# Genus (GNS.LSE)

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

Analysis as of: 2026-10-16T07:40:49.260Z. Financial observations: FY1997–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 2,360.00 per share; close as of 2026-10-15.

Estimated value: low GBX 603.01 per share, central GBX 679.79 per share, high GBX 782.00 per share. Buy at or below the central value GBX 679.79 per share. Valuation as of 2026-10-16T07:40:49.260Z; scenarios are not confidence intervals.

Expected annual return: 4.9% at the stated quote. About 4.9% 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

- FY2024 operating-margin dip fully recovered the next year and stayed recovered; holding that year at the preceding margin meets the existing variation limit. Raw variation still determines the price discount.

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.38×

- One fully recovered margin dip: Yes

- Variation with recovered dip held at prior margin: 0.25

- Recovered dip fiscal year: FY2024

Chart: Operating margin; fiscal year observations.

- FY2017: 0.09×

- FY2018: 0.09×

- FY2019: 0.09×

- FY2020: 0.08×

- FY2021: 0.11×

- FY2022: 0.10×

- FY2023: 0.06×

- FY2024: 0.01×

- FY2025: 0.06×

- FY2026: 0.13×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 6.8%

- ROIC, second-lowest year: 4.0%

- Typical minus recent gross margin: -61.8 pp

- Typical gross margin (annual median): 38.2%

- Recent gross margin (lower of latest and 3-year median): 100.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.7%

- ROIC including acquisitions, ten-year median: 5.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 8.4%

- FY2018: 9.9%

- FY2019: 6.5%

- FY2020: 7.1%

- FY2021: 10.3%

- FY2022: 6.6%

- FY2023: 4.0%

- FY2024: 0.6%

- FY2025: 4.9%

- FY2026: 11.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.11×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 430M

- Net income, five-year total: GBP 387M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.6 pp

- Working capital / revenue, change between three-year averages: -4.8 pp

- Working capital / revenue, final three-year average: 26.2%

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

- FY2022: 0.64×

- FY2023: 1.06×

- FY2024: 2.34×

- FY2025: 1.86×

- FY2026: 1.10×

### management: fail

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 8.4% vs 4.9%

- Per-share earnings: 0.69 to 0.29 (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: 0.4%

- Market cap gain: GBP 336M

- Cumulative retained earnings: GBP 354M

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

- Diluted shares, 5-year annual growth: 0.4%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -10.4%

- Per-share value change: GBP -0.41

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

- Per-share value, ending three-year median: GBP 0.29

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 62M

- Cumulative net income, 10 years: GBP 553M

- ROIC, first three-year median: 8.4%

- ROIC, last three-year median: 4.9%

Chart: Earnings per share; fiscal year observations.

- FY2017: GBP 0.53

- FY2018: GBP 0.69

- FY2019: GBP 0.12

- FY2020: GBP 0.54

- FY2021: GBP 0.72

- FY2022: GBP 0.62

- FY2023: GBP 0.50

- FY2024: GBP 0.12

- FY2025: GBP 0.29

- FY2026: GBP 4.25

### accounting: pass

- Sloan accruals exceed 10%

- Sloan accruals: 19.1%

- Receivables to sales index (DSRI): 1.15×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.32×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.20×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -0.2%

- FY2018: -0.1%

- FY2019: -3.2%

- FY2020: -3.6%

- FY2021: -2.4%

- FY2022: 0.6%

- FY2023: -1.7%

- FY2024: -2.1%

- FY2025: -5.3%

- FY2026: 19.1%

## Holders

## Price story

Down 57% since Oct 2021 · sales -2.2%

Story as of 2026-10-16T10:00:11.645Z; price observation 2026-10-15.

Price needs cash profits to grow 17.4% a year for ten years

### Sales · FY2025–2026

sales -2.2%; source https://filings.xbrl.org/54930022EOITNKSIGH56/2026-06-30/ESEF/GB/0/54930022EOITNKSIGH56-2026-06-30/reports/54930022EOITNKSIGH56-2026-06-30-T01.xhtml; observed 2026-10-15.

- FY2017: GBP 459M 

- FY2018: GBP 470M 

- FY2019: GBP 489M 

- FY2020: GBP 551M 

- FY2021: GBP 574M 

- FY2022: GBP 593M 

- FY2023: GBP 690M 

- FY2024: GBP 669M 

- FY2025: GBP 673M 

- FY2026: GBP 658M 

### Gross margin · FY2024

gross margin 26.7%; source https://filings.xbrl.org/54930022EOITNKSIGH56/2026-06-30/ESEF/GB/0/54930022EOITNKSIGH56-2026-06-30/reports/54930022EOITNKSIGH56-2026-06-30-T01.xhtml; observed 2026-10-15.

- FY2017: 37.3% 

- FY2018: 38.8% 

- FY2019: 38.1% 

- FY2020: 38.4% 

- FY2021: 40.4% 

- FY2022: 38.1% 

- FY2023: 34.7% 

- FY2024: 26.7% 

## Owner memo

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

### How it makes money

Operates in biotechnology; annual sales are GBP 658.1 million.

- Source: https://filings.xbrl.org/54930022EOITNKSIGH56/2026-06-30/ESEF/GB/0/54930022EOITNKSIGH56-2026-06-30/reports/54930022EOITNKSIGH56-2026-06-30-T01.xhtml (filed 2026-10-15); FY2026: revenue 658100000; grossProfit 658100000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GNS.LSE: Genus plc produces and sells animal genetics to farmers in North America, Latin America, the United Kingdom, the rest of Europe, the Middle East, Russia, Africa, and Asia. The company operates through three segments: Genus PIC, Genus ABS, and Genus Research and Development. It offers dairy and bull semen and embryos under the Genus and Bovec brands; breeding pork and semen, as well as technical services and advice under the PIC brand. The company was incorporated in 1994 and is based in Basingstoke, the United Kingdom.

### Why customers stay

Margins ranged from 26.7% to 100% during 2024–26; it earns 6.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); FY2024: grossProfit / revenue = 26.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); FY2025: grossProfit / revenue = 100%.

- Source: https://filings.xbrl.org/54930022EOITNKSIGH56/2026-06-30/ESEF/GB/0/54930022EOITNKSIGH56-2026-06-30/reports/54930022EOITNKSIGH56-2026-06-30-T01.xhtml (filed 2026-10-15); FY2026: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); 10-year return on capital observations [[2017,0.08423368984668839],[2018,0.09938183547313362],[2019,0.06493569001691159],[2020,0.07107826906842377],[2021,0.10270936909854704],[2022,0.06577435800006333],[2023,0.040044113173106174],[2024,0.0060588406641421495],[2025,0.04860840097535187],[2026,0.11039886465789249]]; median 0.06842631353424355. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); FY2017: growth capex 0; upkeep 13400000; owner earnings 39400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); FY2018: growth capex 0; upkeep 17800000; owner earnings 49100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); FY2019: growth capex 0; upkeep 17100000; owner earnings 16980000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); FY2020: growth capex 0; upkeep 35400000; owner earnings 30780000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); FY2021: growth capex 0; upkeep 33800000; owner earnings 42940000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); FY2022: growth capex 4035443.7111244574; upkeep 46864556.28887554; owner earnings 26115443.711124457. Growth capex / owner earnings = 0.15452326813828823.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); FY2023: growth capex 0; upkeep 35200000; owner earnings 35320000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); FY2024: growth capex 0; upkeep 24700000; owner earnings 18480000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); FY2025: growth capex 0; upkeep 18600000; owner earnings 35980000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/54930022EOITNKSIGH56/2026-06-30/ESEF/GB/0/54930022EOITNKSIGH56-2026-06-30/reports/54930022EOITNKSIGH56-2026-06-30-T01.xhtml (filed 2026-10-15); FY2026: growth capex 0; upkeep 12500000; owner earnings 313700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); Dividend observations: [[2017,13500000],[2018,14900000],[2019,16800000],[2020,18300000],[2021,19500000],[2022,20900000],[2023,21000000],[2024,21000000],[2025,21100000],[2026,21700000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GNS.LSE SharesStats.PercentInsiders = 0.759 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 17.4% yearly over ten years; actual growth was 18.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); Ten-year compound average after fade. Initial solved rate 0.23857979160731568. Price 2360; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.8392857142857143 → FY2026 4.6733009564103325. Closing-price date 2026-10-15.

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

- 2016-10: GBX 1,876.00 per share

- 2016-11: GBX 1,845.00 per share

- 2016-12: GBX 1,796.00 per share

- 2017-01: GBX 1,717.00 per share

- 2017-02: GBX 1,734.00 per share

- 2017-03: GBX 1,725.00 per share

- 2017-04: GBX 1,715.00 per share

- 2017-05: GBX 1,873.00 per share

- 2017-06: GBX 1,780.00 per share

- 2017-07: GBX 1,729.00 per share

- 2017-08: GBX 1,863.00 per share

- 2017-09: GBX 2,098.00 per share

- 2017-10: GBX 2,351.00 per share

- 2017-11: GBX 2,333.00 per share

- 2017-12: GBX 2,531.00 per share

- 2018-01: GBX 2,420.00 per share

- 2018-02: GBX 2,182.00 per share

- 2018-03: GBX 2,330.00 per share

- 2018-04: GBX 2,530.00 per share

- 2018-05: GBX 2,576.00 per share

- 2018-06: GBX 2,636.00 per share

- 2018-07: GBX 2,868.00 per share

- 2018-08: GBX 2,850.00 per share

- 2018-09: GBX 2,390.00 per share

- 2018-10: GBX 2,214.00 per share

- 2018-11: GBX 2,406.00 per share

- 2018-12: GBX 2,146.00 per share

- 2019-01: GBX 2,226.00 per share

- 2019-02: GBX 2,190.00 per share

- 2019-03: GBX 2,220.00 per share

- 2019-04: GBX 2,412.00 per share

- 2019-05: GBX 2,660.00 per share

- 2019-06: GBX 2,648.00 per share

- 2019-07: GBX 2,640.00 per share

- 2019-08: GBX 2,630.00 per share

- 2019-09: GBX 2,792.00 per share

- 2019-10: GBX 2,894.00 per share

- 2019-11: GBX 3,178.00 per share

- 2019-12: GBX 3,176.00 per share

- 2020-01: GBX 3,080.00 per share

- 2020-02: GBX 3,158.00 per share

- 2020-03: GBX 3,260.00 per share

- 2020-04: GBX 3,412.00 per share

- 2020-05: GBX 3,488.00 per share

- 2020-06: GBX 3,532.00 per share

- 2020-07: GBX 3,400.00 per share

- 2020-08: GBX 3,370.00 per share

- 2020-09: GBX 3,854.00 per share

- 2020-10: GBX 4,102.00 per share

- 2020-11: GBX 4,160.00 per share

- 2020-12: GBX 4,196.00 per share

- 2021-01: GBX 4,926.00 per share

- 2021-02: GBX 5,035.00 per share

- 2021-03: GBX 4,858.00 per share

- 2021-04: GBX 5,085.00 per share

- 2021-05: GBX 5,050.00 per share

- 2021-06: GBX 4,960.00 per share

- 2021-07: GBX 5,515.00 per share

- 2021-08: GBX 5,935.00 per share

- 2021-09: GBX 5,470.00 per share

- 2021-10: GBX 5,530.00 per share

- 2021-11: GBX 4,836.00 per share

- 2021-12: GBX 4,938.00 per share

- 2022-01: GBX 3,802.00 per share

- 2022-02: GBX 3,280.00 per share

- 2022-03: GBX 2,822.00 per share

- 2022-04: GBX 2,516.00 per share

- 2022-05: GBX 2,760.00 per share

- 2022-06: GBX 2,508.00 per share

- 2022-07: GBX 2,838.00 per share

- 2022-08: GBX 2,516.00 per share

- 2022-09: GBX 2,618.00 per share

- 2022-10: GBX 2,554.00 per share

- 2022-11: GBX 2,912.00 per share

- 2022-12: GBX 2,984.00 per share

- 2023-01: GBX 2,896.00 per share

- 2023-02: GBX 2,962.00 per share

- 2023-03: GBX 2,874.00 per share

- 2023-04: GBX 2,688.00 per share

- 2023-05: GBX 2,528.00 per share

- 2023-06: GBX 2,166.00 per share

- 2023-07: GBX 2,460.00 per share

- 2023-08: GBX 2,328.00 per share

- 2023-09: GBX 2,096.00 per share

- 2023-10: GBX 2,138.00 per share

- 2023-11: GBX 1,976.00 per share

- 2023-12: GBX 2,170.00 per share

- 2024-01: GBX 2,294.00 per share

- 2024-02: GBX 1,792.00 per share

- 2024-03: GBX 1,765.00 per share

- 2024-04: GBX 1,804.00 per share

- 2024-05: GBX 1,802.00 per share

- 2024-06: GBX 1,650.00 per share

- 2024-07: GBX 1,826.00 per share

- 2024-08: GBX 1,784.00 per share

- 2024-09: GBX 2,005.00 per share

- 2024-10: GBX 2,090.00 per share

- 2024-11: GBX 1,716.00 per share

- 2024-12: GBX 1,550.00 per share

- 2025-01: GBX 1,944.00 per share

- 2025-02: GBX 1,842.00 per share

- 2025-03: GBX 1,864.00 per share

- 2025-04: GBX 1,842.00 per share

- 2025-05: GBX 2,015.00 per share

- 2025-06: GBX 2,045.00 per share

- 2025-07: GBX 2,495.00 per share

- 2025-08: GBX 2,605.00 per share

- 2025-09: GBX 2,370.00 per share

- 2025-10: GBX 2,460.00 per share

- 2025-11: GBX 2,630.00 per share

- 2025-12: GBX 2,595.00 per share

- 2026-01: GBX 3,160.00 per share

- 2026-02: GBX 2,915.00 per share

- 2026-03: GBX 2,370.00 per share

- 2026-04: GBX 2,344.00 per share

- 2026-05: GBX 2,328.00 per share

- 2026-06: GBX 2,148.00 per share

- 2026-07: GBX 2,194.00 per share

- 2026-08: GBX 2,348.00 per share

- 2026-09: GBX 2,142.00 per share

- 2026-10: GBX 2,360.00 per share

## Annual estimated value (GBX per share)

- FY2017: low GBX 896.57 per share, central GBX 1,175.42 per share, high GBX 1,370.91 per share

- FY2018: low GBX 1,010.42 per share, central GBX 1,324.96 per share, high GBX 1,544.63 per share

- FY2019: low GBX 857.34 per share, central GBX 971.18 per share, high GBX 1,122.72 per share

- FY2020: low GBX 834.48 per share, central GBX 943.18 per share, high GBX 1,087.88 per share

- FY2021: low GBX 791.34 per share, central GBX 925.35 per share, high GBX 1,068.23 per share

- FY2022: low GBX 589.55 per share, central GBX 665.21 per share, high GBX 765.93 per share

- FY2023: low GBX 616.98 per share, central GBX 697.36 per share, high GBX 804.36 per share

- FY2024: low GBX 607.11 per share, central GBX 684.78 per share, high GBX 788.17 per share

- FY2025: low GBX 613.54 per share, central GBX 691.03 per share, high GBX 794.18 per share

- FY2026: low GBX 594.27 per share, central GBX 669.93 per share, high GBX 770.65 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 2026-10-15T06:46:37.378Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/54930022EOITNKSIGH56/2026-06-30/ESEF/GB/0/54930022EOITNKSIGH56-2026-06-30/reports/54930022EOITNKSIGH56-2026-06-30-T01.xhtml); period 2026-06-30, filed 2026-10-15.

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.

Genus

GNS · LSE

FTSE 250

Not a wonderful business

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

Share price: GBX 2,360.00
Buy up to: GBX 679.79
Expected / yr: 4.9% 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

One margin dip fully recovered; the remaining variation meets the limit, and no loss years were recorded (limit 2).

Operating margin

10y median: 8.9%
Worst year: 1.0%
Latest · 2026: 13.3%

Capital return excluding acquisitions: median 6.8% (minimum 15%), and the second-worst year 4% (minimum 10%).

ROIC excluding acquisitions

10y median: 6.8%
Worst year: 0.6%
Latest · 2026: 11.0%

Each $1 of profit left $1.11 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.11×
Annual median: 1.10×
Latest · 2026: 1.10×

Per-share value fell from 0.69 to 0.29, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: GBP 0.53
Worst year: GBP 0.12
Latest · 2026: GBP 4.25

Accruals were 19.1% of assets (limit 10%), and cash still backed profits and only one warning appeared (two cause a failure).

Sloan accruals

10y median: -1.9%
Worst year: 19.1%
Latest · 2026: 19.1%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 8.2%, three-year average owner earnings per share 1.83 GBP.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price GBX 1876.00; 2016-11 · Price GBX 1845.00; 2016-12 · Price GBX 1796.00; 2017-01 · Price GBX 1717.00 · Value 1175.42 · Buy at or below 1175.42; 2017-02 · Price GBX 1734.00 · Value 1175.42 · Buy at or below 1175.42; 2017-03 · Price GBX 1725.00 · Value 1175.42 · Buy at or below 1175.42; 2017-04 · Price GBX 1715.00 · Value 1175.42 · Buy at or below 1175.42; 2017-05 · Price GBX 1873.00 · Value 1175.42 · Buy at or below 1175.42; 2017-06 · Price GBX 1780.00 · Value 1175.42 · Buy at or below 1175.42; 2017-07 · Price GBX 1729.00 · Value 1175.42 · Buy at or below 1175.42; 2017-08 · Price GBX 1863.00 · Value 1175.42 · Buy at or below 1175.42; 2017-09 · Price GBX 2098.00 · Value 1175.42 · Buy at or below 1175.42; 2017-10 · Price GBX 2351.00 · Value 1175.42 · Buy at or below 1175.42; 2017-11 · Price GBX 2333.00 · Value 1175.42 · Buy at or below 1175.42; 2017-12 · Price GBX 2531.00 · Value 1175.42 · Buy at or below 1175.42; 2018-01 · Price GBX 2420.00 · Value 1175.42 · Buy at or below 1175.42; 2018-02 · Price GBX 2182.00 · Value 1324.96 · Buy at or below 1324.96; 2018-03 · Price GBX 2330.00 · Value 1324.96 · Buy at or below 1324.96; 2018-04 · Price GBX 2530.00 · Value 1324.96 · Buy at or below 1324.96; 2018-05 · Price GBX 2576.00 · Value 1324.96 · Buy at or below 1324.96; 2018-06 · Price GBX 2636.00 · Value 1324.96 · Buy at or below 1324.96; 2018-07 · Price GBX 2868.00 · Value 1324.96 · Buy at or below 1324.96; 2018-08 · Price GBX 2850.00 · Value 1324.96 · Buy at or below 1324.96; 2018-09 · Price GBX 2390.00 · Value 1324.96 · Buy at or below 1324.96; 2018-10 · Price GBX 2214.00 · Value 1324.96 · Buy at or below 1324.96; 2018-11 · Price GBX 2406.00 · Value 1324.96 · Buy at or below 1324.96; 2018-12 · Price GBX 2146.00 · Value 1324.96 · Buy at or below 1324.96; 2019-01 · Price GBX 2226.00 · Value 1324.96 · Buy at or below 1324.96; 2019-02 · Price GBX 2190.00 · Value 971.18 · Buy at or below 971.18; 2019-03 · Price GBX 2220.00 · Value 971.18 · Buy at or below 971.18; 2019-04 · Price GBX 2412.00 · Value 971.18 · Buy at or below 971.18; 2019-05 · Price GBX 2660.00 · Value 971.18 · Buy at or below 971.18; 2019-06 · Price GBX 2648.00 · Value 971.18 · Buy at or below 971.18; 2019-07 · Price GBX 2640.00 · Value 971.18 · Buy at or below 971.18; 2019-08 · Price GBX 2630.00 · Value 971.18 · Buy at or below 971.18; 2019-09 · Price GBX 2792.00 · Value 971.18 · Buy at or below 971.18; 2019-10 · Price GBX 2894.00 · Value 971.18 · Buy at or below 971.18; 2019-11 · Price GBX 3178.00 · Value 971.18 · Buy at or below 971.18; 2019-12 · Price GBX 3176.00 · Value 971.18 · Buy at or below 971.18; 2020-01 · Price GBX 3080.00 · Value 971.18 · Buy at or below 971.18; 2020-02 · Price GBX 3158.00 · Value 943.18 · Buy at or below 943.18; 2020-03 · Price GBX 3260.00 · Value 943.18 · Buy at or below 943.18; 2020-04 · Price GBX 3412.00 · Value 943.18 · Buy at or below 943.18; 2020-05 · Price GBX 3488.00 · Value 943.18 · Buy at or below 943.18; 2020-06 · Price GBX 3532.00 · Value 943.18 · Buy at or below 943.18; 2020-07 · Price GBX 3400.00 · Value 943.18 · Buy at or below 943.18; 2020-08 · Price GBX 3370.00 · Value 943.18 · Buy at or below 943.18; 2020-09 · Price GBX 3854.00 · Value 943.18 · Buy at or below 943.18; 2020-10 · Price GBX 4102.00 · Value 943.18 · Buy at or below 943.18; 2020-11 · Price GBX 4160.00 · Value 943.18 · Buy at or below 943.18; 2020-12 · Price GBX 4196.00 · Value 943.18 · Buy at or below 943.18; 2021-01 · Price GBX 4926.00 · Value 943.18 · Buy at or below 943.18; 2021-02 · Price GBX 5035.00 · Value 925.35 · Buy at or below 925.35; 2021-03 · Price GBX 4858.00 · Value 925.35 · Buy at or below 925.35; 2021-04 · Price GBX 5085.00 · Value 925.35 · Buy at or below 925.35; 2021-05 · Price GBX 5050.00 · Value 925.35 · Buy at or below 925.35; 2021-06 · Price GBX 4960.00 · Value 925.35 · Buy at or below 925.35; 2021-07 · Price GBX 5515.00 · Value 925.35 · Buy at or below 925.35; 2021-08 · Price GBX 5935.00 · Value 925.35 · Buy at or below 925.35; 2021-09 · Price GBX 5470.00 · Value 925.35 · Buy at or below 925.35; 2021-10 · Price GBX 5530.00 · Value 925.35 · Buy at or below 925.35; 2021-11 · Price GBX 4836.00 · Value 925.35 · Buy at or below 925.35; 2021-12 · Price GBX 4938.00 · Value 925.35 · Buy at or below 925.35; 2022-01 · Price GBX 3802.00 · Value 925.35 · Buy at or below 925.35; 2022-02 · Price GBX 3280.00 · Value 665.21 · Buy at or below 665.21; 2022-03 · Price GBX 2822.00 · Value 665.21 · Buy at or below 665.21; 2022-04 · Price GBX 2516.00 · Value 665.21 · Buy at or below 665.21; 2022-05 · Price GBX 2760.00 · Value 665.21 · Buy at or below 665.21; 2022-06 · Price GBX 2508.00 · Value 665.21 · Buy at or below 665.21; 2022-07 · Price GBX 2838.00 · Value 665.21 · Buy at or below 665.21; 2022-08 · Price GBX 2516.00 · Value 665.21 · Buy at or below 665.21; 2022-09 · Price GBX 2618.00 · Value 665.21 · Buy at or below 665.21; 2022-10 · Price GBX 2554.00 · Value 665.21 · Buy at or below 665.21; 2022-11 · Price GBX 2912.00 · Value 665.21 · Buy at or below 665.21; 2022-12 · Price GBX 2984.00 · Value 665.21 · Buy at or below 665.21; 2023-01 · Price GBX 2896.00 · Value 665.21 · Buy at or below 665.21; 2023-02 · Price GBX 2962.00 · Value 697.36 · Buy at or below 697.36; 2023-03 · Price GBX 2874.00 · Value 697.36 · Buy at or below 697.36; 2023-04 · Price GBX 2688.00 · Value 697.36 · Buy at or below 697.36; 2023-05 · Price GBX 2528.00 · Value 697.36 · Buy at or below 697.36; 2023-06 · Price GBX 2166.00 · Value 697.36 · Buy at or below 697.36; 2023-07 · Price GBX 2460.00 · Value 697.36 · Buy at or below 697.36; 2023-08 · Price GBX 2328.00 · Value 697.36 · Buy at or below 697.36; 2023-09 · Price GBX 2096.00 · Value 697.36 · Buy at or below 697.36; 2023-10 · Price GBX 2138.00 · Value 697.36 · Buy at or below 697.36; 2023-11 · Price GBX 1976.00 · Value 697.36 · Buy at or below 697.36; 2023-12 · Price GBX 2170.00 · Value 697.36 · Buy at or below 697.36; 2024-01 · Price GBX 2294.00 · Value 697.36 · Buy at or below 697.36; 2024-02 · Price GBX 1792.00 · Value 684.78 · Buy at or below 684.78; 2024-03 · Price GBX 1765.00 · Value 684.78 · Buy at or below 684.78; 2024-04 · Price GBX 1804.00 · Value 684.78 · Buy at or below 684.78; 2024-05 · Price GBX 1802.00 · Value 684.78 · Buy at or below 684.78; 2024-06 · Price GBX 1650.00 · Value 684.78 · Buy at or below 684.78; 2024-07 · Price GBX 1826.00 · Value 684.78 · Buy at or below 684.78; 2024-08 · Price GBX 1784.00 · Value 684.78 · Buy at or below 684.78; 2024-09 · Price GBX 2005.00 · Value 684.78 · Buy at or below 684.78; 2024-10 · Price GBX 2090.00 · Value 684.78 · Buy at or below 684.78; 2024-11 · Price GBX 1716.00 · Value 684.78 · Buy at or below 684.78; 2024-12 · Price GBX 1550.00 · Value 684.78 · Buy at or below 684.78; 2025-01 · Price GBX 1944.00 · Value 684.78 · Buy at or below 684.78; 2025-02 · Price GBX 1842.00 · Value 691.03 · Buy at or below 691.03; 2025-03 · Price GBX 1864.00 · Value 691.03 · Buy at or below 691.03; 2025-04 · Price GBX 1842.00 · Value 691.03 · Buy at or below 691.03; 2025-05 · Price GBX 2015.00 · Value 691.03 · Buy at or below 691.03; 2025-06 · Price GBX 2045.00 · Value 691.03 · Buy at or below 691.03; 2025-07 · Price GBX 2495.00 · Value 691.03 · Buy at or below 691.03; 2025-08 · Price GBX 2605.00 · Value 691.03 · Buy at or below 691.03; 2025-09 · Price GBX 2370.00 · Value 691.03 · Buy at or below 691.03; 2025-10 · Price GBX 2460.00 · Value 691.03 · Buy at or below 691.03; 2025-11 · Price GBX 2630.00 · Value 691.03 · Buy at or below 691.03; 2025-12 · Price GBX 2595.00 · Value 691.03 · Buy at or below 691.03; 2026-01 · Price GBX 3160.00 · Value 691.03 · Buy at or below 691.03; 2026-02 · Price GBX 2915.00 · Value 669.93 · Buy at or below 669.93; 2026-03 · Price GBX 2370.00 · Value 669.93 · Buy at or below 669.93; 2026-04 · Price GBX 2344.00 · Value 669.93 · Buy at or below 669.93; 2026-05 · Price GBX 2328.00 · Value 669.93 · Buy at or below 669.93; 2026-06 · Price GBX 2148.00 · Value 669.93 · Buy at or below 669.93; 2026-07 · Price GBX 2194.00 · Value 669.93 · Buy at or below 669.93; 2026-08 · Price GBX 2348.00 · Value 669.93 · Buy at or below 669.93; 2026-09 · Price GBX 2142.00 · Value 669.93 · Buy at or below 669.93; 2026-10 · Price GBX 2360.00 · Value 669.93 · Buy at or below 669.93; 2026-10 · Price GBX 2360.00 · Value 669.93 · Buy at or below 669.93

GBX per share · annual estimates

Price & return math
Value range	GBX 603.01 – GBX 782.00
Buy at or below	Central value GBX 679.79
Discount to value	1 − 2360.00 / 679.79 = -247.2%
Return / year	About 4.9% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash GBX 50.95/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash GBX 46.16/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueGBP 658M

Revenue

Owner earningsGBP 314M

Owner earnings

Operating margin13.3%

Operating margin

Net cash / debtGBP -64M

Net cash / debt

Diluted shares67M

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·