# Diageo (DGE.LSE)

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

Analysis as of: 2026-10-16T07:33:54.747Z. Financial observations: FY2016–FY2026.

Listing currency: GBX. Reporting currency: USD.

## 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 1,756.00 per share; close as of 2026-10-15.

Estimated value: low GBX 1,129.13 per share, central GBX 1,279.06 per share, high GBX 1,478.65 per share. Buy at or below the central value GBX 1,279.06 per share. Valuation as of 2026-10-16T07:33:54.747Z; scenarios are not confidence intervals.

Expected annual return: 8.0% at the stated quote. About 8.0% 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

- 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: 0.25×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.30×

- FY2018: 0.30×

- FY2019: 0.31×

- FY2020: 0.12×

- FY2021: 0.25×

- FY2022: 0.29×

- FY2023: 0.27×

- FY2024: 0.30×

- FY2025: 0.21×

- FY2026: 0.16×

### moat: fail

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

- ROIC, median of available years: 17.4%

- ROIC, second-lowest year: 9.4%

- Typical minus recent gross margin: 1.8 pp

- Typical gross margin (annual median): 61.3%

- Recent gross margin (lower of latest and 3-year median): 59.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.7%

- ROIC including acquisitions, ten-year median: 15.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 19.0%

- FY2018: 20.4%

- FY2019: 20.1%

- FY2020: 10.2%

- FY2021: 24.4%

- FY2022: 19.1%

- FY2023: 15.8%

- FY2024: 15.1%

- FY2025: 9.4%

- FY2026: 8.4%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $17B

- Net income, five-year total: $17B

- Return on incremental invested capital: -55.2%

- Working capital / revenue, annual change: 2.8 pp

- Working capital / revenue, change between three-year averages: 19.0 pp

- Working capital / revenue, final three-year average: 49.8%

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

- FY2022: 0.97×

- FY2023: 1.00×

- FY2024: 0.78×

- FY2025: 0.99×

- FY2026: 1.59×

### 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: 20.1% vs 9.4%

- Per-share earnings: 1.39 to 1.06 (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: -1.2%

- Ordinary dilution, 5-year annual growth: -1.0%

- Market cap gain: -$31B

- Cumulative retained earnings: $3.4B

- Diluted shares, 10-year annual growth: -1.2%

- Diluted shares, 5-year annual growth: -1.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -3.4%

- Per-share value change: -$0.34

- Per-share value, starting three-year median: $1.39

- Per-share value, ending three-year median: $1.06

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 1.6%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Acquisition spending: $12B

- Cumulative net income, 10 years: $34B

- ROIC, first three-year median: 20.1%

- ROIC, last three-year median: 9.4%

Chart: Earnings per share; fiscal year observations.

- FY2017: $1.39

- FY2018: $1.63

- FY2019: $1.68

- FY2020: $0.75

- FY2021: $1.53

- FY2022: $1.84

- FY2023: $1.96

- FY2024: $1.73

- FY2025: $1.06

- FY2026: $0.78

### accounting: pass

- Sloan accruals: -5.7%

- Receivables to sales index (DSRI): 0.96×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.53×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.23×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -1.2%

- FY2018: -0.2%

- FY2019: -0.3%

- FY2020: -2.8%

- FY2021: -3.0%

- FY2022: 0.8%

- FY2023: 3.2%

- FY2024: -0.5%

- FY2025: -3.9%

- FY2026: -5.7%

## Holders

- [Sarah Ketterer](https://gigainvestors.com/CAU): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Mark Hillman](https://gigainvestors.com/HCM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Gayner](https://gigainvestors.com/MKL): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [William Browne](https://gigainvestors.com/TB): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 56% since Dec 2021 · "Diageo trims sales, profit guidance on US, China pressures" (finance.yahoo.com, Nov 2025) · sales -3%

Story as of 2026-10-16T09:59:58.255Z; price observation 2026-10-15.

Price needs cash profits to grow 5% a year for ten years

- 2025-08-05: Diageo delivers on annual forecasts, shares jump ([finance.yahoo.com](https://finance.yahoo.com/news/diageo-forecasts-flat-organic-sales-061058395.html))

- 2026-02-25: Diageo cuts outlook and slashes dividend as new boss takes the reins ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/diageo-cuts-outlook-slashes-dividend-081010869.html))

- 2026-05-06: Diageo sales grow unexpectedly as Guinness boom helps offset US weakness ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/diageo-sales-grow-unexpectedly-guinness-082410403.html))

- 2026-06-18: Market Chatter: Diageo CEO Dave Lewis Orders Cost Cuts, Job Reductions ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/market-chatter-diageo-ceo-dave-103007841.html))

- 2026-07-08: Diageo (LSE:DGE) Sells Ontario Site As Crown Royal And Bulleit Push Premium Growth ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/diageo-lse-dge-sells-ontario-021120253.html))

- 2026-08-06: Diageo boss launches £743m cost-cutting plan to deliver turnaround ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/diageo-boss-launches-743m-cost-111943598.html))

### Sales · FY2025–2026

sales -3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: $15B 

- FY2018: $16B 

- FY2019: $17B 

- FY2020: $22B 

- FY2021: $26B 

- FY2022: $21B 

- FY2023: $21B 

- FY2024: $20B 

- FY2025: $20B 

- FY2026: $20B 

### Gross margin · FY2026

gross margin 59.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 61.2% 

- FY2018: 61.9% 

- FY2019: 62.2% 

- FY2020: 73.7% 

- FY2021: 73.7% 

- FY2022: 61.4% 

- FY2023: 59.7% 

- FY2024: 60.2% 

- FY2025: 60.1% 

- FY2026: 59.5% 

## Owner memo

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

### How it makes money

Annual sales are USD 19.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.747Z); FY2026: revenue 19643000000; grossProfit 11681000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DGE.LSE: Diageo plc, together with its subsidiaries, engages in the production, marketing, and distribution of alcoholic beverages in North America, Europe, the Asia Pacific, Latin America and Caribbean, and Africa. It offers beer, scotch, gin, vodka, rum, liqueur, raki, wine, cachaça, tequila, brandy, and Chinese white spirit beverages, as well as Irish, Canadian, Chinese US, and Indian whisky. The company also provides ready-to-drink and non-alcoholic beverages. Its principal brands include Johnnie Walker, Don Julio, Guinness, Crown Royal, Smirnoff, Baileys, Captain Morgan, Buchanan's, Casamigos, Shui Jing Fang, and McDowell's. The company was formerly known as Guinness plc and changed its name to Diageo plc in February 1998. The company was incorporated in 1886 and is headquartered in London, the United Kingdom.

### Why customers stay

Margins ranged from 59.5% to 60.2% during 2024–26; it earns 17.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.747Z); FY2024: grossProfit / revenue = 60.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.747Z); FY2025: grossProfit / revenue = 60.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.747Z); FY2026: grossProfit / revenue = 59.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.747Z); 10-year return on capital observations [[2017,0.19045883163903904],[2018,0.2043884288333876],[2019,0.20106722647707728],[2020,0.10210388735562138],[2021,0.2439721895164026],[2022,0.19091910041847754],[2023,0.1582862326148082],[2024,0.15103826008632462],[2025,0.0942548921224285],[2026,0.08369342827092632]]; median 0.1743725321269236. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Prices and product mix reduced sales 1.6%; sales volumes fell.

- Source: https://filings.xbrl.org/213800ZVIELEA55JMJ32/2026-06-30/ESEF/GB/0/213800ZVIELEA55JMJ32-2026-06-30/reports/213800ZVIELEA55JMJ32-2026-06-30-T01.html (filed 2026-09-02); [p0] , a key growth driver over the last decade, we are being more active across our broader portfolio. Implementation of a category strategy across the business will allow us to serve more consumers across more occasions. While some of this will involve price repositioning across the portfolio, it will also include additional formats such as smaller packs and RTD expressions. Results to date have demonstrated that this can increase both gross profit dollars and market share. Successful execution of this strategy will also enable us to better serve our customers, particularly in the off-trade, strengthening Diageo’s ability to become a category champion across categories and ultimately growing revenue for both our customers and our business. The category strategy work will take longer in North America, where a significant turnaround is required and where the three-tier system adds complexity. However, early success in Latin America and Caribbean already demonstrates the potential of this approach to drive outperformance. 3. Operating framework creating a more agile, more competitive Diageo We have made significant progress redesigning our operating framework to become more competitive. We are investing $1.2 billion in a 2-year restructuring plan, $1.1 billion in the new operating framework and $100 million in the supply chain. $752 million of this has been charged in fiscal 26, but the cash will flow out in fiscal 27 (the balance will be committed and spent in fiscal 27). By 1 September 2026, we will have implemented 90% of planned restructuring changes. More consistent organisational structures across five regions and 23 markets, a significant reduction in duplication at the centre, and implementation of end-to-end supply chain management will create a more focused business. This will enable us to be more agile as the mark

[p1] asures our delivery of optimised returns over time. Performance Reported net sales of $19.6 billion declined 3.0% mainly due to organic net sales decline and the impact of disposals. Organic net sales declined 2.0%. Volume down 0.4% and unfavourable price/mix 1.6%. Reported operating profit declined 27.2%, with organic operating profit growth offset mostly by exceptional restructuring costs and impairment charges. Reported operating profit margin declined 535bps. Organic operating profit increased by 2.0%, with organic operating profit margin up 116bps, mainly due to the benefit of cost savings, partly offset by adverse mix and tariffs. Basic earnings per share declined 26.3% from 105.9 cents to 78.1 cents mainly due to exceptional restructuring costs and impairment charges. Basic eps before exceptional items grew 0.7% from 164.2 cents to 165.3 cents, largely due to higher organic operating profit and favourable foreign exchange largely offset by lower fair value remeasurement, the profit impact of disposed businesses and higher finance charges. This was calculated using a weighted average number of shares in issue excluding own shares of 2,224 million (fiscal 25: 2,222 million). Read more on page 20. Read more on page 21. Read more on page 21. 17 Diageo Annual Report 2026 Strategic report Governance report Financial statements Additional information Reported measures Net cash from operating activities ($ million) Definition Net cash from operating activities comprises the net cash flow from operating activities as disclosed on the face of the consolidated statement of cash flows. Return on closing net assets (%) Profit for the year divided by net assets at the end of the financial year. Remuneration Key Performance Indicators, which are included within incentive plans to assess performance for Directors' remuneration 

[p2] pability. ROIC was 13.4% (fiscal 25: 13.7%) with the positive impact of organic operating profit growth more than offset by lower fair value remeasurement and disposals. TSR was down 14% over the past 12 months driven by the lower year-on-year share price. Read more on page 21. Read more on page 21. (1) Organic net sales growth, organic operating profit growth, earnings per share before exceptional items, free cash flow and return on average invested capital are non-GAAP measures. See definitions and reconciliation of non-GAAP measures to GAAP measures on pages 205-212. (2) For reward purposes this measure is further adjusted for the impact of exchange rates, hyperinflation adjustment and other factors not controlled by management, to ensure focus on our underlying performance drivers. 18 Diageo Annual Report 2026 Strategic report Governance report Financial statements Additional information Our performance continued Non-financial performance Positive drinking Number of people educated on the dangers of underage drinking through a Diageo- supported education programme 1.71m (2025: 1.99m (1) ) Total to date: 9.87m Number of drink driving educational experiences delivered 1.25m (2025: 1.61 m (1) ) Total to date: 5.11m Employee engagement index 79% Inclusion and diversity Percentage of female leaders globally 44% (2025: 43%) Percentage of ethnically diverse leaders globally 46% (2025: 46%) Target By 2030: 10 million people educated on the dangers of underage drinking (from fiscal 18) and 5 million educational experiences delivered on the dangers of drink driving (from fiscal 21). Ambition 50% female and 45% ethnically diverse global leader representation by 2030. Definition Number of people educated on the dangers of underage drinking through a Diageo-supported 

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/eod/GBPUSD.FOREX (filed 2026-10-16T07:33:54.747Z); FY2017: growth capex 0; upkeep 0; owner earnings 3975041097.5884256. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/eod/GBPUSD.FOREX (filed 2026-10-16T07:33:54.747Z); FY2018: growth capex 0; upkeep 0; owner earnings 4567076893.548389. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/eod/GBPUSD.FOREX (filed 2026-10-16T07:33:54.747Z); FY2019: growth capex 0; upkeep 0; owner earnings 4542254767.412135. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/eod/GBPUSD.FOREX (filed 2026-10-16T07:33:54.747Z); FY2020: growth capex 0; upkeep 0; owner earnings 2265547744.076432. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/eod/GBPUSD.FOREX (filed 2026-10-16T07:33:54.747Z); FY2021: growth capex 0; upkeep 0; owner earnings 4100513862.6550183. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.747Z); FY2022: growth capex 0; upkeep 1097000000; owner earnings 4152394915.584. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.747Z); FY2023: growth capex 0; upkeep 1180000000; cash acquisitions 0; owner earnings 4449200000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.747Z); FY2024: growth capex 0; upkeep 1510000000; cash acquisitions 52000000; owner earnings 3030803102.181734. Growth capex plus acquisitions / owner earnings = 0.017157168660203503.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.747Z); FY2025: growth capex 0; upkeep 1612000000; cash acquisitions 0; owner earnings 2336371845.2865896. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.747Z); FY2026: growth capex 0; upkeep 1197000000; cash acquisitions 0; owner earnings 2753650663.9427986. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.747Z); Dividend observations: [[2017,2027486649.8392289],[2018,2266024582.5806465],[2019,2248542060.3833838],[2020,2222432185.350318],[2021,2313654256.8051133],[2022,1718000000],[2023,1761000000],[2024,2242000000],[2025,2298000000],[2026,1846000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DGE.LSE SharesStats.PercentInsiders = 0.083 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5% yearly over ten years; actual decline was 2.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.747Z); Ten-year compound average after fade. Initial solved rate 0.05836655258671042. Price 1756; FX 75.34943299551671; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 1.6014113848064644 → FY2026 1.2342674423768707. Closing-price date 2026-10-15.

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

- 2016-10: GBX 2,179.50 per share

- 2016-11: GBX 2,005.00 per share

- 2016-12: GBX 2,110.00 per share

- 2017-01: GBX 2,203.50 per share

- 2017-02: GBX 2,268.00 per share

- 2017-03: GBX 2,283.50 per share

- 2017-04: GBX 2,246.50 per share

- 2017-05: GBX 2,327.00 per share

- 2017-06: GBX 2,268.50 per share

- 2017-07: GBX 2,448.50 per share

- 2017-08: GBX 2,592.00 per share

- 2017-09: GBX 2,453.00 per share

- 2017-10: GBX 2,572.00 per share

- 2017-11: GBX 2,568.50 per share

- 2017-12: GBX 2,725.00 per share

- 2018-01: GBX 2,532.50 per share

- 2018-02: GBX 2,460.00 per share

- 2018-03: GBX 2,412.00 per share

- 2018-04: GBX 2,589.00 per share

- 2018-05: GBX 2,762.50 per share

- 2018-06: GBX 2,722.00 per share

- 2018-07: GBX 2,802.00 per share

- 2018-08: GBX 2,694.50 per share

- 2018-09: GBX 2,719.00 per share

- 2018-10: GBX 2,708.50 per share

- 2018-11: GBX 2,823.50 per share

- 2018-12: GBX 2,795.00 per share

- 2019-01: GBX 2,901.50 per share

- 2019-02: GBX 2,913.50 per share

- 2019-03: GBX 3,138.00 per share

- 2019-04: GBX 3,233.50 per share

- 2019-05: GBX 3,325.50 per share

- 2019-06: GBX 3,384.00 per share

- 2019-07: GBX 3,443.50 per share

- 2019-08: GBX 3,503.50 per share

- 2019-09: GBX 3,333.00 per share

- 2019-10: GBX 3,164.50 per share

- 2019-11: GBX 3,165.00 per share

- 2019-12: GBX 3,200.50 per share

- 2020-01: GBX 3,010.00 per share

- 2020-02: GBX 2,765.50 per share

- 2020-03: GBX 2,586.50 per share

- 2020-04: GBX 2,750.00 per share

- 2020-05: GBX 2,790.50 per share

- 2020-06: GBX 2,681.50 per share

- 2020-07: GBX 2,801.00 per share

- 2020-08: GBX 2,509.50 per share

- 2020-09: GBX 2,650.00 per share

- 2020-10: GBX 2,499.00 per share

- 2020-11: GBX 2,880.00 per share

- 2020-12: GBX 2,878.00 per share

- 2021-01: GBX 2,949.00 per share

- 2021-02: GBX 2,812.50 per share

- 2021-03: GBX 2,989.50 per share

- 2021-04: GBX 3,251.00 per share

- 2021-05: GBX 3,404.00 per share

- 2021-06: GBX 3,461.00 per share

- 2021-07: GBX 3,570.50 per share

- 2021-08: GBX 3,494.00 per share

- 2021-09: GBX 3,606.00 per share

- 2021-10: GBX 3,632.00 per share

- 2021-11: GBX 3,799.50 per share

- 2021-12: GBX 4,036.00 per share

- 2022-01: GBX 3,723.00 per share

- 2022-02: GBX 3,725.00 per share

- 2022-03: GBX 3,863.50 per share

- 2022-04: GBX 4,018.50 per share

- 2022-05: GBX 3,675.00 per share

- 2022-06: GBX 3,530.50 per share

- 2022-07: GBX 3,882.00 per share

- 2022-08: GBX 3,764.00 per share

- 2022-09: GBX 3,797.50 per share

- 2022-10: GBX 3,598.00 per share

- 2022-11: GBX 3,808.00 per share

- 2022-12: GBX 3,650.00 per share

- 2023-01: GBX 3,520.00 per share

- 2023-02: GBX 3,529.00 per share

- 2023-03: GBX 3,614.00 per share

- 2023-04: GBX 3,622.00 per share

- 2023-05: GBX 3,347.00 per share

- 2023-06: GBX 3,379.00 per share

- 2023-07: GBX 3,397.50 per share

- 2023-08: GBX 3,243.50 per share

- 2023-09: GBX 3,034.00 per share

- 2023-10: GBX 3,107.00 per share

- 2023-11: GBX 2,763.50 per share

- 2023-12: GBX 2,856.00 per share

- 2024-01: GBX 2,860.50 per share

- 2024-02: GBX 2,962.00 per share

- 2024-03: GBX 2,925.50 per share

- 2024-04: GBX 2,775.50 per share

- 2024-05: GBX 2,630.50 per share

- 2024-06: GBX 2,489.50 per share

- 2024-07: GBX 2,419.00 per share

- 2024-08: GBX 2,472.50 per share

- 2024-09: GBX 2,603.00 per share

- 2024-10: GBX 2,399.00 per share

- 2024-11: GBX 2,352.50 per share

- 2024-12: GBX 2,537.50 per share

- 2025-01: GBX 2,419.00 per share

- 2025-02: GBX 2,163.00 per share

- 2025-03: GBX 2,014.50 per share

- 2025-04: GBX 2,092.00 per share

- 2025-05: GBX 2,017.00 per share

- 2025-06: GBX 1,828.00 per share

- 2025-07: GBX 1,853.00 per share

- 2025-08: GBX 2,049.00 per share

- 2025-09: GBX 1,775.50 per share

- 2025-10: GBX 1,750.00 per share

- 2025-11: GBX 1,735.50 per share

- 2025-12: GBX 1,603.50 per share

- 2026-01: GBX 1,675.50 per share

- 2026-02: GBX 1,662.50 per share

- 2026-03: GBX 1,396.00 per share

- 2026-04: GBX 1,471.00 per share

- 2026-05: GBX 1,535.50 per share

- 2026-06: GBX 1,522.50 per share

- 2026-07: GBX 1,634.50 per share

- 2026-08: GBX 1,709.00 per share

- 2026-09: GBX 1,624.00 per share

- 2026-10: GBX 1,712.50 per share

## Annual estimated value (GBX per share)

- FY2020: low GBX 2,122.94 per share, central GBX 2,402.74 per share, high GBX 2,775.21 per share

- FY2021: low GBX 2,441.70 per share, central GBX 2,766.45 per share, high GBX 3,198.76 per share

- FY2022: low GBX 1,541.51 per share, central GBX 1,744.31 per share, high GBX 2,014.29 per share

- FY2023: low GBX 1,552.96 per share, central GBX 1,760.99 per share, high GBX 2,037.91 per share

- FY2024: low GBX 1,210.07 per share, central GBX 1,373.50 per share, high GBX 1,591.04 per share

- FY2025: low GBX 1,244.04 per share, central GBX 1,408.07 per share, high GBX 1,626.44 per share

- FY2026: low GBX 1,125.88 per share, central GBX 1,275.38 per share, high GBX 1,474.39 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 2026-10-15T06:39:41.335Z 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.