIC excluding acquisitions

10y median: 12.1%
Worst year: 6.4%
Latest · 2025: 15.9%

Each $1 of profit left $1.05 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.05×
Annual median: 1.03×
Latest · 2025: 1.03×

Per-share value rose from 1.32 to 3.63, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: EUR 2.25
Worst year: EUR 1.09
Latest · 2025: EUR 4.15

Profits were backed by cash: accruals were -2.7% of assets (limit 10%).

Sloan accruals

10y median: -4.1%
Worst year: -2.7%
Latest · 2025: -2.7%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 12.1%, three-year average owner earnings per share 3.65 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2019-04 · Price GBX 4803.00 · Value 2155.97 · Buy at or below 2155.97; 2019-05 · Price GBX 4985.00 · Value 2155.97 · Buy at or below 2155.97; 2019-06 · Price GBX 4863.00 · Value 2155.97 · Buy at or below 2155.97; 2019-07 · Price GBX 5035.00 · Value 2155.97 · Buy at or below 2155.97; 2019-08 · Price GBX 5073.00 · Value 2155.97 · Buy at or below 2155.97; 2019-09 · Price GBX 5088.00 · Value 2155.97 · Buy at or below 2155.97; 2019-10 · Price GBX 4813.00 · Value 2155.97 · Buy at or below 2155.97; 2019-11 · Price GBX 4610.00 · Value 2155.97 · Buy at or below 2155.97; 2019-12 · Price GBX 4550.00 · Value 2155.97 · Buy at or below 2155.97; 2020-01 · Price GBX 4805.00 · Value 2155.97 · Buy at or below 2155.97; 2020-02 · Price GBX 4615.00 · Value 1843.33 · Buy at or below 1843.33; 2020-03 · Price GBX 3485.00 · Value 1843.33 · Buy at or below 1843.33; 2020-04 · Price GBX 3615.00 · Value 1843.33 · Buy at or below 1843.33; 2020-05 · Price GBX 3395.00 · Value 1843.33 · Buy at or below 1843.33; 2020-06 · Price GBX 3385.00 · Value 1843.33 · Buy at or below 1843.33; 2020-07 · Price GBX 3423.00 · Value 1843.33 · Buy at or below 1843.33; 2020-08 · Price GBX 3503.00 · Value 1843.33 · Buy at or below 1843.33; 2020-09 · Price GBX 3348.00 · Value 1843.33 · Buy at or below 1843.33; 2020-10 · Price GBX 3040.00 · Value 1843.33 · Buy at or below 1843.33; 2020-11 · Price GBX 3755.00 · Value 1843.33 · Buy at or below 1843.33; 2020-12 · Price GBX 3950.00 · Value 1843.33 · Buy at or below 1843.33; 2021-01 · Price GBX 3823.00 · Value 1843.33 · Buy at or below 1843.33; 2021-02 · Price GBX 4243.00 · Value 3407.69 · Buy at or below 3407.69; 2021-03 · Price GBX 4465.00 · Value 3407.69 · Buy at or below 3407.69; 2021-04 · Price GBX 4723.00 · Value 3407.69 · Buy at or below 3407.69; 2021-05 · Price GBX 4935.00 · Value 3407.69 · Buy at or below 3407.69; 2021-06 · Price GBX 4915.00 · Value 3407.69 · Buy at or below 3407.69; 2021-07 · Price GBX 5225.00 · Value 3407.69 · Buy at or below 3407.69; 2021-08 · Price GBX 4968.00 · Value 3407.69 · Buy at or below 3407.69; 2021-09 · Price GBX 4793.00 · Value 3407.69 · Buy at or below 3407.69; 2021-10 · Price GBX 4568.00 · Value 3407.69 · Buy at or below 3407.69; 2021-11 · Price GBX 4445.00 · Value 3407.69 · Buy at or below 3407.69; 2021-12 · Price GBX 4968.00 · Value 3407.69 · Buy at or below 3407.69; 2022-01 · Price GBX 5085.00 · Value 3407.69 · Buy at or below 3407.69; 2022-02 · Price GBX 4635.00 · Value 4862.32 · Buy at or below 4862.32; 2022-03 · Price GBX 4433.00 · Value 4862.32 · Buy at or below 4862.32; 2022-04 · Price GBX 4870.00 · Value 4862.32 · Buy at or below 4862.32; 2022-05 · Price GBX 4980.00 · Value 4862.32 · Buy at or below 4862.32; 2022-06 · Price GBX 4875.00 · Value 4862.32 · Buy at or below 4862.32; 2022-07 · Price GBX 5300.00 · Value 4862.32 · Buy at or below 4862.32; 2022-08 · Price GBX 4985.00 · Value 4862.32 · Buy at or below 4862.32; 2022-09 · Price GBX 4415.00 · Value 4862.32 · Buy at or below 4862.32; 2022-10 · Price GBX 4795.00 · Value 4862.32 · Buy at or below 4862.32; 2022-11 · Price GBX 5015.00 · Value 4862.32 · Buy at or below 4862.32; 2022-12 · Price GBX 5200.00 · Value 4862.32 · Buy at or below 4862.32; 2023-01 · Price GBX 5120.00 · Value 4862.32 · Buy at or below 4862.32; 2023-02 · Price GBX 5230.00 · Value 4031.81 · Buy at or below 4031.81; 2023-03 · Price GBX 5440.00 · Value 4031.81 · Buy at or below 4031.81; 2023-04 · Price GBX 5800.00 · Value 4031.81 · Buy at or below 4031.81; 2023-05 · Price GBX 5775.00 · Value 4031.81 · Buy at or below 4031.81; 2023-06 · Price GBX 5900.00 · Value 4031.81 · Buy at or below 4031.81; 2023-07 · Price GBX 5750.00 · Value 4031.81 · Buy at or below 4031.81; 2023-08 · Price GBX 5950.00 · Value 4031.81 · Buy at or below 4031.81; 2023-09 · Price GBX 5950.00 · Value 4031.81 · Buy at or below 4031.81; 2023-10 · Price GBX 5550.00 · Value 4031.81 · Buy at or below 4031.81; 2023-11 · Price GBX 5500.00 · Value 4031.81 · Buy at or below 4031.81; 2023-12 · Price GBX 5950.00 · Value 4031.81 · Buy at or below 4031.81; 2024-01 · Price GBX 6425.00 · Value 4031.81 · Buy at or below 4031.81; 2024-02 · Price GBX 6350.00 · Value 4380.75 · Buy at or below 4380.75; 2024-03 · Price GBX 6600.00 · Value 4380.75 · Buy at or below 4380.75; 2024-04 · Price GBX 6700.00 · Value 4380.75 · Buy at or below 4380.75; 2024-05 · Price GBX 6680.00 · Value 4380.75 · Buy at or below 4380.75; 2024-06 · Price GBX 6820.00 · Value 4380.75 · Buy at or below 4380.75; 2024-07 · Price GBX 6750.00 · Value 4380.75 · Buy at or below 4380.75; 2024-08 · Price GBX 7240.00 · Value 4380.75 · Buy at or below 4380.75; 2024-09 · Price GBX 7060.00 · Value 4380.75 · Buy at or below 4380.75; 2024-10 · Price GBX 6120.00 · Value 4380.75 · Buy at or below 4380.75; 2024-11 · Price GBX 6240.00 · Value 4380.75 · Buy at or below 4380.75; 2024-12 · Price GBX 6300.00 · Value 4380.75 · Buy at or below 4380.75; 2025-01 · Price GBX 6400.00 · Value 4380.75 · Buy at or below 4380.75; 2025-02 · Price GBX 6820.00 · Value 4512.03 · Buy at or below 4512.03; 2025-03 · Price GBX 6740.00 · Value 4512.03 · Buy at or below 4512.03; 2025-04 · Price GBX 6730.00 · Value 4512.03 · Buy at or below 4512.03; 2025-05 · Price GBX 6810.00 · Value 4512.03 · Buy at or below 4512.03; 2025-06 · Price GBX 6710.00 · Value 4512.03 · Buy at or below 4512.03; 2025-07 · Price GBX 7450.00 · Value 4512.03 · Buy at or below 4512.03; 2025-08 · Price GBX 6590.00 · Value 4512.03 · Buy at or below 4512.03; 2025-09 · Price GBX 6740.00 · Value 4512.03 · Buy at or below 4512.03; 2025-10 · Price GBX 6810.00 · Value 4512.03 · Buy at or below 4512.03; 2025-11 · Price GBX 6950.00 · Value 4512.03 · Buy at or below 4512.03; 2025-12 · Price GBX 6850.00 · Value 4512.03 · Buy at or below 4512.03; 2026-01 · Price GBX 6650.00 · Value 4512.03 · Buy at or below 4512.03; 2026-02 · Price GBX 8190.00 · Value 4809.81 · Buy at or below 4809.81; 2026-03 · Price GBX 6870.00 · Value 4809.81 · Buy at or below 4809.81; 2026-04 · Price GBX 6990.00 · Value 4809.81 · Buy at or below 4809.81; 2026-05 · Price GBX 6760.00 · Value 4809.81 · Buy at or below 4809.81; 2026-06 · Price GBX 7570.00 · Value 4809.81 · Buy at or below 4809.81; 2026-07 · Price GBX 8190.00 · Value 4809.81 · Buy at or below 4809.81; 2026-08 · Price GBX 7990.00 · Value 4809.81 · Buy at or below 4809.81; 2026-09 · Price GBX 7685.00 · Value 4809.81 · Buy at or below 4809.81; 2026-10 · Price GBX 7995.00 · Value 4809.81 · Buy at or below 4809.81; 2026-10 · Price GBX 8300.00 · Value 4809.81 · Buy at or below 4809.81

GBX per share · annual estimates

Price & return math
Value range	GBX 4,264.00 – GBX 5,536.40
Buy at or below	Central value GBX 4,809.81
Discount to value	1 − 8300.00 / 4809.81 = -72.6%
Return / year	About 6.9% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash GBX 362.17/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash GBX 305.35/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueEUR 21B

Revenue

Owner earningsEUR 1.9B

Owner earnings

Operating margin12.9%

Operating margin

Net cash / debtEUR -9.7B

Net cash / debt

Diluted shares449M

Diluted shares

Prices 15 Oct 2026 · FY2025