# DCC (DCC.LSE)

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

Analysis as of: 2026-10-16T07:36:35.000Z. Financial observations: FY2014–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 6,430.00 per share; close as of 2026-10-15.

Estimated value: low GBX 4,215.29 per share, central GBX 4,671.15 per share, high GBX 5,277.99 per share. Buy at or below the central value GBX 4,671.15 per share. Valuation as of 2026-10-16T07:36:35.000Z; scenarios are not confidence intervals.

Expected annual return: 7.7% at the stated quote. About 7.7% 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

- 5 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.16×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.02×

- FY2018: 0.02×

- FY2019: 0.02×

- FY2020: 0.02×

- FY2021: 0.03×

- FY2022: 0.03×

- FY2023: 0.02×

- FY2024: 0.03×

- FY2025: 0.02×

- FY2026: 0.03×

### moat: pass

- ROIC, median of available years: 21.7%

- ROIC, second-lowest year: 17.7%

- Typical minus recent gross margin: -1.7 pp

- Typical gross margin (annual median): 11.6%

- Recent gross margin (lower of latest and 3-year median): 13.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.2%

- ROIC including acquisitions, ten-year median: 8.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 25.3%

- FY2018: 31.9%

- FY2019: 26.2%

- FY2020: 18.5%

- FY2021: 24.7%

- FY2022: 17.7%

- FY2023: 19.3%

- FY2024: 20.3%

- FY2025: 11.8%

- FY2026: 23.1%

### economics: pass

- Owner earnings / net income, 5-yr: 1.23×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 1.5B

- Net income, five-year total: GBP 1.2B

- Return on incremental invested capital: 19.9%

- Working capital / revenue, annual change: 0.8 pp

- Working capital / revenue, change between three-year averages: 5.0 pp

- Working capital / revenue, final three-year average: 4.5%

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

- FY2022: 1.09×

- FY2023: 1.10×

- FY2024: 1.16×

- FY2025: 1.46×

- FY2026: 5.62×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 26.2% vs 20.3%

- Per-share earnings: 2.42 to 2.10 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.9%

- Ordinary dilution, 5-year annual growth: -0.2%

- Market cap gain: GBP -1.7B

- Cumulative retained earnings: GBP 1.0B

- Diluted shares, 10-year annual growth: 0.9%

- Diluted shares, 5-year annual growth: -0.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -1.7%

- Per-share value change: GBP -0.31

- Per-share value, starting three-year median: GBP 2.42

- Per-share value, ending three-year median: GBP 2.10

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 7.2%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Acquisition spending: GBP 1.8B

- Cumulative net income, 10 years: GBP 2.5B

- ROIC, first three-year median: 26.2%

- ROIC, last three-year median: 20.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: GBP 2.42

- FY2018: GBP 2.66

- FY2019: GBP 2.67

- FY2020: GBP 2.49

- FY2021: GBP 2.96

- FY2022: GBP 3.16

- FY2023: GBP 3.37

- FY2024: GBP 3.30

- FY2025: GBP 2.10

- FY2026: GBP 0.14

### accounting: pass

- Sloan accruals: -8.1%

- Receivables to sales index (DSRI): 1.17×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 51.21×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.02×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -3.1%

- FY2018: -1.1%

- FY2019: -2.8%

- FY2020: -3.6%

- FY2021: -5.4%

- FY2022: -1.5%

- FY2023: -3.3%

- FY2024: -4.2%

- FY2025: -4.1%

- FY2026: -8.1%

## Holders

## Price story

Price needs cash profits to grow 5.7% a year for ten years · sales -14.3%

Story as of 2026-10-16T10:00:07.712Z; price observation 2026-10-15.

Price needs cash profits to grow 5.7% a year for ten years

### Sales · FY2025–2026

sales -14.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: GBP 12B 

- FY2018: GBP 14B 

- FY2019: GBP 15B 

- FY2020: GBP 15B 

- FY2021: GBP 13B 

- FY2022: GBP 18B 

- FY2023: GBP 22B 

- FY2024: GBP 20B 

- FY2025: GBP 18B 

- FY2026: GBP 15B 

### Gross margin · FY2026

gross margin 14.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 10.3% 

- FY2018: 9.9% 

- FY2019: 10.8% 

- FY2020: 11.8% 

- FY2021: 13.6% 

- FY2022: 11.5% 

- FY2023: 10.8% 

- FY2024: 13.1% 

- FY2025: 13.3% 

- FY2026: 14.6% 

## Owner memo

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

### How it makes money

Operates in oil & gas refining & marketing; annual sales are GBP 15.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:35.000Z); FY2026: revenue 15441862000; grossProfit 2260966000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DCC.LSE: DCC Energy plc engages in the sales, marketing, and distribution of carbon energy solutions in the Republic of Ireland, the United Kingdom, France, the United States, and internationally. The company operates in two segments, DCC Energy and DCC Technology. It sells transport and commercial fuels, heating oils and related products, liquid gas, refrigerants, electricity, natural gas; sells and distributes biofuels and biogas to commercial, industrial, and domestic customers; designs, sells, installs, and maintains on-site solar and energy systems for power customers, as well as provides energy efficiency solutions; owns or operates service stations (gas stations) for vehicles and trucks; and provides fleet payment, digital parking, and telematic services. The company also offers Pro Tech, which bring professional technologies together to enhance audio and visual experiences; Info Tech to make faster connections happen; and Life Tech that provides technology to improve lifestyle quality. The company was formerly known as DCC plc and changed its name to DCC Energy plc. in July 2026. The company was incorporated in 1976 and is headquartered in Dublin, Ireland.

### Why customers stay

Margins ranged from 13.1% to 14.6% during 2024–26; it earns 21.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:35.000Z); FY2024: grossProfit / revenue = 13.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:35.000Z); FY2025: grossProfit / revenue = 13.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:35.000Z); FY2026: grossProfit / revenue = 14.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:35.000Z); 10-year return on capital observations [[2017,0.2532494613411691],[2018,0.3189393033262875],[2019,0.2622037491480648],[2020,0.1848682839585446],[2021,0.24674722155885273],[2022,0.17682156794574835],[2023,0.19335188962058739],[2024,0.20281138429274043],[2025,0.11756662407075637],[2026,0.23078758532048907]]; median 0.21679948480661476. 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 700 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:35.000Z); FY2017: growth capex 20362000; upkeep 123336000; owner earnings 216197000. Growth capex / owner earnings = 0.09418262048039519.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:35.000Z); FY2018: growth capex 16216000; upkeep 136781000; owner earnings 261824000. Growth capex / owner earnings = 0.06193473478367147.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:35.000Z); FY2019: growth capex 9373000; upkeep 172938000; owner earnings 262412800. Growth capex / owner earnings = 0.03571853202282815.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:35.000Z); FY2020: growth capex 0; upkeep 181014000; owner earnings 241993600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:35.000Z); FY2021: growth capex 0; upkeep 162879000; owner earnings 326165200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:35.000Z); FY2022: growth capex 0; upkeep 194353000; owner earnings 341166600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:35.000Z); FY2023: growth capex 0; upkeep 229440000; owner earnings 366099800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:35.000Z); FY2024: growth capex 0; upkeep 230354000; owner earnings 377693400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:35.000Z); FY2025: growth capex 0; upkeep 214295000; owner earnings 301475800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:35.000Z); FY2026: growth capex 0; upkeep 208655000; owner earnings 75136800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:35.000Z); Dividend observations: [[2017,90036000],[2018,102871000],[2019,116961000],[2020,139212000],[2021,143523000],[2022,160599000],[2023,177843000],[2024,188817000],[2025,197347000],[2026,206616000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:35.000Z); FY2026: cash repurchases 700000000 GBP.

### Are managers owners

Insiders own 7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DCC.LSE SharesStats.PercentInsiders = 7.028 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5.7% yearly over ten years; actual decline was 7.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:35.000Z); Ten-year compound average after fade. Initial solved rate 0.06875674215419603. Price 6430; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 1.6822953975644699 → FY2026 0.7670385985687598. Closing-price date 2026-10-15.

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

- 2016-10: GBX 6,665.00 per share

- 2016-11: GBX 6,130.00 per share

- 2016-12: GBX 6,040.00 per share

- 2017-01: GBX 6,395.00 per share

- 2017-02: GBX 6,865.00 per share

- 2017-03: GBX 7,025.00 per share

- 2017-04: GBX 7,130.00 per share

- 2017-05: GBX 7,375.00 per share

- 2017-06: GBX 6,990.00 per share

- 2017-07: GBX 6,665.00 per share

- 2017-08: GBX 7,045.00 per share

- 2017-09: GBX 7,245.00 per share

- 2017-10: GBX 7,140.00 per share

- 2017-11: GBX 7,155.00 per share

- 2017-12: GBX 7,465.00 per share

- 2018-01: GBX 7,405.00 per share

- 2018-02: GBX 6,635.00 per share

- 2018-03: GBX 6,560.00 per share

- 2018-04: GBX 7,000.00 per share

- 2018-05: GBX 7,215.00 per share

- 2018-06: GBX 6,895.00 per share

- 2018-07: GBX 7,050.00 per share

- 2018-08: GBX 6,955.00 per share

- 2018-09: GBX 6,965.00 per share

- 2018-10: GBX 6,715.00 per share

- 2018-11: GBX 5,905.00 per share

- 2018-12: GBX 5,985.00 per share

- 2019-01: GBX 6,225.00 per share

- 2019-02: GBX 6,525.00 per share

- 2019-03: GBX 6,635.00 per share

- 2019-04: GBX 6,848.00 per share

- 2019-05: GBX 6,650.00 per share

- 2019-06: GBX 7,020.00 per share

- 2019-07: GBX 6,962.00 per share

- 2019-08: GBX 6,984.00 per share

- 2019-09: GBX 7,096.00 per share

- 2019-10: GBX 7,236.00 per share

- 2019-11: GBX 6,608.00 per share

- 2019-12: GBX 6,544.00 per share

- 2020-01: GBX 6,132.00 per share

- 2020-02: GBX 5,532.00 per share

- 2020-03: GBX 5,100.00 per share

- 2020-04: GBX 5,658.00 per share

- 2020-05: GBX 6,732.00 per share

- 2020-06: GBX 6,730.00 per share

- 2020-07: GBX 6,832.00 per share

- 2020-08: GBX 6,628.00 per share

- 2020-09: GBX 6,008.00 per share

- 2020-10: GBX 5,024.00 per share

- 2020-11: GBX 5,682.00 per share

- 2020-12: GBX 5,178.00 per share

- 2021-01: GBX 5,516.00 per share

- 2021-02: GBX 5,770.00 per share

- 2021-03: GBX 6,290.00 per share

- 2021-04: GBX 6,284.00 per share

- 2021-05: GBX 5,988.00 per share

- 2021-06: GBX 5,918.00 per share

- 2021-07: GBX 6,026.00 per share

- 2021-08: GBX 6,180.00 per share

- 2021-09: GBX 6,198.00 per share

- 2021-10: GBX 6,106.00 per share

- 2021-11: GBX 5,538.00 per share

- 2021-12: GBX 6,050.00 per share

- 2022-01: GBX 6,206.00 per share

- 2022-02: GBX 5,860.00 per share

- 2022-03: GBX 5,926.00 per share

- 2022-04: GBX 6,078.00 per share

- 2022-05: GBX 5,610.00 per share

- 2022-06: GBX 5,098.00 per share

- 2022-07: GBX 5,350.00 per share

- 2022-08: GBX 4,963.00 per share

- 2022-09: GBX 4,689.00 per share

- 2022-10: GBX 4,840.00 per share

- 2022-11: GBX 4,389.00 per share

- 2022-12: GBX 4,080.00 per share

- 2023-01: GBX 4,606.00 per share

- 2023-02: GBX 4,622.00 per share

- 2023-03: GBX 4,718.00 per share

- 2023-04: GBX 4,944.00 per share

- 2023-05: GBX 4,597.00 per share

- 2023-06: GBX 4,398.00 per share

- 2023-07: GBX 4,511.00 per share

- 2023-08: GBX 4,327.00 per share

- 2023-09: GBX 4,609.00 per share

- 2023-10: GBX 4,565.00 per share

- 2023-11: GBX 5,342.00 per share

- 2023-12: GBX 5,778.00 per share

- 2024-01: GBX 5,756.00 per share

- 2024-02: GBX 5,616.00 per share

- 2024-03: GBX 5,760.00 per share

- 2024-04: GBX 5,485.00 per share

- 2024-05: GBX 5,690.00 per share

- 2024-06: GBX 5,540.00 per share

- 2024-07: GBX 5,360.00 per share

- 2024-08: GBX 5,355.00 per share

- 2024-09: GBX 5,095.00 per share

- 2024-10: GBX 4,904.00 per share

- 2024-11: GBX 5,725.00 per share

- 2024-12: GBX 5,140.00 per share

- 2025-01: GBX 5,600.00 per share

- 2025-02: GBX 5,360.00 per share

- 2025-03: GBX 5,145.00 per share

- 2025-04: GBX 4,886.00 per share

- 2025-05: GBX 4,636.00 per share

- 2025-06: GBX 4,728.00 per share

- 2025-07: GBX 4,760.00 per share

- 2025-08: GBX 4,704.00 per share

- 2025-09: GBX 4,772.00 per share

- 2025-10: GBX 5,010.00 per share

- 2025-11: GBX 4,994.00 per share

- 2025-12: GBX 4,630.00 per share

- 2026-01: GBX 4,636.00 per share

- 2026-02: GBX 5,185.00 per share

- 2026-03: GBX 4,634.00 per share

- 2026-04: GBX 5,540.00 per share

- 2026-05: GBX 6,005.00 per share

- 2026-06: GBX 6,240.00 per share

- 2026-07: GBX 6,330.00 per share

- 2026-08: GBX 6,370.00 per share

- 2026-09: GBX 6,430.00 per share

- 2026-10: GBX 6,430.00 per share

## Annual estimated value (GBX per share)

- FY2018: low GBX 3,015.48 per share, central GBX 3,325.55 per share, high GBX 3,738.32 per share

- FY2019: low GBX 4,179.91 per share, central GBX 4,581.34 per share, high GBX 5,115.73 per share

- FY2020: low GBX 4,336.63 per share, central GBX 4,725.03 per share, high GBX 5,242.08 per share

- FY2021: low GBX 4,150.27 per share, central GBX 4,510.67 per share, high GBX 4,990.43 per share

- FY2022: low GBX 4,649.28 per share, central GBX 5,145.34 per share, high GBX 5,805.71 per share

- FY2023: low GBX 5,212.27 per share, central GBX 5,794.77 per share, high GBX 6,570.21 per share

- FY2024: low GBX 5,197.37 per share, central GBX 6,206.06 per share, high GBX 7,116.38 per share

- FY2025: low GBX 4,553.74 per share, central GBX 5,079.41 per share, high GBX 5,779.17 per share

- FY2026: low GBX 3,677.04 per share, central GBX 4,074.69 per share, high GBX 4,604.05 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

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.

DCC

DCC · LSE

FTSE 100 · STOXX Europe 600

Not a wonderful business

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

Share price: GBX 6,430.00
Buy up to: GBX 4,671.15
Expected / yr: 7.7% 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 16.4% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 2.5%
Worst year: 2.1%
Latest · 2026: 3.5%

Capital return excluding acquisitions: median 21.7% (minimum 15%), and the second-worst year 17.7% (minimum 10%).

ROIC excluding acquisitions

10y median: 21.7%
Worst year: 11.8%
Latest · 2026: 23.1%

Each $1 of profit left $1.23 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.23×
Annual median: 1.16×
Latest · 2026: 5.62×

Per-share value fell from 2.42 to 2.1, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: GBP 2.66
Worst year: GBP 0.14
Latest · 2026: GBP 0.14

Profits were backed by cash: accruals were -8.1% of assets (limit 10%).

Sloan accruals

10y median: -3.4%
Worst year: -1.1%
Latest · 2026: -8.1%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 2.6%, three-year average owner earnings per share 2.55 GBP.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price GBX 6665.00; 2016-11 · Price GBX 6130.00; 2016-12 · Price GBX 6040.00; 2017-01 · Price GBX 6395.00; 2017-02 · Price GBX 6865.00; 2017-03 · Price GBX 7025.00; 2017-04 · Price GBX 7130.00; 2017-05 · Price GBX 7375.00; 2017-06 · Price GBX 6990.00; 2017-07 · Price GBX 6665.00; 2017-08 · Price GBX 7045.00; 2017-09 · Price GBX 7245.00; 2017-10 · Price GBX 7140.00; 2017-11 · Price GBX 7155.00; 2017-12 · Price GBX 7465.00; 2018-01 · Price GBX 7405.00 · Value 3325.55 · Buy at or below 3325.55; 2018-02 · Price GBX 6635.00 · Value 3325.55 · Buy at or below 3325.55; 2018-03 · Price GBX 6560.00 · Value 3325.55 · Buy at or below 3325.55; 2018-04 · Price GBX 7000.00 · Value 3325.55 · Buy at or below 3325.55; 2018-05 · Price GBX 7215.00 · Value 3325.55 · Buy at or below 3325.55; 2018-06 · Price GBX 6895.00 · Value 3325.55 · Buy at or below 3325.55; 2018-07 · Price GBX 7050.00 · Value 3325.55 · Buy at or below 3325.55; 2018-08 · Price GBX 6955.00 · Value 3325.55 · Buy at or below 3325.55; 2018-09 · Price GBX 6965.00 · Value 3325.55 · Buy at or below 3325.55; 2018-10 · Price GBX 6715.00 · Value 3325.55 · Buy at or below 3325.55; 2018-11 · Price GBX 5905.00 · Value 3325.55 · Buy at or below 3325.55; 2018-12 · Price GBX 5985.00 · Value 3325.55 · Buy at or below 3325.55; 2019-01 · Price GBX 6225.00 · Value 3325.55 · Buy at or below 3325.55; 2019-02 · Price GBX 6525.00 · Value 4581.34 · Buy at or below 4581.34; 2019-03 · Price GBX 6635.00 · Value 4581.34 · Buy at or below 4581.34; 2019-04 · Price GBX 6848.00 · Value 4581.34 · Buy at or below 4581.34; 2019-05 · Price GBX 6650.00 · Value 4581.34 · Buy at or below 4581.34; 2019-06 · Price GBX 7020.00 · Value 4581.34 · Buy at or below 4581.34; 2019-07 · Price GBX 6962.00 · Value 4581.34 · Buy at or below 4581.34; 2019-08 · Price GBX 6984.00 · Value 4581.34 · Buy at or below 4581.34; 2019-09 · Price GBX 7096.00 · Value 4581.34 · Buy at or below 4581.34; 2019-10 · Price GBX 7236.00 · Value 4581.34 · Buy at or below 4581.34; 2019-11 · Price GBX 6608.00 · Value 4581.34 · Buy at or below 4581.34; 2019-12 · Price GBX 6544.00 · Value 4581.34 · Buy at or below 4581.34; 2020-01 · Price GBX 6132.00 · Value 4581.34 · Buy at or below 4581.34; 2020-02 · Price GBX 5532.00 · Value 4725.03 · Buy at or below 4725.03; 2020-03 · Price GBX 5100.00 · Value 4725.03 · Buy at or below 4725.03; 2020-04 · Price GBX 5658.00 · Value 4725.03 · Buy at or below 4725.03; 2020-05 · Price GBX 6732.00 · Value 4725.03 · Buy at or below 4725.03; 2020-06 · Price GBX 6730.00 · Value 4725.03 · Buy at or below 4725.03; 2020-07 · Price GBX 6832.00 · Value 4725.03 · Buy at or below 4725.03; 2020-08 · Price GBX 6628.00 · Value 4725.03 · Buy at or below 4725.03; 2020-09 · Price GBX 6008.00 · Value 4725.03 · Buy at or below 4725.03; 2020-10 · Price GBX 5024.00 · Value 4725.03 · Buy at or below 4725.03; 2020-11 · Price GBX 5682.00 · Value 4725.03 · Buy at or below 4725.03; 2020-12 · Price GBX 5178.00 · Value 4725.03 · Buy at or below 4725.03; 2021-01 · Price GBX 5516.00 · Value 4725.03 · Buy at or below 4725.03; 2021-02 · Price GBX 5770.00 · Value 4510.67 · Buy at or below 4510.67; 2021-03 · Price GBX 6290.00 · Value 4510.67 · Buy at or below 4510.67; 2021-04 · Price GBX 6284.00 · Value 4510.67 · Buy at or below 4510.67; 2021-05 · Price GBX 5988.00 · Value 4510.67 · Buy at or below 4510.67; 2021-06 · Price GBX 5918.00 · Value 4510.67 · Buy at or below 4510.67; 2021-07 · Price GBX 6026.00 · Value 4510.67 · Buy at or below 4510.67; 2021-08 · Price GBX 6180.00 · Value 4510.67 · Buy at or below 4510.67; 2021-09 · Price GBX 6198.00 · Value 4510.67 · Buy at or below 4510.67; 2021-10 · Price GBX 6106.00 · Value 4510.67 · Buy at or below 4510.67; 2021-11 · Price GBX 5538.00 · Value 4510.67 · Buy at or below 4510.67; 2021-12 · Price GBX 6050.00 · Value 4510.67 · Buy at or below 4510.67; 2022-01 · Price GBX 6206.00 · Value 4510.67 · Buy at or below 4510.67; 2022-02 · Price GBX 5860.00 · Value 5145.34 · Buy at or below 5145.34; 2022-03 · Price GBX 5926.00 · Value 5145.34 · Buy at or below 5145.34; 2022-04 · Price GBX 6078.00 · Value 5145.34 · Buy at or below 5145.34; 2022-05 · Price GBX 5610.00 · Value 5145.34 · Buy at or below 5145.34; 2022-06 · Price GBX 5098.00 · Value 5145.34 · Buy at or below 5145.34; 2022-07 · Price GBX 5350.00 · Value 5145.34 · Buy at or below 5145.34; 2022-08 · Price GBX 4963.00 · Value 5145.34 · Buy at or below 5145.34; 2022-09 · Price GBX 4689.00 · Value 5145.34 · Buy at or below 5145.34; 2022-10 · Price GBX 4840.00 · Value 5145.34 · Buy at or below 5145.34; 2022-11 · Price GBX 4389.00 · Value 5145.34 · Buy at or below 5145.34; 2022-12 · Price GBX 4080.00 · Value 5145.34 · Buy at or below 5145.34; 2023-01 · Price GBX 4606.00 · Value 5145.34 · Buy at or below 5145.34; 2023-02 · Price GBX 4622.00 · Value 5794.77 · Buy at or below 5794.77; 2023-03 · Price GBX 4718.00 · Value 5794.77 · Buy at or below 5794.77; 2023-04 · Price GBX 4944.00 · Value 5794.77 · Buy at or below 5794.77; 2023-05 · Price GBX 4597.00 · Value 5794.77 · Buy at or below 5794.77; 2023-06 · Price GBX 4398.00 · Value 5794.77 · Buy at or below 5794.77; 2023-07 · Price GBX 4511.00 · Value 5794.77 · Buy at or below 5794.77; 2023-08 · Price GBX 4327.00 · Value 5794.77 · Buy at or below 5794.77; 2023-09 · Price GBX 4609.00 · Value 5794.77 · Buy at or below 5794.77; 2023-10 · Price GBX 4565.00 · Value 5794.77 · Buy at or below 5794.77; 2023-11 · Price GBX 5342.00 · Value 5794.77 · Buy at or below 5794.77; 2023-12 · Price GBX 5778.00 · Value 5794.77 · Buy at or below 5794.77; 2024-01 · Price GBX 5756.00 · Value 5794.77 · Buy at or below 5794.77; 2024-02 · Price GBX 5616.00 · Value 6206.06 · Buy at or below 6206.06; 2024-03 · Price GBX 5760.00 · Value 6206.06 · Buy at or below 6206.06; 2024-04 · Price GBX 5485.00 · Value 6206.06 · Buy at or below 6206.06; 2024-05 · Price GBX 5690.00 · Value 6206.06 · Buy at or below 6206.06; 2024-06 · Price GBX 5540.00 · Value 6206.06 · Buy at or below 6206.06; 2024-07 · Price GBX 5360.00 · Value 6206.06 · Buy at or below 6206.06; 2024-08 · Price GBX 5355.00 · Value 6206.06 · Buy at or below 6206.06; 2024-09 · Price GBX 5095.00 · Value 6206.06 · Buy at or below 6206.06; 2024-10 · Price GBX 4904.00 · Value 6206.06 · Buy at or below 6206.06; 2024-11 · Price GBX 5725.00 · Value 6206.06 · Buy at or below 6206.06; 2024-12 · Price GBX 5140.00 · Value 6206.06 · Buy at or below 6206.06; 2025-01 · Price GBX 5600.00 · Value 6206.06 · Buy at or below 6206.06; 2025-02 · Price GBX 5360.00 · Value 5079.41 · Buy at or below 5079.41; 2025-03 · Price GBX 5145.00 · Value 5079.41 · Buy at or below 5079.41; 2025-04 · Price GBX 4886.00 · Value 5079.41 · Buy at or below 5079.41; 2025-05 · Price GBX 4636.00 · Value 5079.41 · Buy at or below 5079.41; 2025-06 · Price GBX 4728.00 · Value 5079.41 · Buy at or below 5079.41; 2025-07 · Price GBX 4760.00 · Value 5079.41 · Buy at or below 5079.41; 2025-08 · Price GBX 4704.00 · Value 5079.41 · Buy at or below 5079.41; 2025-09 · Price GBX 4772.00 · Value 5079.41 · Buy at or below 5079.41; 2025-10 · Price GBX 5010.00 · Value 5079.41 · Buy at or below 5079.41; 2025-11 · Price GBX 4994.00 · Value 5079.41 · Buy at or below 5079.41; 2025-12 · Price GBX 4630.00 · Value 5079.41 · Buy at or below 5079.41; 2026-01 · Price GBX 4636.00 · Value 5079.41 · Buy at or below 5079.41; 2026-02 · Price GBX 5185.00 · Value 4074.69 · Buy at or below 4074.69; 2026-03 · Price GBX 4634.00 · Value 4074.69 · Buy at or below 4074.69; 2026-04 · Price GBX 5540.00 · Value 4074.69 · Buy at or below 4074.69; 2026-05 · Price GBX 6005.00 · Value 4074.69 · Buy at or below 4074.69; 2026-06 · Price GBX 6240.00 · Value 4074.69 · Buy at or below 4074.69; 2026-07 · Price GBX 6330.00 · Value 4074.69 · Buy at or below 4074.69; 2026-08 · Price GBX 6370.00 · Value 4074.69 · Buy at or below 4074.69; 2026-09 · Price GBX 6430.00 · Value 4074.69 · Buy at or below 4074.69; 2026-10 · Price GBX 6430.00 · Value 4074.69 · Buy at or below 4074.69; 2026-10 · Price GBX 6430.00 · Value 4074.69 · Buy at or below 4074.69

GBX per share · annual estimates

Price & return math
Value range	GBX 4,215.29 – GBX 5,277.99
Buy at or below	Central value GBX 4,671.15
Discount to value	1 − 6430.00 / 4671.15 = -37.7%
Return / year	About 7.7% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash GBX 302.49/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash GBX 909.04/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueGBP 15B

Revenue

Owner earningsGBP 75M

Owner earnings

Operating margin3.5%

Operating margin

Net cash / debtGBP -1.2B

Net cash / debt

Diluted shares98M

Diluted shares

Prices 15 Oct 2026 · FY2026