# CMC Markets (CMCX.LSE)

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

Analysis as of: 2026-10-16T07:40:03.538Z. Financial observations: FY2016–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 679.00 per share; close as of 2026-10-15.

Estimated value: low GBX 403.82 per share, central GBX 504.78 per share, high GBX 673.04 per share. Buy at or below the central value GBX 504.78 per share. Valuation as of 2026-10-16T07:40:03.538Z; scenarios are not confidence intervals.

Expected annual return: 9.0% at the stated quote. About 9.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.56×

Chart: Net income; fiscal year observations.

- FY2017: GBP 39M

- FY2018: GBP 50M

- FY2019: GBP 5.9M

- FY2020: GBP 87M

- FY2021: GBP 178M

- FY2022: GBP 72M

- FY2023: GBP 41M

- FY2024: GBP 47M

- FY2025: GBP 62M

- FY2026: GBP 74M

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 19.0%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 12.2%

- Years with reported combined ratio: 0

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

- FY2017: 20.2%

- FY2018: 23.0%

- FY2019: 2.9%

- FY2020: 31.2%

- FY2021: 45.6%

- FY2022: 21.3%

- FY2023: 12.2%

- FY2024: 12.5%

- FY2025: 16.0%

- FY2026: 17.7%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 21.1%

- Book return interval: 10 years

- Starting book value per share: GBP 0.60

- Ending book value per share: GBP 1.50

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

- FY2017: 25.0%

- FY2018: 23.9%

- FY2019: 2.6%

- FY2020: 44.5%

- FY2021: 62.0%

- FY2022: 9.3%

- FY2023: 9.2%

- FY2024: 18.2%

- FY2025: 13.5%

- FY2026: 13.9%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: -0.3%

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

- Share growth excluding flagged crisis recapitalisations: -0.3%

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

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.99×

- Book value created per share: GBP 0.90

- Earnings retained per share after dividends and buybacks: GBP 0.91

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

- FY2016: 100

- FY2017: 100

- FY2018: 101

- FY2019: 101

- FY2020: 101

- FY2021: 101

- FY2022: 97

- FY2023: 98

- FY2024: 95

- FY2025: 94

- FY2026: 97

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price is 4.6 times annual sales · net income +19.6%

Story as of 2026-10-16T10:00:11.164Z; price observation 2026-10-15.

The price is 4.6 times annual sales

### Net income · FY2026

net income +19.6%; source https://filings.xbrl.org/213800VB75KAZBFH5U07/2026-03-31/ESEF/GB/0/213800VB75KAZBFH5U07-2026-03-31/reports/213800VB75KAZBFH5U07-2026-03-31-T01.xhtml; observed 2026-06-25.

- FY2017: GBP 39M 

- FY2018: GBP 50M 

- FY2019: GBP 5.9M 

- FY2020: GBP 87M 

- FY2021: GBP 178M 

- FY2022: GBP 72M 

- FY2023: GBP 41M 

- FY2024: GBP 47M 

- FY2025: GBP 62M 

- FY2026: GBP 74M 

## Owner memo

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

### How it makes money

Operates in capital markets; annual sales are GBP 410.9 million.

- Source: https://filings.xbrl.org/213800VB75KAZBFH5U07/2026-03-31/ESEF/GB/0/213800VB75KAZBFH5U07-2026-03-31/reports/213800VB75KAZBFH5U07-2026-03-31-T01.xhtml (filed 2026-06-25); FY2026: revenue 410946000.

### Why customers stay

It earns 19% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); 10-year return on tangible equity observations [[2017,0.2021914922182404],[2018,0.23038045116268285],[2019,0.029372523348607578],[2020,0.31239601711877135],[2021,0.45646574591157574],[2022,0.212665780534633],[2023,0.12235696379693686],[2024,0.12516718412545016],[2025,0.1598945812174584],[2026,0.17684623617552622]]; median 0.1895188641968833. 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 13.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); Dividend observations: [[2017,23946000],[2018,25719000],[2019,21092000],[2020,10201000],[2021,62128000],[2022,72604000],[2023,35040000],[2024,13688000],[2025,28704000],[2026,37185000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/213800VB75KAZBFH5U07/2026-03-31/ESEF/GB/0/213800VB75KAZBFH5U07-2026-03-31/reports/213800VB75KAZBFH5U07-2026-03-31-T01.xhtml (filed 2026-06-25); FY2026: cash repurchases 13797000 GBP.

### Are managers owners

Insiders own 71.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CMCX.LSE SharesStats.PercentInsiders = 71.699 percentage points; cache date 2026-10-16.

### What the price says

The price is 4.6 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); Closing price 679 GBX; reporting-to-trading FX 100; FY2026 annual sales per share 1.4687343636077714; price multiple 4.623027940410662. FY2026 cash earnings/share 0.2535096999242305. Closing-price date 2026-10-15.

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

- 2016-10: GBX 189.80 per share

- 2016-11: GBX 186.50 per share

- 2016-12: GBX 109.10 per share

- 2017-01: GBX 110.90 per share

- 2017-02: GBX 117.00 per share

- 2017-03: GBX 121.00 per share

- 2017-04: GBX 125.50 per share

- 2017-05: GBX 127.00 per share

- 2017-06: GBX 142.75 per share

- 2017-07: GBX 159.00 per share

- 2017-08: GBX 145.75 per share

- 2017-09: GBX 162.00 per share

- 2017-10: GBX 159.50 per share

- 2017-11: GBX 170.75 per share

- 2017-12: GBX 150.00 per share

- 2018-01: GBX 159.20 per share

- 2018-02: GBX 153.40 per share

- 2018-03: GBX 169.20 per share

- 2018-04: GBX 189.40 per share

- 2018-05: GBX 180.60 per share

- 2018-06: GBX 199.40 per share

- 2018-07: GBX 197.00 per share

- 2018-08: GBX 170.80 per share

- 2018-09: GBX 139.00 per share

- 2018-10: GBX 117.00 per share

- 2018-11: GBX 112.40 per share

- 2018-12: GBX 105.20 per share

- 2019-01: GBX 118.60 per share

- 2019-02: GBX 83.50 per share

- 2019-03: GBX 83.10 per share

- 2019-04: GBX 78.10 per share

- 2019-05: GBX 87.40 per share

- 2019-06: GBX 90.00 per share

- 2019-07: GBX 98.00 per share

- 2019-08: GBX 94.50 per share

- 2019-09: GBX 106.00 per share

- 2019-10: GBX 130.00 per share

- 2019-11: GBX 146.20 per share

- 2019-12: GBX 146.60 per share

- 2020-01: GBX 156.80 per share

- 2020-02: GBX 150.00 per share

- 2020-03: GBX 180.00 per share

- 2020-04: GBX 200.50 per share

- 2020-05: GBX 198.40 per share

- 2020-06: GBX 267.00 per share

- 2020-07: GBX 321.00 per share

- 2020-08: GBX 320.00 per share

- 2020-09: GBX 309.50 per share

- 2020-10: GBX 334.00 per share

- 2020-11: GBX 387.50 per share

- 2020-12: GBX 391.00 per share

- 2021-01: GBX 402.50 per share

- 2021-02: GBX 406.00 per share

- 2021-03: GBX 483.00 per share

- 2021-04: GBX 488.00 per share

- 2021-05: GBX 488.00 per share

- 2021-06: GBX 460.00 per share

- 2021-07: GBX 450.00 per share

- 2021-08: GBX 421.50 per share

- 2021-09: GBX 284.00 per share

- 2021-10: GBX 252.50 per share

- 2021-11: GBX 233.00 per share

- 2021-12: GBX 263.50 per share

- 2022-01: GBX 230.00 per share

- 2022-02: GBX 233.50 per share

- 2022-03: GBX 254.50 per share

- 2022-04: GBX 290.00 per share

- 2022-05: GBX 317.00 per share

- 2022-06: GBX 274.00 per share

- 2022-07: GBX 257.50 per share

- 2022-08: GBX 229.50 per share

- 2022-09: GBX 220.50 per share

- 2022-10: GBX 245.50 per share

- 2022-11: GBX 238.00 per share

- 2022-12: GBX 224.00 per share

- 2023-01: GBX 242.00 per share

- 2023-02: GBX 246.50 per share

- 2023-03: GBX 175.80 per share

- 2023-04: GBX 183.80 per share

- 2023-05: GBX 178.40 per share

- 2023-06: GBX 153.80 per share

- 2023-07: GBX 139.80 per share

- 2023-08: GBX 106.00 per share

- 2023-09: GBX 105.20 per share

- 2023-10: GBX 94.30 per share

- 2023-11: GBX 90.00 per share

- 2023-12: GBX 105.00 per share

- 2024-01: GBX 135.80 per share

- 2024-02: GBX 167.00 per share

- 2024-03: GBX 217.50 per share

- 2024-04: GBX 262.00 per share

- 2024-05: GBX 281.50 per share

- 2024-06: GBX 327.00 per share

- 2024-07: GBX 333.50 per share

- 2024-08: GBX 313.50 per share

- 2024-09: GBX 312.50 per share

- 2024-10: GBX 306.50 per share

- 2024-11: GBX 276.50 per share

- 2024-12: GBX 248.00 per share

- 2025-01: GBX 224.50 per share

- 2025-02: GBX 205.50 per share

- 2025-03: GBX 207.00 per share

- 2025-04: GBX 242.50 per share

- 2025-05: GBX 280.50 per share

- 2025-06: GBX 252.00 per share

- 2025-07: GBX 227.50 per share

- 2025-08: GBX 219.50 per share

- 2025-09: GBX 239.50 per share

- 2025-10: GBX 215.50 per share

- 2025-11: GBX 290.00 per share

- 2025-12: GBX 299.00 per share

- 2026-01: GBX 324.00 per share

- 2026-02: GBX 325.00 per share

- 2026-03: GBX 343.50 per share

- 2026-04: GBX 368.00 per share

- 2026-05: GBX 370.50 per share

- 2026-06: GBX 458.00 per share

- 2026-07: GBX 667.00 per share

- 2026-08: GBX 732.00 per share

- 2026-09: GBX 668.00 per share

- 2026-10: GBX 679.00 per share

## Annual estimated value (GBX per share)

- FY2018: low GBX 235.16 per share, central GBX 293.95 per share, high GBX 391.94 per share

- FY2019: low GBX 129.47 per share, central GBX 142.42 per share, high GBX 158.24 per share

- FY2020: low GBX 304.12 per share, central GBX 380.15 per share, high GBX 506.87 per share

- FY2021: low GBX 428.06 per share, central GBX 535.08 per share, high GBX 713.44 per share

- FY2022: low GBX 385.08 per share, central GBX 481.35 per share, high GBX 641.80 per share

- FY2023: low GBX 381.14 per share, central GBX 476.43 per share, high GBX 635.24 per share

- FY2024: low GBX 272.59 per share, central GBX 299.85 per share, high GBX 333.17 per share

- FY2025: low GBX 421.28 per share, central GBX 526.60 per share, high GBX 702.13 per share

- FY2026: low GBX 389.26 per share, central GBX 486.57 per share, high GBX 648.76 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 2026-10-15T06:45:50.254Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800VB75KAZBFH5U07/2026-03-31/ESEF/GB/0/213800VB75KAZBFH5U07-2026-03-31/reports/213800VB75KAZBFH5U07-2026-03-31-T01.xhtml); period 2026-03-31, filed 2026-06-25.

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.

CMC Markets

CMCX · LSE

FTSE 250

Not a wonderful business

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

Share price: GBX 679.00
Buy up to: GBX 504.78
Expected / yr: 9.0% at today's price (10.0% at central value)

The business

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

1. Is this a good business?

Evidence only; not required for Buy

Profits were positive in 10 years (at least 9 needed).

Net income

10y median: GBP 56M
Worst year: GBP 5.9M
Latest · 2026: GBP 74M

Earned a median 19% on tangible equity (minimum 12%), and the second-worst year 12.2% (minimum 5%).

Return on tangible common equity

10y median: 19.0%
Worst year: 2.9%
Latest · 2026: 17.7%

Book value plus dividends grew 21.1% a year (minimum 7%).

Annual book + dividend return

10y median: 16.0%
Worst year: 2.6%
Latest · 2026: 13.9%

Book value gained 0.9 per share against 0.91 kept (must cover the amount kept).

Shares (first year = 100)

11y median: 100
Worst year: 101
Latest · 2026: 97

0 accounting warnings were found (none allowed).

Filing signals · estimated likelihood

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 0.22 GBP.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price GBX 189.80; 2016-11 · Price GBX 186.50; 2016-12 · Price GBX 109.10; 2017-01 · Price GBX 110.90; 2017-02 · Price GBX 117.00; 2017-03 · Price GBX 121.00; 2017-04 · Price GBX 125.50; 2017-05 · Price GBX 127.00; 2017-06 · Price GBX 142.75; 2017-07 · Price GBX 159.00; 2017-08 · Price GBX 145.75; 2017-09 · Price GBX 162.00; 2017-10 · Price GBX 159.50; 2017-11 · Price GBX 170.75; 2017-12 · Price GBX 150.00; 2018-01 · Price GBX 159.20 · Value 293.95 · Buy at or below 293.95; 2018-02 · Price GBX 153.40 · Value 293.95 · Buy at or below 293.95; 2018-03 · Price GBX 169.20 · Value 293.95 · Buy at or below 293.95; 2018-04 · Price GBX 189.40 · Value 293.95 · Buy at or below 293.95; 2018-05 · Price GBX 180.60 · Value 293.95 · Buy at or below 293.95; 2018-06 · Price GBX 199.40 · Value 293.95 · Buy at or below 293.95; 2018-07 · Price GBX 197.00 · Value 293.95 · Buy at or below 293.95; 2018-08 · Price GBX 170.80 · Value 293.95 · Buy at or below 293.95; 2018-09 · Price GBX 139.00 · Value 293.95 · Buy at or below 293.95; 2018-10 · Price GBX 117.00 · Value 293.95 · Buy at or below 293.95; 2018-11 · Price GBX 112.40 · Value 293.95 · Buy at or below 293.95; 2018-12 · Price GBX 105.20 · Value 293.95 · Buy at or below 293.95; 2019-01 · Price GBX 118.60 · Value 293.95 · Buy at or below 293.95; 2019-02 · Price GBX 83.50 · Value 142.42 · Buy at or below 142.42; 2019-03 · Price GBX 83.10 · Value 142.42 · Buy at or below 142.42; 2019-04 · Price GBX 78.10 · Value 142.42 · Buy at or below 142.42; 2019-05 · Price GBX 87.40 · Value 142.42 · Buy at or below 142.42; 2019-06 · Price GBX 90.00 · Value 142.42 · Buy at or below 142.42; 2019-07 · Price GBX 98.00 · Value 142.42 · Buy at or below 142.42; 2019-08 · Price GBX 94.50 · Value 142.42 · Buy at or below 142.42; 2019-09 · Price GBX 106.00 · Value 142.42 · Buy at or below 142.42; 2019-10 · Price GBX 130.00 · Value 142.42 · Buy at or below 142.42; 2019-11 · Price GBX 146.20 · Value 142.42 · Buy at or below 142.42; 2019-12 · Price GBX 146.60 · Value 142.42 · Buy at or below 142.42; 2020-01 · Price GBX 156.80 · Value 142.42 · Buy at or below 142.42; 2020-02 · Price GBX 150.00 · Value 380.15 · Buy at or below 380.15; 2020-03 · Price GBX 180.00 · Value 380.15 · Buy at or below 380.15; 2020-04 · Price GBX 200.50 · Value 380.15 · Buy at or below 380.15; 2020-05 · Price GBX 198.40 · Value 380.15 · Buy at or below 380.15; 2020-06 · Price GBX 267.00 · Value 380.15 · Buy at or below 380.15; 2020-07 · Price GBX 321.00 · Value 380.15 · Buy at or below 380.15; 2020-08 · Price GBX 320.00 · Value 380.15 · Buy at or below 380.15; 2020-09 · Price GBX 309.50 · Value 380.15 · Buy at or below 380.15; 2020-10 · Price GBX 334.00 · Value 380.15 · Buy at or below 380.15; 2020-11 · Price GBX 387.50 · Value 380.15 · Buy at or below 380.15; 2020-12 · Price GBX 391.00 · Value 380.15 · Buy at or below 380.15; 2021-01 · Price GBX 402.50 · Value 380.15 · Buy at or below 380.15; 2021-02 · Price GBX 406.00 · Value 535.08 · Buy at or below 535.08; 2021-03 · Price GBX 483.00 · Value 535.08 · Buy at or below 535.08; 2021-04 · Price GBX 488.00 · Value 535.08 · Buy at or below 535.08; 2021-05 · Price GBX 488.00 · Value 535.08 · Buy at or below 535.08; 2021-06 · Price GBX 460.00 · Value 535.08 · Buy at or below 535.08; 2021-07 · Price GBX 450.00 · Value 535.08 · Buy at or below 535.08; 2021-08 · Price GBX 421.50 · Value 535.08 · Buy at or below 535.08; 2021-09 · Price GBX 284.00 · Value 535.08 · Buy at or below 535.08; 2021-10 · Price GBX 252.50 · Value 535.08 · Buy at or below 535.08; 2021-11 · Price GBX 233.00 · Value 535.08 · Buy at or below 535.08; 2021-12 · Price GBX 263.50 · Value 535.08 · Buy at or below 535.08; 2022-01 · Price GBX 230.00 · Value 535.08 · Buy at or below 535.08; 2022-02 · Price GBX 233.50 · Value 481.35 · Buy at or below 481.35; 2022-03 · Price GBX 254.50 · Value 481.35 · Buy at or below 481.35; 2022-04 · Price GBX 290.00 · Value 481.35 · Buy at or below 481.35; 2022-05 · Price GBX 317.00 · Value 481.35 · Buy at or below 481.35; 2022-06 · Price GBX 274.00 · Value 481.35 · Buy at or below 481.35; 2022-07 · Price GBX 257.50 · Value 481.35 · Buy at or below 481.35; 2022-08 · Price GBX 229.50 · Value 481.35 · Buy at or below 481.35; 2022-09 · Price GBX 220.50 · Value 481.35 · Buy at or below 481.35; 2022-10 · Price GBX 245.50 · Value 481.35 · Buy at or below 481.35; 2022-11 · Price GBX 238.00 · Value 481.35 · Buy at or below 481.35; 2022-12 · Price GBX 224.00 · Value 481.35 · Buy at or below 481.35; 2023-01 · Price GBX 242.00 · Value 481.35 · Buy at or below 481.35; 2023-02 · Price GBX 246.50 · Value 476.43 · Buy at or below 476.43; 2023-03 · Price GBX 175.80 · Value 476.43 · Buy at or below 476.43; 2023-04 · Price GBX 183.80 · Value 476.43 · Buy at or below 476.43; 2023-05 · Price GBX 178.40 · Value 476.43 · Buy at or below 476.43; 2023-06 · Price GBX 153.80 · Value 476.43 · Buy at or below 476.43; 2023-07 · Price GBX 139.80 · Value 476.43 · Buy at or below 476.43; 2023-08 · Price GBX 106.00 · Value 476.43 · Buy at or below 476.43; 2023-09 · Price GBX 105.20 · Value 476.43 · Buy at or below 476.43; 2023-10 · Price GBX 94.30 · Value 476.43 · Buy at or below 476.43; 2023-11 · Price GBX 90.00 · Value 476.43 · Buy at or below 476.43; 2023-12 · Price GBX 105.00 · Value 476.43 · Buy at or below 476.43; 2024-01 · Price GBX 135.80 · Value 476.43 · Buy at or below 476.43; 2024-02 · Price GBX 167.00 · Value 299.85 · Buy at or below 299.85; 2024-03 · Price GBX 217.50 · Value 299.85 · Buy at or below 299.85; 2024-04 · Price GBX 262.00 · Value 299.85 · Buy at or below 299.85; 2024-05 · Price GBX 281.50 · Value 299.85 · Buy at or below 299.85; 2024-06 · Price GBX 327.00 · Value 299.85 · Buy at or below 299.85; 2024-07 · Price GBX 333.50 · Value 299.85 · Buy at or below 299.85; 2024-08 · Price GBX 313.50 · Value 299.85 · Buy at or below 299.85; 2024-09 · Price GBX 312.50 · Value 299.85 · Buy at or below 299.85; 2024-10 · Price GBX 306.50 · Value 299.85 · Buy at or below 299.85; 2024-11 · Price GBX 276.50 · Value 299.85 · Buy at or below 299.85; 2024-12 · Price GBX 248.00 · Value 299.85 · Buy at or below 299.85; 2025-01 · Price GBX 224.50 · Value 299.85 · Buy at or below 299.85; 2025-02 · Price GBX 205.50 · Value 526.60 · Buy at or below 526.60; 2025-03 · Price GBX 207.00 · Value 526.60 · Buy at or below 526.60; 2025-04 · Price GBX 242.50 · Value 526.60 · Buy at or below 526.60; 2025-05 · Price GBX 280.50 · Value 526.60 · Buy at or below 526.60; 2025-06 · Price GBX 252.00 · Value 526.60 · Buy at or below 526.60; 2025-07 · Price GBX 227.50 · Value 526.60 · Buy at or below 526.60; 2025-08 · Price GBX 219.50 · Value 526.60 · Buy at or below 526.60; 2025-09 · Price GBX 239.50 · Value 526.60 · Buy at or below 526.60; 2025-10 · Price GBX 215.50 · Value 526.60 · Buy at or below 526.60; 2025-11 · Price GBX 290.00 · Value 526.60 · Buy at or below 526.60; 2025-12 · Price GBX 299.00 · Value 526.60 · Buy at or below 526.60; 2026-01 · Price GBX 324.00 · Value 526.60 · Buy at or below 526.60; 2026-02 · Price GBX 325.00 · Value 486.57 · Buy at or below 486.57; 2026-03 · Price GBX 343.50 · Value 486.57 · Buy at or below 486.57; 2026-04 · Price GBX 368.00 · Value 486.57 · Buy at or below 486.57; 2026-05 · Price GBX 370.50 · Value 486.57 · Buy at or below 486.57; 2026-06 · Price GBX 458.00 · Value 486.57 · Buy at or below 486.57; 2026-07 · Price GBX 667.00 · Value 486.57 · Buy at or below 486.57; 2026-08 · Price GBX 732.00 · Value 486.57 · Buy at or below 486.57; 2026-09 · Price GBX 668.00 · Value 486.57 · Buy at or below 486.57; 2026-10 · Price GBX 679.00 · Value 486.57 · Buy at or below 486.57; 2026-10 · Price GBX 679.00 · Value 486.57 · Buy at or below 486.57

GBX per share · annual estimates

Price & return math
Value range	GBX 403.82 – GBX 673.04
Buy at or below	Central value GBX 504.78
Discount to value	1 − 679.00 / 504.78 = -34.5%
Return / year	About 9.0% a year at today's price (required return 10.0%)
Cash-flow inputs	Book GBX 155.89/share; ROE 19.0%; first payout GBX 20.19/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeGBP 74M

Net income

Book / shareGBP 1.50

Book / share

Dividend / shareGBP 0.13

Dividend / share

Return on tangible equity17.7%

Return on tangible equity

Diluted shares280M

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·