# Chesnara (CSN.LSE)

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

Analysis as of: 2026-10-16T07:43:52.631Z. Financial observations: FY2015–FY2025.

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 335.50 per share; close as of 2026-10-15.

Estimated value: low GBX 132.96 per share, central GBX 146.26 per share, high GBX 162.51 per share. Buy at or below the central value GBX 146.26 per share. Valuation as of 2026-10-16T07:43:52.631Z; scenarios are not confidence intervals.

Expected annual return: 4.4% at the stated quote. About 4.4% 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: 8

- Required profitable years: 8

- Return on common equity variation (informational): 3.01×

Chart: Net income; fiscal year observations.

- FY2016: GBP 35M

- FY2017: GBP 78M

- FY2018: GBP 24M

- FY2019: GBP 79M

- FY2020: GBP 21M

- FY2021: GBP 27M

- FY2022: GBP -98M

- FY2023: GBP 19M

- FY2024: GBP 3.9M

- FY2025: GBP -10M

### moat: fail

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 5.3%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: -1.8%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 9.0%

- FY2017: 17.4%

- FY2018: 5.4%

- FY2019: 16.6%

- FY2020: 4.4%

- FY2021: 6.0%

- FY2022: -25.6%

- FY2023: 5.2%

- FY2024: 1.2%

- FY2025: -1.8%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 9.6%

- Book return interval: 10 years

- Starting book value per share: GBP 2.33

- Ending book value per share: GBP 2.74

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

- FY2016: 39.0%

- FY2017: 4.8%

- FY2018: 5.4%

- FY2019: 13.6%

- FY2020: 9.0%

- FY2021: -11.8%

- FY2022: -8.7%

- FY2023: 1.6%

- FY2024: -4.1%

- FY2025: 67.2%

### management: fail

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- ordinary share count growth exceeds 2% annually in both the full and five-year windows

- Diluted shares, 10-year annual growth: 4.9%

- Diluted shares, 5-year annual growth: 6.3%

- Share growth excluding flagged crisis recapitalisations: 4.9%

- Five-year share growth excluding flagged crisis recapitalisations: 6.3%

- Flagged crisis recapitalisations: 0

- Book value created per share: GBP 0.42

- Earnings retained per share after dividends and buybacks: GBP -2.18

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 5.6% a year forever · "Chesnara CEO: 79% jump in capital generation fuels acquisition ambitions" (finance.yahoo.com, Aug 2026) · net income -366.7%

Story as of 2026-10-16T10:00:12.855Z; price observation 2026-10-15.

The price assumes profits grow 5.6% a year forever

- 2026-08-25: Chesnara CEO: 79% jump in capital generation fuels acquisition ambitions ([finance.yahoo.com](https://finance.yahoo.com/video/chesnara-ceo-79-jump-capital-104135292.html))

### Net income · FY2025

net income -366.7%; source https://filings.xbrl.org/213800VFRMBRTSZ3SJ06/2025-12-31/ESEF/GB/0/213800VFRMBRTSZ3SJ06-2025-12-31/reports/213800VFRMBRTSZ3SJ06-2025-12-31.xhtml; observed 2026-04-29.

- FY2016: GBP 35M 

- FY2017: GBP 78M 

- FY2018: GBP 24M 

- FY2019: GBP 79M 

- FY2020: GBP 21M 

- FY2021: GBP 27M 

- FY2022: GBP -98M 

- FY2023: GBP 19M 

- FY2024: GBP 3.9M 

- FY2025: GBP -10M 

## Owner memo

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

### How it makes money

Operates in insurance life; annual sales are GBP 186.3 million.

- Source: https://filings.xbrl.org/213800VFRMBRTSZ3SJ06/2025-12-31/ESEF/GB/0/213800VFRMBRTSZ3SJ06-2025-12-31.json (filed 2026-04-29); FY2025: revenue 186300000.

### Why customers stay

It earns 5.3% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); 10-year return on tangible equity observations [[2016,0.0896430286537538],[2017,0.1736587137113201],[2018,0.054136296721841226],[2019,0.16644268766390952],[2020,0.04350736141023719],[2021,0.05957216473469281],[2022,-0.2560088518614944],[2023,0.05169538632573652],[2024,0.012404580152671756],[2025,-0.018462630924906798]]; median 0.05291584152378887. 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 1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Dividend observations: [[2016,24181000],[2017,29484000],[2018,30384000],[2019,31316000],[2020,32294000],[2021,33276000],[2022,34300000],[2023,35400000],[2024,36500000],[2025,42000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/6DE.F.json#2025-12-31 (filed 2026-04-29); FY2025: cash repurchases 1000000 GBP.

### Are managers owners

Insiders own 0.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CSN.LSE SharesStats.PercentInsiders = 0.901 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 5.6% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Price 335.5; FX 100; original perpetual distributable cash 0.1462610373289738; discount 0.1; growth 0.05640505593771273. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

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

- 2016-10: GBX 276.40 per share

- 2016-11: GBX 301.80 per share

- 2016-12: GBX 317.22 per share

- 2017-01: GBX 312.66 per share

- 2017-02: GBX 304.84 per share

- 2017-03: GBX 312.22 per share

- 2017-04: GBX 332.42 per share

- 2017-05: GBX 330.03 per share

- 2017-06: GBX 336.11 per share

- 2017-07: GBX 332.20 per share

- 2017-08: GBX 346.31 per share

- 2017-09: GBX 342.40 per share

- 2017-10: GBX 334.37 per share

- 2017-11: GBX 326.55 per share

- 2017-12: GBX 338.06 per share

- 2018-01: GBX 340.02 per share

- 2018-02: GBX 343.05 per share

- 2018-03: GBX 338.71 per share

- 2018-04: GBX 351.74 per share

- 2018-05: GBX 334.37 per share

- 2018-06: GBX 314.39 per share

- 2018-07: GBX 348.70 per share

- 2018-08: GBX 328.29 per share

- 2018-09: GBX 308.32 per share

- 2018-10: GBX 298.76 per share

- 2018-11: GBX 307.45 per share

- 2018-12: GBX 300.06 per share

- 2019-01: GBX 298.76 per share

- 2019-02: GBX 308.75 per share

- 2019-03: GBX 328.29 per share

- 2019-04: GBX 318.30 per share

- 2019-05: GBX 318.74 per share

- 2019-06: GBX 287.04 per share

- 2019-07: GBX 287.47 per share

- 2019-08: GBX 244.92 per share

- 2019-09: GBX 244.48 per share

- 2019-10: GBX 225.37 per share

- 2019-11: GBX 252.73 per share

- 2019-12: GBX 274.44 per share

- 2020-01: GBX 282.69 per share

- 2020-02: GBX 241.88 per share

- 2020-03: GBX 252.73 per share

- 2020-04: GBX 288.34 per share

- 2020-05: GBX 277.48 per share

- 2020-06: GBX 250.99 per share

- 2020-07: GBX 247.09 per share

- 2020-08: GBX 256.21 per share

- 2020-09: GBX 238.84 per share

- 2020-10: GBX 227.55 per share

- 2020-11: GBX 232.32 per share

- 2020-12: GBX 258.81 per share

- 2021-01: GBX 242.74 per share

- 2021-02: GBX 234.49 per share

- 2021-03: GBX 247.52 per share

- 2021-04: GBX 239.70 per share

- 2021-05: GBX 239.70 per share

- 2021-06: GBX 230.15 per share

- 2021-07: GBX 237.10 per share

- 2021-08: GBX 260.55 per share

- 2021-09: GBX 247.09 per share

- 2021-10: GBX 250.13 per share

- 2021-11: GBX 238.84 per share

- 2021-12: GBX 247.52 per share

- 2022-01: GBX 245.35 per share

- 2022-02: GBX 243.18 per share

- 2022-03: GBX 263.59 per share

- 2022-04: GBX 250.56 per share

- 2022-05: GBX 256.21 per share

- 2022-06: GBX 243.61 per share

- 2022-07: GBX 256.21 per share

- 2022-08: GBX 262.28 per share

- 2022-09: GBX 238.40 per share

- 2022-10: GBX 231.02 per share

- 2022-11: GBX 251.43 per share

- 2022-12: GBX 246.22 per share

- 2023-01: GBX 247.95 per share

- 2023-02: GBX 247.52 per share

- 2023-03: GBX 260.55 per share

- 2023-04: GBX 241.01 per share

- 2023-05: GBX 242.74 per share

- 2023-06: GBX 234.93 per share

- 2023-07: GBX 234.49 per share

- 2023-08: GBX 237.10 per share

- 2023-09: GBX 238.84 per share

- 2023-10: GBX 219.73 per share

- 2023-11: GBX 221.47 per share

- 2023-12: GBX 227.11 per share

- 2024-01: GBX 227.55 per share

- 2024-02: GBX 218.86 per share

- 2024-03: GBX 228.41 per share

- 2024-04: GBX 218.86 per share

- 2024-05: GBX 221.03 per share

- 2024-06: GBX 214.52 per share

- 2024-07: GBX 226.24 per share

- 2024-08: GBX 227.98 per share

- 2024-09: GBX 221.47 per share

- 2024-10: GBX 218.43 per share

- 2024-11: GBX 218.86 per share

- 2024-12: GBX 229.72 per share

- 2025-01: GBX 230.58 per share

- 2025-02: GBX 226.68 per share

- 2025-03: GBX 239.27 per share

- 2025-04: GBX 223.64 per share

- 2025-05: GBX 244.92 per share

- 2025-06: GBX 259.68 per share

- 2025-07: GBX 263.50 per share

- 2025-08: GBX 282.50 per share

- 2025-09: GBX 276.00 per share

- 2025-10: GBX 275.00 per share

- 2025-11: GBX 285.00 per share

- 2025-12: GBX 301.00 per share

- 2026-01: GBX 305.50 per share

- 2026-02: GBX 327.00 per share

- 2026-03: GBX 300.50 per share

- 2026-04: GBX 306.00 per share

- 2026-05: GBX 323.00 per share

- 2026-06: GBX 331.00 per share

- 2026-07: GBX 344.00 per share

- 2026-08: GBX 376.00 per share

- 2026-09: GBX 351.00 per share

- 2026-10: GBX 335.50 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 349.20 per share, central GBX 384.12 per share, high GBX 426.80 per share

- FY2017: low GBX 429.32 per share, central GBX 536.65 per share, high GBX 715.53 per share

- FY2018: low GBX 291.39 per share, central GBX 320.53 per share, high GBX 356.15 per share

- FY2019: low GBX 606.34 per share, central GBX 757.92 per share, high GBX 1,010.56 per share

- FY2020: low GBX 449.53 per share, central GBX 494.49 per share, high GBX 549.43 per share

- FY2021: low GBX 495.10 per share, central GBX 605.67 per share, high GBX 779.81 per share

- FY2022: low GBX 189.43 per share, central GBX 208.38 per share, high GBX 231.53 per share

- FY2023: low GBX 149.43 per share, central GBX 164.37 per share, high GBX 182.64 per share

- FY2024: low GBX 94.25 per share, central GBX 103.67 per share, high GBX 115.19 per share

- FY2025: low GBX 149.94 per share, central GBX 164.94 per share, high GBX 183.26 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/213800VFRMBRTSZ3SJ06/2025-12-31/ESEF/GB/0/213800VFRMBRTSZ3SJ06-2025-12-31/reports/213800VFRMBRTSZ3SJ06-2025-12-31.xhtml); period 2025-12-31, filed 2026-04-29.

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.

Chesnara

CSN · LSE

FTSE 250

Not a wonderful business

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

Share price: GBX 335.50
Buy up to: GBX 146.26
Expected / yr: 4.4% 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 8 years (at least 8 needed).

Net income

10y median: GBP 23M
Worst year: GBP -98M
Latest · 2025: GBP -10M

Earned a median 5.3% on equity (minimum 10%).

Return on common equity

10y median: 5.3%
Worst year: -25.6%
Latest · 2025: -1.8%

Book value plus dividends grew 9.6% a year (minimum 7%).

Annual book + dividend return

10y median: 5.1%
Worst year: -11.8%
Latest · 2025: 67.2%

Ordinary share growth was 4.9% over the full period and 6.3% over five years (either must be at most 2% a year).

per-share value change
Passing bar: ≥ GBP 0

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 2 loss years in 10 (at most 2), three-year average earnings per share 0.03 GBP.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price GBX 276.40 · Value 384.12 · Buy at or below 384.12; 2016-11 · Price GBX 301.80 · Value 384.12 · Buy at or below 384.12; 2016-12 · Price GBX 317.22 · Value 384.12 · Buy at or below 384.12; 2017-01 · Price GBX 312.66 · Value 384.12 · Buy at or below 384.12; 2017-02 · Price GBX 304.84 · Value 536.65 · Buy at or below 536.65; 2017-03 · Price GBX 312.22 · Value 536.65 · Buy at or below 536.65; 2017-04 · Price GBX 332.42 · Value 536.65 · Buy at or below 536.65; 2017-05 · Price GBX 330.03 · Value 536.65 · Buy at or below 536.65; 2017-06 · Price GBX 336.11 · Value 536.65 · Buy at or below 536.65; 2017-07 · Price GBX 332.20 · Value 536.65 · Buy at or below 536.65; 2017-08 · Price GBX 346.31 · Value 536.65 · Buy at or below 536.65; 2017-09 · Price GBX 342.40 · Value 536.65 · Buy at or below 536.65; 2017-10 · Price GBX 334.37 · Value 536.65 · Buy at or below 536.65; 2017-11 · Price GBX 326.55 · Value 536.65 · Buy at or below 536.65; 2017-12 · Price GBX 338.06 · Value 536.65 · Buy at or below 536.65; 2018-01 · Price GBX 340.01 · Value 536.65 · Buy at or below 536.65; 2018-02 · Price GBX 343.05 · Value 320.53 · Buy at or below 320.53; 2018-03 · Price GBX 338.71 · Value 320.53 · Buy at or below 320.53; 2018-04 · Price GBX 351.74 · Value 320.53 · Buy at or below 320.53; 2018-05 · Price GBX 334.37 · Value 320.53 · Buy at or below 320.53; 2018-06 · Price GBX 314.39 · Value 320.53 · Buy at or below 320.53; 2018-07 · Price GBX 348.70 · Value 320.53 · Buy at or below 320.53; 2018-08 · Price GBX 328.29 · Value 320.53 · Buy at or below 320.53; 2018-09 · Price GBX 308.31 · Value 320.53 · Buy at or below 320.53; 2018-10 · Price GBX 298.76 · Value 320.53 · Buy at or below 320.53; 2018-11 · Price GBX 307.45 · Value 320.53 · Buy at or below 320.53; 2018-12 · Price GBX 300.06 · Value 320.53 · Buy at or below 320.53; 2019-01 · Price GBX 298.76 · Value 320.53 · Buy at or below 320.53; 2019-02 · Price GBX 308.75 · Value 757.92 · Buy at or below 757.92; 2019-03 · Price GBX 328.29 · Value 757.92 · Buy at or below 757.92; 2019-04 · Price GBX 318.30 · Value 757.92 · Buy at or below 757.92; 2019-05 · Price GBX 318.74 · Value 757.92 · Buy at or below 757.92; 2019-06 · Price GBX 287.04 · Value 757.92 · Buy at or below 757.92; 2019-07 · Price GBX 287.47 · Value 757.92 · Buy at or below 757.92; 2019-08 · Price GBX 244.91 · Value 757.92 · Buy at or below 757.92; 2019-09 · Price GBX 244.48 · Value 757.92 · Buy at or below 757.92; 2019-10 · Price GBX 225.37 · Value 757.92 · Buy at or below 757.92; 2019-11 · Price GBX 252.73 · Value 757.92 · Buy at or below 757.92; 2019-12 · Price GBX 274.44 · Value 757.92 · Buy at or below 757.92; 2020-01 · Price GBX 282.69 · Value 757.92 · Buy at or below 757.92; 2020-02 · Price GBX 241.88 · Value 494.49 · Buy at or below 494.49; 2020-03 · Price GBX 252.73 · Value 494.49 · Buy at or below 494.49; 2020-04 · Price GBX 288.34 · Value 494.49 · Buy at or below 494.49; 2020-05 · Price GBX 277.48 · Value 494.49 · Buy at or below 494.49; 2020-06 · Price GBX 250.99 · Value 494.49 · Buy at or below 494.49; 2020-07 · Price GBX 247.09 · Value 494.49 · Buy at or below 494.49; 2020-08 · Price GBX 256.21 · Value 494.49 · Buy at or below 494.49; 2020-09 · Price GBX 238.84 · Value 494.49 · Buy at or below 494.49; 2020-10 · Price GBX 227.55 · Value 494.49 · Buy at or below 494.49; 2020-11 · Price GBX 232.32 · Value 494.49 · Buy at or below 494.49; 2020-12 · Price GBX 258.81 · Value 494.49 · Buy at or below 494.49; 2021-01 · Price GBX 242.74 · Value 494.49 · Buy at or below 494.49; 2021-02 · Price GBX 234.49 · Value 605.67 · Buy at or below 605.67; 2021-03 · Price GBX 247.52 · Value 605.67 · Buy at or below 605.67; 2021-04 · Price GBX 239.70 · Value 605.67 · Buy at or below 605.67; 2021-05 · Price GBX 239.70 · Value 605.67 · Buy at or below 605.67; 2021-06 · Price GBX 230.15 · Value 605.67 · Buy at or below 605.67; 2021-07 · Price GBX 237.10 · Value 605.67 · Buy at or below 605.67; 2021-08 · Price GBX 260.55 · Value 605.67 · Buy at or below 605.67; 2021-09 · Price GBX 247.09 · Value 605.67 · Buy at or below 605.67; 2021-10 · Price GBX 250.13 · Value 605.67 · Buy at or below 605.67; 2021-11 · Price GBX 238.84 · Value 605.67 · Buy at or below 605.67; 2021-12 · Price GBX 247.52 · Value 605.67 · Buy at or below 605.67; 2022-01 · Price GBX 245.35 · Value 605.67 · Buy at or below 605.67; 2022-02 · Price GBX 243.18 · Value 208.38 · Buy at or below 208.38; 2022-03 · Price GBX 263.59 · Value 208.38 · Buy at or below 208.38; 2022-04 · Price GBX 250.56 · Value 208.38 · Buy at or below 208.38; 2022-05 · Price GBX 256.21 · Value 208.38 · Buy at or below 208.38; 2022-06 · Price GBX 243.61 · Value 208.38 · Buy at or below 208.38; 2022-07 · Price GBX 256.21 · Value 208.38 · Buy at or below 208.38; 2022-08 · Price GBX 262.28 · Value 208.38 · Buy at or below 208.38; 2022-09 · Price GBX 238.40 · Value 208.38 · Buy at or below 208.38; 2022-10 · Price GBX 231.02 · Value 208.38 · Buy at or below 208.38; 2022-11 · Price GBX 251.43 · Value 208.38 · Buy at or below 208.38; 2022-12 · Price GBX 246.22 · Value 208.38 · Buy at or below 208.38; 2023-01 · Price GBX 247.95 · Value 208.38 · Buy at or below 208.38; 2023-02 · Price GBX 247.52 · Value 164.37 · Buy at or below 164.37; 2023-03 · Price GBX 260.55 · Value 164.37 · Buy at or below 164.37; 2023-04 · Price GBX 241.01 · Value 164.37 · Buy at or below 164.37; 2023-05 · Price GBX 242.74 · Value 164.37 · Buy at or below 164.37; 2023-06 · Price GBX 234.93 · Value 164.37 · Buy at or below 164.37; 2023-07 · Price GBX 234.49 · Value 164.37 · Buy at or below 164.37; 2023-08 · Price GBX 237.10 · Value 164.37 · Buy at or below 164.37; 2023-09 · Price GBX 238.84 · Value 164.37 · Buy at or below 164.37; 2023-10 · Price GBX 219.73 · Value 164.37 · Buy at or below 164.37; 2023-11 · Price GBX 221.47 · Value 164.37 · Buy at or below 164.37; 2023-12 · Price GBX 227.11 · Value 164.37 · Buy at or below 164.37; 2024-01 · Price GBX 227.55 · Value 164.37 · Buy at or below 164.37; 2024-02 · Price GBX 218.86 · Value 103.67 · Buy at or below 103.67; 2024-03 · Price GBX 228.41 · Value 103.67 · Buy at or below 103.67; 2024-04 · Price GBX 218.86 · Value 103.67 · Buy at or below 103.67; 2024-05 · Price GBX 221.03 · Value 103.67 · Buy at or below 103.67; 2024-06 · Price GBX 214.52 · Value 103.67 · Buy at or below 103.67; 2024-07 · Price GBX 226.24 · Value 103.67 · Buy at or below 103.67; 2024-08 · Price GBX 227.98 · Value 103.67 · Buy at or below 103.67; 2024-09 · Price GBX 221.47 · Value 103.67 · Buy at or below 103.67; 2024-10 · Price GBX 218.43 · Value 103.67 · Buy at or below 103.67; 2024-11 · Price GBX 218.86 · Value 103.67 · Buy at or below 103.67; 2024-12 · Price GBX 229.72 · Value 103.67 · Buy at or below 103.67; 2025-01 · Price GBX 230.58 · Value 103.67 · Buy at or below 103.67; 2025-02 · Price GBX 226.68 · Value 164.94 · Buy at or below 164.94; 2025-03 · Price GBX 239.27 · Value 164.94 · Buy at or below 164.94; 2025-04 · Price GBX 223.64 · Value 164.94 · Buy at or below 164.94; 2025-05 · Price GBX 244.91 · Value 164.94 · Buy at or below 164.94; 2025-06 · Price GBX 259.68 · Value 164.94 · Buy at or below 164.94; 2025-07 · Price GBX 263.50 · Value 164.94 · Buy at or below 164.94; 2025-08 · Price GBX 282.50 · Value 164.94 · Buy at or below 164.94; 2025-09 · Price GBX 276.00 · Value 164.94 · Buy at or below 164.94; 2025-10 · Price GBX 275.00 · Value 164.94 · Buy at or below 164.94; 2025-11 · Price GBX 285.00 · Value 164.94 · Buy at or below 164.94; 2025-12 · Price GBX 301.00 · Value 164.94 · Buy at or below 164.94; 2026-01 · Price GBX 305.50 · Value 164.94 · Buy at or below 164.94; 2026-02 · Price GBX 327.00 · Value 146.26 · Buy at or below 146.26; 2026-03 · Price GBX 300.50 · Value 146.26 · Buy at or below 146.26; 2026-04 · Price GBX 306.00 · Value 146.26 · Buy at or below 146.26; 2026-05 · Price GBX 323.00 · Value 146.26 · Buy at or below 146.26; 2026-06 · Price GBX 331.00 · Value 146.26 · Buy at or below 146.26; 2026-07 · Price GBX 344.00 · Value 146.26 · Buy at or below 146.26; 2026-08 · Price GBX 376.00 · Value 146.26 · Buy at or below 146.26; 2026-09 · Price GBX 351.00 · Value 146.26 · Buy at or below 146.26; 2026-10 · Price GBX 335.50 · Value 146.26 · Buy at or below 146.26; 2026-10 · Price GBX 335.50 · Value 146.26 · Buy at or below 146.26

GBX per share · annual estimates

Price & return math
Value range	GBX 132.96 – GBX 162.51
Buy at or below	Central value GBX 146.26
Discount to value	1 − 335.50 / 146.26 = -129.4%
Return / year	About 4.4% a year at today's price (required return 10.0%)
Cash-flow inputs	Book GBX 204.75/share; ROE 7.1%; first payout GBX 14.63/share, growing 0.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeGBP -10M

Net income

Book / shareGBP 2.74

Book / share

Dividend / shareGBP 0.20

Dividend / share

Return on equity-1.8%

Return on equity

Diluted shares205M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·