Margins varied 15.5% around their average (limit 35%), and no loss years were recorded (limit 2).
- 10y median
- 9.0%
- Worst year
- 7.0%
- Latest · 2025
- 10.8%
# Imperial Brands (IMB.LSE) Canonical: https://gigainvestors.com/s/IMB.LSE Analysis as of: 2026-10-16T07:34:23.279Z. Financial observations: FY1996–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 2,826.00 per share; close as of 2026-10-15. Estimated value: low GBX 3,905.16 per share, central GBX 4,443.60 per share, high GBX 5,160.37 per share. Buy at or below the central value GBX 4,443.60 per share. Valuation as of 2026-10-16T07:34:23.279Z; scenarios are not confidence intervals. Expected annual return: 14.2% at the stated quote. About 14.2% 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: 0.15× Chart: Operating margin; fiscal year observations. - FY2016: 0.08× - FY2017: 0.08× - FY2018: 0.08× - FY2019: 0.07× - FY2020: 0.08× - FY2021: 0.10× - FY2022: 0.10× - FY2023: 0.10× - FY2024: 0.11× - FY2025: 0.11× ### moat: pass - ROIC, median of available years: 78.7% - ROIC, second-lowest year: 33.4% - Typical minus recent gross margin: -0.6 pp - Typical gross margin (annual median): 20.3% - Recent gross margin (lower of latest and 3-year median): 20.9% - Years with nonpositive capital: 0 - Capital spending / revenue: 0.7% - ROIC including acquisitions, ten-year median: 13.7% Chart: ROIC excluding acquisitions; fiscal year observations. - FY2016: 28.1% - FY2017: 33.4% - FY2018: 41.9% - FY2019: 36.8% - FY2020: 74.0% - FY2021: >100% - FY2022: 83.4% - FY2023: >100% - FY2024: >100% - FY2025: >100% ### economics: pass - Owner earnings / net income, 5-yr: 1.17× - Cash conversion uses consolidated totals: No - Owner earnings, five-year total: GBP 13B - Net income, five-year total: GBP 11B - Return on incremental invested capital: >100% - Working capital / revenue, annual change: -0.1 pp - Working capital / revenue, change between three-year averages: -0.5 pp - Working capital / revenue, final three-year average: 16.5% Chart: Annual owner cash / profit; fiscal year observations. - FY2021: 1.15× - FY2022: 1.23× - FY2023: 1.16× - FY2024: 1.20× - FY2025: 1.09× ### management: pass - Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years) - buybacks leaned toward cheaper years (informational) - ROIC first 3 years vs last 3 years: 33.4% vs 182.8% - Per-share earnings: 1.48 to 2.54 (three-year endpoint medians) - Management verdict uses per-share economic progress: Yes - Ordinary dilution, 10-year annual growth: -1.3% - Ordinary dilution, 5-year annual growth: -2.6% - Market cap gain: GBP -4.1B - Cumulative retained earnings: GBP -121M - Diluted shares, 10-year annual growth: -1.3% - Diluted shares, 5-year annual growth: -2.6% - $1 test, starting fiscal year: FY2017 - $1 test, ending fiscal year: FY2025 - Per-share value growth: 7.0% - Per-share value change: GBP 1.06 - Per-share value, starting three-year median: GBP 1.48 - Per-share value, ending three-year median: GBP 2.54 - Buybacks concentrated in cheaper years (correlation): 0.69 - Average buyback yield: 2.3% - Buyback history: 8 years - Debt-funded buybacks: No - Acquisition spending: GBP 16B - Cumulative net income, 10 years: GBP 17B - ROIC, first three-year median: 33.4% - ROIC, last three-year median: >100% Chart: Earnings per share; fiscal year observations. - FY2016: GBP 0.67 - FY2017: GBP 1.48 - FY2018: GBP 1.42 - FY2019: GBP 1.07 - FY2020: GBP 1.58 - FY2021: GBP 2.99 - FY2022: GBP 1.66 - FY2023: GBP 2.54 - FY2024: GBP 3.01 - FY2025: GBP 2.49 ### accounting: pass - Sloan accruals: -4.1% - Receivables to sales index (DSRI): 1.11× - Restructuring years, last five: 0 - Stock compensation / operating cash flow: 1.1% - Earnings backed by cash: Yes - Operating cash / earnings: 1.57× - Accounting red flags: 0 - Goodwill and intangibles / equity: 3.36× Chart: Sloan accruals; fiscal year observations. - FY2016: -7.7% - FY2017: -5.3% - FY2018: -5.6% - FY2019: -6.7% - FY2020: -6.5% - FY2021: 3.7% - FY2022: -4.1% - FY2023: -1.3% - FY2024: -2.5% - FY2025: -4.1% ## Holders ## Price story Price needs cash profits to shrink 4.8% a year for ten years · "Imperial Brands Shares Fall After Cigarette Maker Warns of Market-Share Loss" (finance.yahoo.com, Apr 2026) · sales -0.7% Story as of 2026-10-16T10:00:00.377Z; price observation 2026-10-15. Price needs cash profits to shrink 4.8% a year for ten years - 2025-11-18: Demand for oral nicotine and higher cigarette prices boosts Imperial Brands ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/demand-oral-nicotine-higher-cigarette-081245190.html)) - 2026-04-14: Imperial Brands Shares Fall After Cigarette Maker Warns of Market-Share Loss ([finance.yahoo.com](https://finance.yahoo.com/m/182b9b55-f28a-3da9-80be-ab95b8ecae23/imperial-brands-shares-fall.html)) - 2026-06-02: Imperial Brands Touts Strong 2026 Start as NGP Growth and £320M Savings Plan Advance ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/imperial-brands-touts-strong-2026-160656859.html)) ### Sales · FY2024–2025 sales -0.7%; source https://filings.xbrl.org/549300DFVPOB67JL3A42/2025-09-30/ESEF/GB/0/549300DFVPOB67JL3A42-2025-09-30/reports/549300DFVPOB67JL3A42-2025-09-30-T01.xhtml; observed 2026-02-03. - FY2016: GBP 28B - FY2017: GBP 30B - FY2018: GBP 30B - FY2019: GBP 32B - FY2020: GBP 33B - FY2021: GBP 33B - FY2022: GBP 33B - FY2023: GBP 32B - FY2024: GBP 32B - FY2025: GBP 32B ### Gross margin · FY2025 gross margin 21.8%; source https://filings.xbrl.org/549300DFVPOB67JL3A42/2025-09-30/ESEF/GB/0/549300DFVPOB67JL3A42-2025-09-30/reports/549300DFVPOB67JL3A42-2025-09-30-T01.xhtml; observed 2026-02-03. - FY2016: 21.6% - FY2017: 21.2% - FY2018: 20.0% - FY2019: 19.3% - FY2020: 19.0% - FY2021: 18.4% - FY2022: 18.5% - FY2023: 20.6% - FY2024: 20.9% - FY2025: 21.8% ## Owner memo Memo as of 2026-10-16T08:06:05.509Z. ### How it makes money Operates in tobacco; annual sales are GBP 32.2 billion. - Source: https://filings.xbrl.org/549300DFVPOB67JL3A42/2025-09-30/ESEF/GB/0/549300DFVPOB67JL3A42-2025-09-30/reports/549300DFVPOB67JL3A42-2025-09-30-T01.xhtml (filed 2026-02-03); FY2025: revenue 32171000000; grossProfit 7002000000; margin = grossProfit / revenue. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IMB.LSE: Imperial Brands PLC, together with its subsidiaries, manufactures, imports, markets, and sells tobacco and tobacco-related products in Europe, the Americas, Africa, the Asia, Australasia, and internationally. It offers a range of cigarettes, tobacco accessories, vapour, heated tobacco, and oral nicotine. The company sells its products under various brands, including JPS, Davidoff, Gauloises, West, Winston, Kool, Lambert & Butler, P&S, Fortuna, Nobel, News, Backwoods, Champion, Golden Virginia, FINE, Rizla, Blu, Pulze, Skruf, and Zone. In addition, it engages in the distribution of tobacco and NGP products for tobacco and NGP product manufacturers; and various non-tobacco and NGP products and services. Further, the company is involved in the management of a golf course; distribution of pharmaceuticals, POS software, and published materials and other products; printing and publishing activities; and provision of long haul transportation, industrial parcel and express delivery, pharmaceutical products logistics, advertising, payment, freight forwarding, and support management services, as well as owns the trademarks; and retails its products. Additionally, it engages in edition and distribution of books and non-periodical publication. Furthermore, the company is involved in research and development of e-vapour products. The company was formerly known as Imperial Tobacco Group PLC and changed its name to Imperial Brands PLC in February 2016. Imperial Brands PLC was founded in 1636 and is based in Bristol, the United Kingdom. ### Why customers stay Margins ranged from 20.6% to 21.8% during 2023–25; it earns 78.7% on its capital. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2023: grossProfit / revenue = 20.6%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2024: grossProfit / revenue = 20.9%. - Source: https://filings.xbrl.org/549300DFVPOB67JL3A42/2025-09-30/ESEF/GB/0/549300DFVPOB67JL3A42-2025-09-30/reports/549300DFVPOB67JL3A42-2025-09-30-T01.xhtml (filed 2026-02-03); FY2025: grossProfit / revenue = 21.8%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); 10-year return on capital observations [[2016,0.2812835818361702],[2017,0.3343843204263218],[2018,0.41879105943821],[2019,0.3684339525283798],[2020,0.7396097548087086],[2021,1.2480797926304323],[2022,0.8342630460555879],[2023,1.2336848502513125],[2024,1.827688929495497],[2025,1.9421242665864302]]; median 0.7869364004321482. ROIC follows the displayed moat series; financial companies use return on tangible equity. ### Can it raise prices "Tobacco price mix was strong at +5.4% due to strong pricing." (IMB filing, Feb 2026) - Source: https://filings.xbrl.org/549300DFVPOB67JL3A42/2025-09-30/ESEF/GB/0/549300DFVPOB67JL3A42-2025-09-30/reports/549300DFVPOB67JL3A42-2025-09-30-T01.xhtml (filed 2026-02-03); Tobacco price mix was strong at +5.4% due to strong pricing. ### Where the cash goes Paid dividends in 10 of 10 years; bought back GBP 1.2 billion of shares. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2016: growth capex 0; upkeep 164000000; owner earnings 1711000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2017: growth capex 0; upkeep 191000000; owner earnings 2582000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2018: growth capex 0; upkeep 327000000; owner earnings 2307000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2019: growth capex 0; upkeep 409000000; owner earnings 1917000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2020: growth capex 0; upkeep 448000000; owner earnings 1812200000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2021: growth capex 0; upkeep 200000000; owner earnings 3261800000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2022: growth capex 0; upkeep 243000000; owner earnings 1937400000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2023: growth capex 0; upkeep 183000000; owner earnings 2707200000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2024: growth capex 0; upkeep 42000000; owner earnings 3140800000. Growth capex / owner earnings = 0. - Source: https://filings.xbrl.org/549300DFVPOB67JL3A42/2025-09-30/ESEF/GB/0/549300DFVPOB67JL3A42-2025-09-30/reports/549300DFVPOB67JL3A42-2025-09-30-T01.xhtml (filed 2026-02-03); FY2025: growth capex 0; upkeep 384000000; owner earnings 2267465135.135135. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); Dividend observations: [[2016,1386000000],[2017,1528000000],[2018,1676000000],[2019,1844000000],[2020,1753000000],[2021,1305000000],[2022,1320000000],[2023,1312000000],[2024,1299000000],[2025,1558000000]]. Zero only counted when supported by a complete cash-flow statement. - Source: https://filings.xbrl.org/549300DFVPOB67JL3A42/2025-09-30/ESEF/GB/0/549300DFVPOB67JL3A42-2025-09-30/reports/549300DFVPOB67JL3A42-2025-09-30-T01.xhtml (filed 2026-02-03); FY2025: cash repurchases 1235000000 GBP. ### Are managers owners Insiders own 3.1% of the company. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IMB.LSE SharesStats.PercentInsiders = 3.077 percentage points; cache date 2026-10-16. ### What could break it Achieving Scope 3 reduction targets could mitigate this risk. - Source: https://filings.xbrl.org/549300DFVPOB67JL3A42/2025-09-30/ESEF/GB/0/549300DFVPOB67JL3A42-2025-09-30/reports/549300DFVPOB67JL3A42-2025-09-30-T01.xhtml (filed 2026-02-03); This is the only risk considered financially significant at an enterprise level and is largely driven by NTM and Leaf suppliers, especially in Europe, where carbon pricing is expected to be highest. Achieving Scope 3 reduction targets could mitigate this risk. Given their scale and strategic relevance, these transition risks are considered more material than physical risks and are firmly embedded within our risk management framework. ### What the price says The price assumes cash profits shrink 4.8% yearly over ten years; actual growth was 0.6%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); Ten-year compound average after fade. Initial solved rate -0.0801531159005267. Price 2826; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.5749993660239556 → FY2025 2.7299122744222672. Closing-price date 2026-10-15. ## Monthly share-price history (GBX per share) - 2016-10: GBX 3,955.50 per share - 2016-11: GBX 3,433.00 per share - 2016-12: GBX 3,542.50 per share - 2017-01: GBX 3,673.50 per share - 2017-02: GBX 3,793.00 per share - 2017-03: GBX 3,867.00 per share - 2017-04: GBX 3,782.00 per share - 2017-05: GBX 3,629.00 per share - 2017-06: GBX 3,448.50 per share - 2017-07: GBX 3,120.00 per share - 2017-08: GBX 3,200.50 per share - 2017-09: GBX 3,184.00 per share - 2017-10: GBX 3,070.50 per share - 2017-11: GBX 3,064.50 per share - 2017-12: GBX 3,166.00 per share - 2018-01: GBX 2,898.50 per share - 2018-02: GBX 2,619.00 per share - 2018-03: GBX 2,426.00 per share - 2018-04: GBX 2,604.50 per share - 2018-05: GBX 2,710.00 per share - 2018-06: GBX 2,822.00 per share - 2018-07: GBX 2,922.00 per share - 2018-08: GBX 2,744.00 per share - 2018-09: GBX 2,671.00 per share - 2018-10: GBX 2,653.00 per share - 2018-11: GBX 2,410.00 per share - 2018-12: GBX 2,377.00 per share - 2019-01: GBX 2,525.00 per share - 2019-02: GBX 2,510.50 per share - 2019-03: GBX 2,624.50 per share - 2019-04: GBX 2,436.00 per share - 2019-05: GBX 1,915.00 per share - 2019-06: GBX 1,846.80 per share - 2019-07: GBX 2,095.00 per share - 2019-08: GBX 2,124.50 per share - 2019-09: GBX 1,828.20 per share - 2019-10: GBX 1,692.40 per share - 2019-11: GBX 1,703.20 per share - 2019-12: GBX 1,869.00 per share - 2020-01: GBX 1,950.80 per share - 2020-02: GBX 1,554.80 per share - 2020-03: GBX 1,496.80 per share - 2020-04: GBX 1,679.00 per share - 2020-05: GBX 1,466.50 per share - 2020-06: GBX 1,538.50 per share - 2020-07: GBX 1,276.00 per share - 2020-08: GBX 1,253.00 per share - 2020-09: GBX 1,367.50 per share - 2020-10: GBX 1,224.00 per share - 2020-11: GBX 1,361.00 per share - 2020-12: GBX 1,535.50 per share - 2021-01: GBX 1,470.00 per share - 2021-02: GBX 1,333.00 per share - 2021-03: GBX 1,492.00 per share - 2021-04: GBX 1,507.50 per share - 2021-05: GBX 1,600.00 per share - 2021-06: GBX 1,557.00 per share - 2021-07: GBX 1,542.00 per share - 2021-08: GBX 1,541.50 per share - 2021-09: GBX 1,558.50 per share - 2021-10: GBX 1,542.00 per share - 2021-11: GBX 1,542.00 per share - 2021-12: GBX 1,616.50 per share - 2022-01: GBX 1,751.50 per share - 2022-02: GBX 1,639.00 per share - 2022-03: GBX 1,610.50 per share - 2022-04: GBX 1,666.00 per share - 2022-05: GBX 1,790.50 per share - 2022-06: GBX 1,836.00 per share - 2022-07: GBX 1,799.00 per share - 2022-08: GBX 1,896.50 per share - 2022-09: GBX 1,855.00 per share - 2022-10: GBX 2,124.00 per share - 2022-11: GBX 2,125.00 per share - 2022-12: GBX 2,071.00 per share - 2023-01: GBX 2,031.00 per share - 2023-02: GBX 2,005.00 per share - 2023-03: GBX 1,864.00 per share - 2023-04: GBX 1,967.50 per share - 2023-05: GBX 1,695.00 per share - 2023-06: GBX 1,738.50 per share - 2023-07: GBX 1,839.50 per share - 2023-08: GBX 1,789.50 per share - 2023-09: GBX 1,667.00 per share - 2023-10: GBX 1,751.00 per share - 2023-11: GBX 1,846.50 per share - 2023-12: GBX 1,806.50 per share - 2024-01: GBX 1,898.50 per share - 2024-02: GBX 1,704.50 per share - 2024-03: GBX 1,770.00 per share - 2024-04: GBX 1,828.50 per share - 2024-05: GBX 1,941.00 per share - 2024-06: GBX 2,024.00 per share - 2024-07: GBX 2,144.00 per share - 2024-08: GBX 2,180.00 per share - 2024-09: GBX 2,173.00 per share - 2024-10: GBX 2,337.00 per share - 2024-11: GBX 2,569.00 per share - 2024-12: GBX 2,553.00 per share - 2025-01: GBX 2,721.00 per share - 2025-02: GBX 2,795.00 per share - 2025-03: GBX 2,865.00 per share - 2025-04: GBX 3,074.00 per share - 2025-05: GBX 2,810.00 per share - 2025-06: GBX 2,877.00 per share - 2025-07: GBX 2,954.00 per share - 2025-08: GBX 3,122.00 per share - 2025-09: GBX 3,158.00 per share - 2025-10: GBX 3,025.00 per share - 2025-11: GBX 3,208.00 per share - 2025-12: GBX 3,119.00 per share - 2026-01: GBX 3,066.00 per share - 2026-02: GBX 3,325.00 per share - 2026-03: GBX 3,057.00 per share - 2026-04: GBX 2,801.00 per share - 2026-05: GBX 2,696.00 per share - 2026-06: GBX 2,789.00 per share - 2026-07: GBX 2,825.00 per share - 2026-08: GBX 2,527.00 per share - 2026-09: GBX 2,445.00 per share - 2026-10: GBX 2,720.00 per share ## Annual estimated value (GBX per share) - FY2016: low GBX 2,363.42 per share, central GBX 2,689.28 per share, high GBX 3,123.07 per share - FY2017: low GBX 2,734.21 per share, central GBX 3,111.19 per share, high GBX 3,613.04 per share - FY2018: low GBX 2,688.26 per share, central GBX 3,058.92 per share, high GBX 3,552.33 per share - FY2019: low GBX 2,803.04 per share, central GBX 3,189.35 per share, high GBX 3,703.62 per share - FY2020: low GBX 2,328.46 per share, central GBX 2,649.50 per share, high GBX 3,076.88 per share - FY2021: low GBX 2,905.88 per share, central GBX 3,306.54 per share, high GBX 3,839.90 per share - FY2022: low GBX 2,278.41 per share, central GBX 2,592.56 per share, high GBX 3,010.75 per share - FY2023: low GBX 2,351.57 per share, central GBX 2,675.80 per share, high GBX 3,107.42 per share - FY2024: low GBX 3,399.81 per share, central GBX 3,868.57 per share, high GBX 4,492.59 per share - FY2025: low GBX 3,529.18 per share, central GBX 4,015.78 per share, high GBX 4,663.54 per share Historical values use today's bond yield for every fiscal year Historical values use today's FX rate into trading currency for every fiscal year Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates ## Sources [Original ESEF filing](https://filings.xbrl.org/549300DFVPOB67JL3A42/2025-09-30/ESEF/GB/0/549300DFVPOB67JL3A42-2025-09-30/reports/549300DFVPOB67JL3A42-2025-09-30-T01.xhtml); period 2025-09-30, filed 2026-02-03. 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.
← Companies
Imperial Brands
IMB · LSE
FTSE 100 · STOXX Europe 600
A wonderful business at a fair price
Passes the quality tests.
- Share price
- GBX 2,826.00
- Buy up to
- GBX 4,443.60
- Expected / yr
- 14.2% 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 could break it
- What the price says
1. Is this a good business?
Capital return excluding acquisitions: median 78.7% (minimum 15%), and the second-worst year 33.4% (minimum 10%).
- 10y median
- 78.7%
- Worst year
- 28.1%
- Latest · 2025
- >100%
Each $1 of profit left $1.17 for owners over five years (minimum $0.80).
- Five-year totals
- 1.17×
- Annual median
- 1.16×
- Latest · 2025
- 1.09×
Per-share value rose from 1.48 to 2.54, comparing three-year medians at each end (must rise and stay positive).
- 10y median
- GBP 1.62
- Worst year
- GBP 0.67
- Latest · 2025
- GBP 2.49
Profits were backed by cash: accruals were -4.1% of assets (limit 10%).
- 10y median
- -4.7%
- Worst year
- 3.7%
- Latest · 2025
- -4.1%
Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 9.1%, three-year average owner earnings per share 3.1 GBP.
2. Is the price low enough?
| Value range | GBX 3,905.16 – GBX 5,160.37 |
|---|---|
| Buy at or below | Central value GBX 4,443.60 |
| Discount to value | 1 − 2826.00 / 4443.60 = 36.4% |
| Return / year | About 14.2% a year at today's price (required return 10.0%) |
| Cash-flow inputs | Owner cash GBX 357.28/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash GBX 0.00/share today. |
| Required return | 10.0% / year, earned by construction at the central value |
RevenueGBP 32B
FY2016 · Revenue: GBP 28B; FY2017 · Revenue: GBP 30B; FY2018 · Revenue: GBP 30B; FY2019 · Revenue: GBP 32B; FY2020 · Revenue: GBP 33B; FY2021 · Revenue: GBP 33B; FY2022 · Revenue: GBP 33B; FY2023 · Revenue: GBP 32B; FY2024 · Revenue: GBP 32B; FY2025 · Revenue: GBP 32B
Owner earningsGBP 2.3B
FY2016 · Owner earnings: GBP 1.7B; FY2017 · Owner earnings: GBP 2.6B; FY2018 · Owner earnings: GBP 2.3B; FY2019 · Owner earnings: GBP 1.9B; FY2020 · Owner earnings: GBP 1.8B; FY2021 · Owner earnings: GBP 3.3B; FY2022 · Owner earnings: GBP 1.9B; FY2023 · Owner earnings: GBP 2.7B; FY2024 · Owner earnings: GBP 3.1B; FY2025 · Owner earnings: GBP 2.3B
Operating margin10.8%
FY2016 · Operating margin: 8.1%; FY2017 · Operating margin: 7.5%; FY2018 · Operating margin: 8.0%; FY2019 · Operating margin: 7.0%; FY2020 · Operating margin: 8.4%; FY2021 · Operating margin: 9.6%; FY2022 · Operating margin: 10.3%; FY2023 · Operating margin: 10.5%; FY2024 · Operating margin: 11.0%; FY2025 · Operating margin: 10.8%
Net cash / debtGBP -8.6B
FY2016 · Net cash / debt: GBP -13B; FY2017 · Net cash / debt: GBP -12B; FY2018 · Net cash / debt: GBP -11B; FY2019 · Net cash / debt: GBP -11B; FY2020 · Net cash / debt: GBP -10B; FY2021 · Net cash / debt: GBP -8.8B; FY2022 · Net cash / debt: GBP -8.4B; FY2023 · Net cash / debt: GBP -8.4B; FY2024 · Net cash / debt: GBP -8.0B; FY2025 · Net cash / debt: GBP -8.6B
Diluted shares831M
FY2016 · Diluted shares: 946M; FY2017 · Diluted shares: 953M; FY2018 · Diluted shares: 964M; FY2019 · Diluted shares: 946M; FY2020 · Diluted shares: 946M; FY2021 · Diluted shares: 946M; FY2022 · Diluted shares: 948M; FY2023 · Diluted shares: 916M; FY2024 · Diluted shares: 869M; FY2025 · Diluted shares: 831M
Prices 15 Oct 2026 · FY2025Original filing ↗ ·