# Gamma Communications (GAMA.LSE)

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

Analysis as of: 2026-10-16T07:42:59.824Z. Financial observations: FY2011–FY2025.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: GBX 1,095.00 per share; close as of 2026-10-15.

Estimated value: low GBX 1,511.23 per share, central GBX 2,199.98 per share, high GBX 2,584.12 per share. Buy at or below the central value GBX 2,199.98 per share. Valuation as of 2026-10-16T07:42:59.824Z; scenarios are not confidence intervals.

Expected annual return: 16.5% at the stated quote. About 16.5% 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

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

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.18×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.10×

- FY2017: 0.11×

- FY2018: 0.12×

- FY2019: 0.14×

- FY2020: 0.19×

- FY2021: 0.15×

- FY2022: 0.13×

- FY2023: 0.13×

- FY2024: 0.16×

- FY2025: 0.16×

### moat: pass

- ROIC, median of available years: 38.4%

- ROIC, second-lowest year: 34.9%

- Typical minus recent gross margin: -2.3 pp

- Typical gross margin (annual median): 45.5%

- Recent gross margin (lower of latest and 3-year median): 47.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.2%

- ROIC including acquisitions, ten-year median: 29.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 38.9%

- FY2017: 32.9%

- FY2018: 37.6%

- FY2019: 37.1%

- FY2020: 49.4%

- FY2021: 40.2%

- FY2022: 34.9%

- FY2023: 46.8%

- FY2024: 59.1%

- FY2025: 37.9%

### economics: pass

- Owner earnings / net income, 5-yr: 1.30×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 380M

- Net income, five-year total: GBP 291M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 0.9 pp

- Working capital / revenue, final three-year average: 18.6%

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

- FY2021: 1.29×

- FY2022: 1.37×

- FY2023: 1.12×

- FY2024: 1.19×

- FY2025: 1.54×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 37.6% vs 46.8%

- Per-share earnings: 0.19 to 0.69 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.0%

- Ordinary dilution, 5-year annual growth: -0.5%

- Market cap gain: GBP 434M

- Cumulative retained earnings: GBP 300M

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: -0.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 17.2%

- Per-share value change: GBP 0.50

- Per-share value, starting three-year median: GBP 0.19

- Per-share value, ending three-year median: GBP 0.69

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 2.4%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 446M

- Cumulative net income, 10 years: GBP 459M

- ROIC, first three-year median: 37.6%

- ROIC, last three-year median: 46.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.19

- FY2017: GBP 0.24

- FY2018: GBP 0.30

- FY2019: GBP 0.36

- FY2020: GBP 0.67

- FY2021: GBP 0.55

- FY2022: GBP 0.50

- FY2023: GBP 0.55

- FY2024: GBP 0.73

- FY2025: GBP 0.69

### accounting: pass

- Sloan accruals: -3.7%

- Receivables to sales index (DSRI): 0.93×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.35×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.6%

- FY2017: -2.4%

- FY2018: -4.1%

- FY2019: -5.0%

- FY2020: 2.5%

- FY2021: -6.3%

- FY2022: -8.7%

- FY2023: -11.5%

- FY2024: -4.4%

- FY2025: -3.7%

## Holders

## Price story

Down 40% since Oct 2021 · sales +11.5%

Story as of 2026-10-16T10:00:12.565Z; price observation 2026-10-15.

Price needs cash profits to shrink 1.1% a year for ten years

### Sales · FY2024–2025

sales +11.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: GBP 214M 

- FY2017: GBP 242M 

- FY2018: GBP 285M 

- FY2019: GBP 329M 

- FY2020: GBP 394M 

- FY2021: GBP 448M 

- FY2022: GBP 485M 

- FY2023: GBP 522M 

- FY2024: GBP 579M 

- FY2025: GBP 646M 

### Gross margin · FY2025

gross margin 47.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 46.3% 

- FY2017: 44.9% 

- FY2018: 46.4% 

- FY2019: 45.4% 

- FY2020: 45.2% 

- FY2021: 45.0% 

- FY2022: 45.5% 

- FY2023: 45.2% 

- FY2024: 51.8% 

- FY2025: 47.7% 

## Owner memo

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

### How it makes money

Operates in telecom services; annual sales are GBP 645.8 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:59.824Z); FY2025: revenue 645800000; grossProfit 308200000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GAMA.LSE: Gamma Communications plc provides technology-based communications and software services to small, medium, and large-sized organizations in the United Kingdom, rest of Europe, and internationally. The company offers Gamma Enable that enables products and platforms link business and customers to the telephone network; Gamma Connect, which allows businesses to communicate by connecting people through voice, video and chat; Gamma SIP Trunks to connect site's on-premise telephone system directly into the Gamma network through an internet connection to carry and terminate calls across the public telephone network; connectivity and broadband, mobile and FireXchnage, and FUSION IoT solutions; Gamma Connect, a connectivity for voice and data; PhoneLine+, a landline replacement service using VoIP technology to deliver voice calls over the broadband network; CircleLoop, a cloud-based telephony product through web, desktop, and mobile applications; cloud-based communication solutions under the Horizon Cloud Phone System and iPECS names; cloud connect for Webex calling; and Microsoft Teams Phone. It also provides Gamma Experience that blends products and designs enterprise-grade solution; Webex for Gamma; GammaUCX, a voice-integration platform; Amazon Connect, a contact centre platform; Horizon Contact, a cloud-based customer engagement platform; secure payments with PCI compliance; Cirrus Contact Centre, which combines technologies, such as CRM, WFO, analytics, and omni-channel; Gamma Contact for Service Providers, an omnichannel contact center solution; Gamma Secure, a managed cyber security solution; Cyber Maturity Assessment, Vulnerability Management, managed SOP, safeweb, security awareness, and Gamma Managed Detection and Response solutions; Gamma, enterprise managed, managed networks, and Clearing as a service solutions; and Gamma Toolbox, which provides tools and services for businesses. The company was founded in 2002 and is headquartered in London, the United Kingdom.

### Why customers stay

Margins ranged from 45.2% to 51.8% during 2023–25; it earns 38.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:59.824Z); FY2023: grossProfit / revenue = 45.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:59.824Z); FY2024: grossProfit / revenue = 51.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:59.824Z); FY2025: grossProfit / revenue = 47.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:59.824Z); 10-year return on capital observations [[2016,0.38919147906076007],[2017,0.3292651141707746],[2018,0.3755660631222851],[2019,0.37089243035241354],[2020,0.49355403695267025],[2021,0.4017857142857143],[2022,0.34882067085456914],[2023,0.4676605921959082],[2024,0.5913034504756366],[2025,0.3786011583846886]]; median 0.38389631872272434. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 46% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:59.824Z); Gross margin observations: [[2021,0.4498548134911771],[2022,0.4550144449030128],[2023,0.45217557983515433]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back GBP 45.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:59.824Z); FY2016: growth capex 2419351.8463752307; upkeep 16280648.15362477; owner earnings 11319351.84637523. Growth capex / owner earnings = 0.21373589929974426.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:59.824Z); FY2017: growth capex 1700000; upkeep 10400000; owner earnings 22600000. Growth capex / owner earnings = 0.0752212389380531.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:59.824Z); FY2018: growth capex 0; upkeep 10200000; owner earnings 32100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:59.824Z); FY2019: growth capex 0; upkeep 9900000; owner earnings 39180000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:59.824Z); FY2020: growth capex 0; upkeep 9500000; owner earnings 74980000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:59.824Z); FY2021: growth capex 0; upkeep 9100000; owner earnings 69220000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:59.824Z); FY2022: growth capex 0; upkeep 6800000; owner earnings 67480000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:59.824Z); FY2023: growth capex 0; upkeep 23000000; owner earnings 59900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:59.824Z); FY2024: growth capex 0; upkeep 19200000; owner earnings 82820000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:59.824Z); FY2025: growth capex 0; upkeep 4800000; owner earnings 100100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:59.824Z); Dividend observations: [[2016,6400000],[2017,7300000],[2018,8100000],[2019,9200000],[2020,10400000],[2021,11700000],[2022,13300000],[2023,15200000],[2024,17300000],[2025,18900000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:59.824Z); FY2025: cash repurchases 45100000 GBP.

### Are managers owners

Insiders own 0.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GAMA.LSE SharesStats.PercentInsiders = 0.7250000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 1.1% yearly over ten years; actual growth was 20.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:59.824Z); Ten-year compound average after fade. Initial solved rate -0.0509399806690841. Price 1095; FX 100; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.1706004305564121 → FY2025 1.0635246119356998. Closing-price date 2026-10-15.

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

- 2016-10: GBX 465.00 per share

- 2016-11: GBX 473.50 per share

- 2016-12: GBX 466.50 per share

- 2017-01: GBX 490.00 per share

- 2017-02: GBX 497.50 per share

- 2017-03: GBX 491.00 per share

- 2017-04: GBX 571.00 per share

- 2017-05: GBX 575.00 per share

- 2017-06: GBX 615.00 per share

- 2017-07: GBX 650.00 per share

- 2017-08: GBX 635.00 per share

- 2017-09: GBX 595.00 per share

- 2017-10: GBX 602.50 per share

- 2017-11: GBX 603.00 per share

- 2017-12: GBX 645.00 per share

- 2018-01: GBX 680.00 per share

- 2018-02: GBX 696.00 per share

- 2018-03: GBX 700.00 per share

- 2018-04: GBX 750.00 per share

- 2018-05: GBX 756.00 per share

- 2018-06: GBX 754.00 per share

- 2018-07: GBX 786.00 per share

- 2018-08: GBX 854.00 per share

- 2018-09: GBX 856.00 per share

- 2018-10: GBX 800.00 per share

- 2018-11: GBX 804.00 per share

- 2018-12: GBX 730.00 per share

- 2019-01: GBX 820.00 per share

- 2019-02: GBX 854.00 per share

- 2019-03: GBX 978.00 per share

- 2019-04: GBX 1,100.00 per share

- 2019-05: GBX 1,195.00 per share

- 2019-06: GBX 1,150.00 per share

- 2019-07: GBX 1,095.00 per share

- 2019-08: GBX 1,035.00 per share

- 2019-09: GBX 1,105.00 per share

- 2019-10: GBX 1,190.00 per share

- 2019-11: GBX 1,250.00 per share

- 2019-12: GBX 1,330.00 per share

- 2020-01: GBX 1,400.00 per share

- 2020-02: GBX 1,210.00 per share

- 2020-03: GBX 1,000.00 per share

- 2020-04: GBX 1,335.00 per share

- 2020-05: GBX 1,230.00 per share

- 2020-06: GBX 1,285.00 per share

- 2020-07: GBX 1,580.00 per share

- 2020-08: GBX 1,580.00 per share

- 2020-09: GBX 1,650.00 per share

- 2020-10: GBX 1,670.00 per share

- 2020-11: GBX 1,605.00 per share

- 2020-12: GBX 1,645.00 per share

- 2021-01: GBX 1,605.00 per share

- 2021-02: GBX 1,510.00 per share

- 2021-03: GBX 1,640.00 per share

- 2021-04: GBX 1,818.00 per share

- 2021-05: GBX 1,994.00 per share

- 2021-06: GBX 1,990.00 per share

- 2021-07: GBX 2,075.00 per share

- 2021-08: GBX 2,300.00 per share

- 2021-09: GBX 1,830.00 per share

- 2021-10: GBX 1,812.00 per share

- 2021-11: GBX 1,700.00 per share

- 2021-12: GBX 1,650.00 per share

- 2022-01: GBX 1,550.00 per share

- 2022-02: GBX 1,476.00 per share

- 2022-03: GBX 1,354.00 per share

- 2022-04: GBX 1,196.00 per share

- 2022-05: GBX 1,202.00 per share

- 2022-06: GBX 1,076.00 per share

- 2022-07: GBX 1,108.00 per share

- 2022-08: GBX 1,082.00 per share

- 2022-09: GBX 1,056.00 per share

- 2022-10: GBX 1,064.00 per share

- 2022-11: GBX 1,096.00 per share

- 2022-12: GBX 1,082.00 per share

- 2023-01: GBX 1,178.00 per share

- 2023-02: GBX 1,166.00 per share

- 2023-03: GBX 1,080.00 per share

- 2023-04: GBX 1,162.00 per share

- 2023-05: GBX 1,152.00 per share

- 2023-06: GBX 1,142.00 per share

- 2023-07: GBX 1,108.00 per share

- 2023-08: GBX 1,074.00 per share

- 2023-09: GBX 1,092.00 per share

- 2023-10: GBX 1,046.00 per share

- 2023-11: GBX 1,056.00 per share

- 2023-12: GBX 1,126.00 per share

- 2024-01: GBX 1,194.00 per share

- 2024-02: GBX 1,234.00 per share

- 2024-03: GBX 1,368.00 per share

- 2024-04: GBX 1,308.00 per share

- 2024-05: GBX 1,452.00 per share

- 2024-06: GBX 1,410.00 per share

- 2024-07: GBX 1,486.00 per share

- 2024-08: GBX 1,532.00 per share

- 2024-09: GBX 1,668.00 per share

- 2024-10: GBX 1,588.00 per share

- 2024-11: GBX 1,580.00 per share

- 2024-12: GBX 1,530.00 per share

- 2025-01: GBX 1,338.00 per share

- 2025-02: GBX 1,320.00 per share

- 2025-03: GBX 1,212.00 per share

- 2025-04: GBX 1,334.00 per share

- 2025-05: GBX 1,186.00 per share

- 2025-06: GBX 1,138.00 per share

- 2025-07: GBX 1,088.00 per share

- 2025-08: GBX 1,056.00 per share

- 2025-09: GBX 1,000.00 per share

- 2025-10: GBX 993.00 per share

- 2025-11: GBX 945.00 per share

- 2025-12: GBX 924.00 per share

- 2026-01: GBX 909.00 per share

- 2026-02: GBX 898.00 per share

- 2026-03: GBX 710.00 per share

- 2026-04: GBX 904.40 per share

- 2026-05: GBX 962.00 per share

- 2026-06: GBX 840.50 per share

- 2026-07: GBX 936.00 per share

- 2026-08: GBX 1,140.00 per share

- 2026-09: GBX 1,124.00 per share

- 2026-10: GBX 1,095.00 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 182.10 per share, central GBX 203.67 per share, high GBX 232.39 per share

- FY2017: low GBX 203.14 per share, central GBX 227.25 per share, high GBX 259.34 per share

- FY2018: low GBX 306.49 per share, central GBX 344.42 per share, high GBX 394.90 per share

- FY2019: low GBX 399.39 per share, central GBX 447.66 per share, high GBX 511.91 per share

- FY2020: low GBX 550.38 per share, central GBX 619.69 per share, high GBX 711.95 per share

- FY2021: low GBX 712.60 per share, central GBX 894.85 per share, high GBX 1,037.80 per share

- FY2022: low GBX 953.37 per share, central GBX 1,230.50 per share, high GBX 1,425.31 per share

- FY2023: low GBX 1,091.59 per share, central GBX 1,439.19 per share, high GBX 1,664.62 per share

- FY2024: low GBX 1,404.01 per share, central GBX 1,980.06 per share, high GBX 2,301.34 per share

- FY2025: low GBX 1,435.60 per share, central GBX 2,088.96 per share, high GBX 2,453.37 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.

Gamma Communications

GAMA · LSE

FTSE 250

A wonderful business at a fair price

Passes the quality tests.

Share price: GBX 1,095.00
Buy up to: GBX 2,199.98
Expected / yr: 16.5% at today's price (10.0% at central value)

The business

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

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 18.5% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 13.8%
Worst year: 10.2%
Latest · 2025: 15.7%

Capital return excluding acquisitions: median 38.4% (minimum 15%), and the second-worst year 34.9% (minimum 10%).

ROIC excluding acquisitions

10y median: 38.4%
Worst year: 32.9%
Latest · 2025: 37.9%

Each $1 of profit left $1.30 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.30×
Annual median: 1.29×
Latest · 2025: 1.54×

Per-share value rose from 0.19 to 0.69, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: GBP 0.53
Worst year: GBP 0.19
Latest · 2025: GBP 0.69

Profits were backed by cash: accruals were -3.7% of assets (limit 10%).

Sloan accruals

10y median: -4.7%
Worst year: 2.5%
Latest · 2025: -3.7%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 13.9%, three-year average owner earnings per share 0.85 GBP.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price GBX 465.00 · Value 203.67 · Buy at or below 203.67; 2016-11 · Price GBX 473.50 · Value 203.67 · Buy at or below 203.67; 2016-12 · Price GBX 466.50 · Value 203.67 · Buy at or below 203.67; 2017-01 · Price GBX 490.00 · Value 203.67 · Buy at or below 203.67; 2017-02 · Price GBX 497.50 · Value 227.25 · Buy at or below 227.25; 2017-03 · Price GBX 491.00 · Value 227.25 · Buy at or below 227.25; 2017-04 · Price GBX 571.00 · Value 227.25 · Buy at or below 227.25; 2017-05 · Price GBX 575.00 · Value 227.25 · Buy at or below 227.25; 2017-06 · Price GBX 615.00 · Value 227.25 · Buy at or below 227.25; 2017-07 · Price GBX 650.00 · Value 227.25 · Buy at or below 227.25; 2017-08 · Price GBX 635.00 · Value 227.25 · Buy at or below 227.25; 2017-09 · Price GBX 595.00 · Value 227.25 · Buy at or below 227.25; 2017-10 · Price GBX 602.50 · Value 227.25 · Buy at or below 227.25; 2017-11 · Price GBX 603.00 · Value 227.25 · Buy at or below 227.25; 2017-12 · Price GBX 645.00 · Value 227.25 · Buy at or below 227.25; 2018-01 · Price GBX 680.00 · Value 227.25 · Buy at or below 227.25; 2018-02 · Price GBX 696.00 · Value 344.42 · Buy at or below 344.42; 2018-03 · Price GBX 700.00 · Value 344.42 · Buy at or below 344.42; 2018-04 · Price GBX 750.00 · Value 344.42 · Buy at or below 344.42; 2018-05 · Price GBX 756.00 · Value 344.42 · Buy at or below 344.42; 2018-06 · Price GBX 754.00 · Value 344.42 · Buy at or below 344.42; 2018-07 · Price GBX 786.00 · Value 344.42 · Buy at or below 344.42; 2018-08 · Price GBX 854.00 · Value 344.42 · Buy at or below 344.42; 2018-09 · Price GBX 856.00 · Value 344.42 · Buy at or below 344.42; 2018-10 · Price GBX 800.00 · Value 344.42 · Buy at or below 344.42; 2018-11 · Price GBX 804.00 · Value 344.42 · Buy at or below 344.42; 2018-12 · Price GBX 730.00 · Value 344.42 · Buy at or below 344.42; 2019-01 · Price GBX 820.00 · Value 344.42 · Buy at or below 344.42; 2019-02 · Price GBX 854.00 · Value 447.66 · Buy at or below 447.66; 2019-03 · Price GBX 978.00 · Value 447.66 · Buy at or below 447.66; 2019-04 · Price GBX 1100.00 · Value 447.66 · Buy at or below 447.66; 2019-05 · Price GBX 1195.00 · Value 447.66 · Buy at or below 447.66; 2019-06 · Price GBX 1150.00 · Value 447.66 · Buy at or below 447.66; 2019-07 · Price GBX 1095.00 · Value 447.66 · Buy at or below 447.66; 2019-08 · Price GBX 1035.00 · Value 447.66 · Buy at or below 447.66; 2019-09 · Price GBX 1105.00 · Value 447.66 · Buy at or below 447.66; 2019-10 · Price GBX 1190.00 · Value 447.66 · Buy at or below 447.66; 2019-11 · Price GBX 1250.00 · Value 447.66 · Buy at or below 447.66; 2019-12 · Price GBX 1330.00 · Value 447.66 · Buy at or below 447.66; 2020-01 · Price GBX 1400.00 · Value 447.66 · Buy at or below 447.66; 2020-02 · Price GBX 1210.00 · Value 619.69 · Buy at or below 619.69; 2020-03 · Price GBX 1000.00 · Value 619.69 · Buy at or below 619.69; 2020-04 · Price GBX 1335.00 · Value 619.69 · Buy at or below 619.69; 2020-05 · Price GBX 1230.00 · Value 619.69 · Buy at or below 619.69; 2020-06 · Price GBX 1285.00 · Value 619.69 · Buy at or below 619.69; 2020-07 · Price GBX 1580.00 · Value 619.69 · Buy at or below 619.69; 2020-08 · Price GBX 1580.00 · Value 619.69 · Buy at or below 619.69; 2020-09 · Price GBX 1650.00 · Value 619.69 · Buy at or below 619.69; 2020-10 · Price GBX 1670.00 · Value 619.69 · Buy at or below 619.69; 2020-11 · Price GBX 1605.00 · Value 619.69 · Buy at or below 619.69; 2020-12 · Price GBX 1645.00 · Value 619.69 · Buy at or below 619.69; 2021-01 · Price GBX 1605.00 · Value 619.69 · Buy at or below 619.69; 2021-02 · Price GBX 1510.00 · Value 894.85 · Buy at or below 894.85; 2021-03 · Price GBX 1640.00 · Value 894.85 · Buy at or below 894.85; 2021-04 · Price GBX 1818.00 · Value 894.85 · Buy at or below 894.85; 2021-05 · Price GBX 1994.00 · Value 894.85 · Buy at or below 894.85; 2021-06 · Price GBX 1990.00 · Value 894.85 · Buy at or below 894.85; 2021-07 · Price GBX 2075.00 · Value 894.85 · Buy at or below 894.85; 2021-08 · Price GBX 2300.00 · Value 894.85 · Buy at or below 894.85; 2021-09 · Price GBX 1830.00 · Value 894.85 · Buy at or below 894.85; 2021-10 · Price GBX 1812.00 · Value 894.85 · Buy at or below 894.85; 2021-11 · Price GBX 1700.00 · Value 894.85 · Buy at or below 894.85; 2021-12 · Price GBX 1650.00 · Value 894.85 · Buy at or below 894.85; 2022-01 · Price GBX 1550.00 · Value 894.85 · Buy at or below 894.85; 2022-02 · Price GBX 1476.00 · Value 1230.50 · Buy at or below 1230.50; 2022-03 · Price GBX 1354.00 · Value 1230.50 · Buy at or below 1230.50; 2022-04 · Price GBX 1196.00 · Value 1230.50 · Buy at or below 1230.50; 2022-05 · Price GBX 1202.00 · Value 1230.50 · Buy at or below 1230.50; 2022-06 · Price GBX 1076.00 · Value 1230.50 · Buy at or below 1230.50; 2022-07 · Price GBX 1108.00 · Value 1230.50 · Buy at or below 1230.50; 2022-08 · Price GBX 1082.00 · Value 1230.50 · Buy at or below 1230.50; 2022-09 · Price GBX 1056.00 · Value 1230.50 · Buy at or below 1230.50; 2022-10 · Price GBX 1064.00 · Value 1230.50 · Buy at or below 1230.50; 2022-11 · Price GBX 1096.00 · Value 1230.50 · Buy at or below 1230.50; 2022-12 · Price GBX 1082.00 · Value 1230.50 · Buy at or below 1230.50; 2023-01 · Price GBX 1178.00 · Value 1230.50 · Buy at or below 1230.50; 2023-02 · Price GBX 1166.00 · Value 1439.19 · Buy at or below 1439.19; 2023-03 · Price GBX 1080.00 · Value 1439.19 · Buy at or below 1439.19; 2023-04 · Price GBX 1162.00 · Value 1439.19 · Buy at or below 1439.19; 2023-05 · Price GBX 1152.00 · Value 1439.19 · Buy at or below 1439.19; 2023-06 · Price GBX 1142.00 · Value 1439.19 · Buy at or below 1439.19; 2023-07 · Price GBX 1108.00 · Value 1439.19 · Buy at or below 1439.19; 2023-08 · Price GBX 1074.00 · Value 1439.19 · Buy at or below 1439.19; 2023-09 · Price GBX 1092.00 · Value 1439.19 · Buy at or below 1439.19; 2023-10 · Price GBX 1046.00 · Value 1439.19 · Buy at or below 1439.19; 2023-11 · Price GBX 1056.00 · Value 1439.19 · Buy at or below 1439.19; 2023-12 · Price GBX 1126.00 · Value 1439.19 · Buy at or below 1439.19; 2024-01 · Price GBX 1194.00 · Value 1439.19 · Buy at or below 1439.19; 2024-02 · Price GBX 1234.00 · Value 1980.06 · Buy at or below 1980.06; 2024-03 · Price GBX 1368.00 · Value 1980.06 · Buy at or below 1980.06; 2024-04 · Price GBX 1308.00 · Value 1980.06 · Buy at or below 1980.06; 2024-05 · Price GBX 1452.00 · Value 1980.06 · Buy at or below 1980.06; 2024-06 · Price GBX 1410.00 · Value 1980.06 · Buy at or below 1980.06; 2024-07 · Price GBX 1486.00 · Value 1980.06 · Buy at or below 1980.06; 2024-08 · Price GBX 1532.00 · Value 1980.06 · Buy at or below 1980.06; 2024-09 · Price GBX 1668.00 · Value 1980.06 · Buy at or below 1980.06; 2024-10 · Price GBX 1588.00 · Value 1980.06 · Buy at or below 1980.06; 2024-11 · Price GBX 1580.00 · Value 1980.06 · Buy at or below 1980.06; 2024-12 · Price GBX 1530.00 · Value 1980.06 · Buy at or below 1980.06; 2025-01 · Price GBX 1338.00 · Value 1980.06 · Buy at or below 1980.06; 2025-02 · Price GBX 1320.00 · Value 2088.96 · Buy at or below 2088.96; 2025-03 · Price GBX 1212.00 · Value 2088.96 · Buy at or below 2088.96; 2025-04 · Price GBX 1334.00 · Value 2088.96 · Buy at or below 2088.96; 2025-05 · Price GBX 1186.00 · Value 2088.96 · Buy at or below 2088.96; 2025-06 · Price GBX 1138.00 · Value 2088.96 · Buy at or below 2088.96; 2025-07 · Price GBX 1088.00 · Value 2088.96 · Buy at or below 2088.96; 2025-08 · Price GBX 1056.00 · Value 2088.96 · Buy at or below 2088.96; 2025-09 · Price GBX 1000.00 · Value 2088.96 · Buy at or below 2088.96; 2025-10 · Price GBX 993.00 · Value 2088.96 · Buy at or below 2088.96; 2025-11 · Price GBX 945.00 · Value 2088.96 · Buy at or below 2088.96; 2025-12 · Price GBX 924.00 · Value 2088.96 · Buy at or below 2088.96; 2026-01 · Price GBX 909.00 · Value 2088.96 · Buy at or below 2088.96; 2026-02 · Price GBX 898.00 · Value 2199.98 · Buy at or below 2199.98; 2026-03 · Price GBX 710.00 · Value 2199.98 · Buy at or below 2199.98; 2026-04 · Price GBX 904.40 · Value 2199.98 · Buy at or below 2199.98; 2026-05 · Price GBX 962.00 · Value 2199.98 · Buy at or below 2199.98; 2026-06 · Price GBX 840.50 · Value 2199.98 · Buy at or below 2199.98; 2026-07 · Price GBX 936.00 · Value 2199.98 · Buy at or below 2199.98; 2026-08 · Price GBX 1140.00 · Value 2199.98 · Buy at or below 2199.98; 2026-09 · Price GBX 1124.00 · Value 2199.98 · Buy at or below 2199.98; 2026-10 · Price GBX 1095.00 · Value 2199.98 · Buy at or below 2199.98; 2026-10 · Price GBX 1095.00 · Value 2199.98 · Buy at or below 2199.98

GBX per share · annual estimates

Price & return math
Value range	GBX 1,511.23 – GBX 2,584.12
Buy at or below	Central value GBX 2,199.98
Discount to value	1 − 1095.00 / 2199.98 = 50.2%
Return / year	About 16.5% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash GBX 103.39/share; 12.0% growth fades over 10 years to 3.0%; excess cash GBX 9.95/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueGBP 646M

Revenue

Owner earningsGBP 100M

Owner earnings

Operating margin15.7%

Operating margin

Net cash / debtGBP -27M

Net cash / debt

Diluted shares94M

Diluted shares

Prices 15 Oct 2026 · FY2025