# Intertek Group (ITRK.LSE)

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

Analysis as of: 2026-10-16T07:35:34.973Z. Financial observations: FY1999–FY2025.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 5,920.00 per share; close as of 2026-10-15.

Estimated value: low GBX 2,714.24 per share, central GBX 3,055.24 per share, high GBX 3,509.19 per share. Buy at or below the central value GBX 3,055.24 per share. Valuation as of 2026-10-16T07:35:34.973Z; scenarios are not confidence intervals.

Expected annual return: 6.4% at the stated quote. About 6.4% 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

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.05×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.15×

- FY2017: 0.16×

- FY2018: 0.16×

- FY2019: 0.17×

- FY2020: 0.15×

- FY2021: 0.16×

- FY2022: 0.15×

- FY2023: 0.15×

- FY2024: 0.16×

- FY2025: 0.17×

### moat: pass

- ROIC, median of available years: 42.6%

- ROIC, second-lowest year: 38.1%

- Typical minus recent gross margin: -0.1 pp

- Typical gross margin (annual median): 16.7%

- Recent gross margin (lower of latest and 3-year median): 16.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.5%

- ROIC including acquisitions, ten-year median: 16.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 42.4%

- FY2017: 52.3%

- FY2018: 44.4%

- FY2019: 38.1%

- FY2020: 38.9%

- FY2021: 38.1%

- FY2022: 38.3%

- FY2023: 42.8%

- FY2024: 48.1%

- FY2025: 43.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.06×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 1.7B

- Net income, five-year total: GBP 1.6B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.1 pp

- Working capital / revenue, change between three-year averages: -8.1 pp

- Working capital / revenue, final three-year average: 9.9%

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

- FY2021: 1.15×

- FY2022: 1.12×

- FY2023: 1.10×

- FY2024: 1.00×

- FY2025: 0.98×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 44.4% vs 43.4%

- Per-share earnings: 1.57 to 2.13 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.2%

- Ordinary dilution, 5-year annual growth: -0.6%

- Market cap gain: GBP 1.6B

- Cumulative retained earnings: GBP 805M

- Diluted shares, 10-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: -0.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 3.9%

- Per-share value change: GBP 0.55

- Per-share value, starting three-year median: GBP 1.57

- Per-share value, ending three-year median: GBP 2.13

- Buybacks concentrated in cheaper years (correlation): 0.38

- Average buyback yield: 0.7%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: GBP 2.7B

- Cumulative net income, 10 years: GBP 3.0B

- ROIC, first three-year median: 44.4%

- ROIC, last three-year median: 43.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 1.57

- FY2017: GBP 1.61

- FY2018: GBP 1.75

- FY2019: GBP 1.93

- FY2020: GBP 1.53

- FY2021: GBP 1.78

- FY2022: GBP 1.78

- FY2023: GBP 1.83

- FY2024: GBP 2.13

- FY2025: GBP 2.19

### accounting: pass

- Sloan accruals: -5.2%

- Receivables to sales index (DSRI): 1.16×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 4.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.57×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.62×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.7%

- FY2017: -7.9%

- FY2018: -6.6%

- FY2019: -8.9%

- FY2020: -11.9%

- FY2021: -8.1%

- FY2022: -7.4%

- FY2023: -6.7%

- FY2024: -7.0%

- FY2025: -5.2%

## Holders

## Price story

Price needs cash profits to grow 9.7% a year for ten years · sales +1.1%

Story as of 2026-10-16T10:00:05.598Z; price observation 2026-10-15.

Price needs cash profits to grow 9.7% a year for ten years

### Sales · FY2024–2025

sales +1.1%; source https://filings.xbrl.org/2138003GAT25WW1RN369/2025-12-31/ESEF/GB/0/2138003GAT25WW1RN369-2025-12-31/reports/2138003GAT25WW1RN369-2025-12-31-T01.xhtml; observed 2026-03-24.

- FY2016: GBP 2.6B 

- FY2017: GBP 2.8B 

- FY2018: GBP 2.8B 

- FY2019: GBP 3.0B 

- FY2020: GBP 2.7B 

- FY2021: GBP 2.8B 

- FY2022: GBP 3.2B 

- FY2023: GBP 3.3B 

- FY2024: GBP 3.4B 

- FY2025: GBP 3.4B 

### Gross margin · FY2025

gross margin 16.8%; source https://filings.xbrl.org/2138003GAT25WW1RN369/2025-12-31/ESEF/GB/0/2138003GAT25WW1RN369-2025-12-31/reports/2138003GAT25WW1RN369-2025-12-31-T01.xhtml; observed 2026-03-24.

- FY2016: 55.5% 

- FY2017: 55.9% 

- FY2018: 55.8% 

- FY2019: 16.5% 

- FY2020: 14.6% 

- FY2021: 16.0% 

- FY2022: 15.2% 

- FY2023: 57.5% 

- FY2024: 16.3% 

- FY2025: 16.8% 

## Owner memo

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

### How it makes money

Operates in specialty business services; annual sales are GBP 3.4 billion.

- Source: https://filings.xbrl.org/2138003GAT25WW1RN369/2025-12-31/ESEF/GB/0/2138003GAT25WW1RN369-2025-12-31/reports/2138003GAT25WW1RN369-2025-12-31-T01.xhtml (filed 2026-03-24); FY2025: revenue 3431600000; grossProfit 578000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ITRK.LSE: Intertek Group plc provides quality assurance solutions to various industries in the United Kingdom, the United States, China, Australia, and internationally. It operates through five segments: Consumer Products, Corporate Assurance, Health and Safety, Industry and Infrastructure, and World of Energy. The company offers quality assurance, testing, inspection, and certification services, including laboratory safety, quality and performance testing, accredited third-party management systems auditing and certification, technical inspection, second-party supplier auditing and supply chain solutions, sustainability data verification, process performance analysis and training, food safety testing, hygiene and safety audits, advisory and consulting, and validation services, as well as hardware, software, and cyber security solutions. It also provides asset performance management, analytical testing, non-destructive and materials testing, engineering, cargo and inventory inspection, analytical assessment, calibration, supply-chain traceability, and related research and technical services, as well as support services in product development, regulatory authorization, chemical testing, and production. The company serves a range of industries, including textiles, footwear, toys, hardlines, home appliances, consumer electronics, information and communication technology, automotive, aerospace, lighting, building products, industrial and renewable energy products, oil and gas, petrochemical, minerals, exploration, ore and mining, building and construction, solar energy, energy storage, green hydrogen, petroleum and biofuels, agricultural supply chain, food, transportation, chemicals and pharma, and healthcare, as well as governments, regulatory bodies, and exporters and importers to support trade compliance. The company was founded in 1885 and is based in London, the United Kingdom.

### Why customers stay

Margins ranged from 16.3% to 57.5% during 2023–25; it earns 42.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2023: grossProfit / revenue = 57.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2024: grossProfit / revenue = 16.3%.

- Source: https://filings.xbrl.org/2138003GAT25WW1RN369/2025-12-31/ESEF/GB/0/2138003GAT25WW1RN369-2025-12-31/reports/2138003GAT25WW1RN369-2025-12-31-T01.xhtml (filed 2026-03-24); FY2025: grossProfit / revenue = 16.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); 10-year return on capital observations [[2016,0.423876659706235],[2017,0.5227555623740067],[2018,0.44447565556472063],[2019,0.38126626838383015],[2020,0.3894017757614766],[2021,0.3814831297459825],[2022,0.38282019612213675],[2023,0.4278423563883584],[2024,0.4805446736990223],[2025,0.4343359304394156]]; median 0.42585950804729666. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back GBP 367.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2016: growth capex 0; upkeep 86000000; owner earnings 272500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2017: growth capex 0; upkeep 91700000; owner earnings 305100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2018: growth capex 0; upkeep 88800000; owner earnings 308900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2019: growth capex 0; upkeep 116800000; owner earnings 347700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2020: growth capex 0; upkeep 79800000; owner earnings 369600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2021: growth capex 0; upkeep 97100000; owner earnings 331140000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2022: growth capex 0; upkeep 116500000; owner earnings 323160000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2023: growth capex 0; upkeep 116900000; owner earnings 328440000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2024: growth capex 0; upkeep 135000000; owner earnings 344480000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/2138003GAT25WW1RN369/2025-12-31/ESEF/GB/0/2138003GAT25WW1RN369-2025-12-31/reports/2138003GAT25WW1RN369-2025-12-31-T01.xhtml (filed 2026-03-24); FY2025: growth capex 0; upkeep 144500000; owner earnings 337460000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Dividend observations: [[2016,88000000],[2017,107000000],[2018,128300000],[2019,163200000],[2020,170400000],[2021,170600000],[2022,170600000],[2023,176300000],[2024,206100000],[2025,252200000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/2138003GAT25WW1RN369/2025-12-31/ESEF/GB/0/2138003GAT25WW1RN369-2025-12-31/reports/2138003GAT25WW1RN369-2025-12-31-T01.xhtml (filed 2026-03-24); FY2025: cash repurchases 367900000 GBP.

### Are managers owners

Insiders own 1.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ITRK.LSE SharesStats.PercentInsiders = 1.764 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Ten-year compound average after fade. Initial solved rate 0.12688153203906405. Price 5920; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -2.235074626865672 → FY2025 2.1504129282218596. Closing-price date 2026-10-15.

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

- 2016-10: GBX 3,418.00 per share

- 2016-11: GBX 3,289.00 per share

- 2016-12: GBX 3,481.00 per share

- 2017-01: GBX 3,392.00 per share

- 2017-02: GBX 3,527.00 per share

- 2017-03: GBX 3,934.00 per share

- 2017-04: GBX 4,066.00 per share

- 2017-05: GBX 4,299.00 per share

- 2017-06: GBX 4,217.00 per share

- 2017-07: GBX 4,301.00 per share

- 2017-08: GBX 5,110.00 per share

- 2017-09: GBX 4,982.00 per share

- 2017-10: GBX 5,425.00 per share

- 2017-11: GBX 5,230.00 per share

- 2017-12: GBX 5,190.00 per share

- 2018-01: GBX 5,024.00 per share

- 2018-02: GBX 4,913.00 per share

- 2018-03: GBX 4,660.00 per share

- 2018-04: GBX 4,901.00 per share

- 2018-05: GBX 5,466.00 per share

- 2018-06: GBX 5,716.00 per share

- 2018-07: GBX 5,880.00 per share

- 2018-08: GBX 5,134.00 per share

- 2018-09: GBX 4,992.00 per share

- 2018-10: GBX 4,688.00 per share

- 2018-11: GBX 4,697.00 per share

- 2018-12: GBX 4,800.00 per share

- 2019-01: GBX 4,908.00 per share

- 2019-02: GBX 5,086.00 per share

- 2019-03: GBX 4,857.00 per share

- 2019-04: GBX 5,350.00 per share

- 2019-05: GBX 5,296.00 per share

- 2019-06: GBX 5,502.00 per share

- 2019-07: GBX 5,708.00 per share

- 2019-08: GBX 5,428.00 per share

- 2019-09: GBX 5,478.00 per share

- 2019-10: GBX 5,352.00 per share

- 2019-11: GBX 5,516.00 per share

- 2019-12: GBX 5,852.00 per share

- 2020-01: GBX 5,760.00 per share

- 2020-02: GBX 5,270.00 per share

- 2020-03: GBX 4,726.00 per share

- 2020-04: GBX 4,750.00 per share

- 2020-05: GBX 5,506.00 per share

- 2020-06: GBX 5,440.00 per share

- 2020-07: GBX 5,378.00 per share

- 2020-08: GBX 5,876.00 per share

- 2020-09: GBX 6,334.00 per share

- 2020-10: GBX 5,572.00 per share

- 2020-11: GBX 5,522.00 per share

- 2020-12: GBX 5,648.00 per share

- 2021-01: GBX 5,518.00 per share

- 2021-02: GBX 5,356.00 per share

- 2021-03: GBX 5,602.00 per share

- 2021-04: GBX 6,138.00 per share

- 2021-05: GBX 5,428.00 per share

- 2021-06: GBX 5,530.00 per share

- 2021-07: GBX 5,156.00 per share

- 2021-08: GBX 5,270.00 per share

- 2021-09: GBX 4,977.00 per share

- 2021-10: GBX 4,895.00 per share

- 2021-11: GBX 5,340.00 per share

- 2021-12: GBX 5,630.00 per share

- 2022-01: GBX 5,344.00 per share

- 2022-02: GBX 5,384.00 per share

- 2022-03: GBX 5,224.00 per share

- 2022-04: GBX 5,008.00 per share

- 2022-05: GBX 4,635.00 per share

- 2022-06: GBX 4,206.00 per share

- 2022-07: GBX 4,376.00 per share

- 2022-08: GBX 3,959.00 per share

- 2022-09: GBX 3,707.00 per share

- 2022-10: GBX 3,654.00 per share

- 2022-11: GBX 4,045.00 per share

- 2022-12: GBX 4,034.00 per share

- 2023-01: GBX 4,345.00 per share

- 2023-02: GBX 4,174.00 per share

- 2023-03: GBX 4,053.00 per share

- 2023-04: GBX 4,156.00 per share

- 2023-05: GBX 4,154.00 per share

- 2023-06: GBX 4,265.00 per share

- 2023-07: GBX 4,362.00 per share

- 2023-08: GBX 4,140.00 per share

- 2023-09: GBX 4,112.00 per share

- 2023-10: GBX 3,823.00 per share

- 2023-11: GBX 3,985.00 per share

- 2023-12: GBX 4,246.00 per share

- 2024-01: GBX 4,493.00 per share

- 2024-02: GBX 4,622.00 per share

- 2024-03: GBX 4,985.00 per share

- 2024-04: GBX 4,944.00 per share

- 2024-05: GBX 4,776.00 per share

- 2024-06: GBX 4,794.00 per share

- 2024-07: GBX 5,050.00 per share

- 2024-08: GBX 4,950.00 per share

- 2024-09: GBX 5,160.00 per share

- 2024-10: GBX 4,648.00 per share

- 2024-11: GBX 4,716.00 per share

- 2024-12: GBX 4,728.00 per share

- 2025-01: GBX 5,110.00 per share

- 2025-02: GBX 5,135.00 per share

- 2025-03: GBX 5,005.00 per share

- 2025-04: GBX 4,584.00 per share

- 2025-05: GBX 4,786.00 per share

- 2025-06: GBX 4,740.00 per share

- 2025-07: GBX 4,940.00 per share

- 2025-08: GBX 4,690.00 per share

- 2025-09: GBX 4,722.00 per share

- 2025-10: GBX 5,065.00 per share

- 2025-11: GBX 4,626.00 per share

- 2025-12: GBX 4,626.00 per share

- 2026-01: GBX 4,464.00 per share

- 2026-02: GBX 4,722.00 per share

- 2026-03: GBX 3,648.00 per share

- 2026-04: GBX 4,737.00 per share

- 2026-05: GBX 5,320.00 per share

- 2026-06: GBX 5,805.00 per share

- 2026-07: GBX 5,840.00 per share

- 2026-08: GBX 5,845.00 per share

- 2026-09: GBX 5,870.00 per share

- 2026-10: GBX 5,905.00 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 1,832.72 per share, central GBX 2,495.77 per share, high GBX 2,913.58 per share

- FY2017: low GBX 1,839.09 per share, central GBX 2,458.29 per share, high GBX 2,871.76 per share

- FY2018: low GBX 2,318.29 per share, central GBX 2,925.89 per share, high GBX 3,402.46 per share

- FY2019: low GBX 2,345.02 per share, central GBX 2,688.64 per share, high GBX 3,107.92 per share

- FY2020: low GBX 2,139.93 per share, central GBX 2,422.25 per share, high GBX 2,798.07 per share

- FY2021: low GBX 2,320.45 per share, central GBX 2,622.48 per share, high GBX 3,024.55 per share

- FY2022: low GBX 2,667.20 per share, central GBX 3,013.01 per share, high GBX 3,473.35 per share

- FY2023: low GBX 2,753.25 per share, central GBX 3,113.09 per share, high GBX 3,592.12 per share

- FY2024: low GBX 2,486.86 per share, central GBX 2,806.39 per share, high GBX 3,231.76 per share

- FY2025: low GBX 2,585.17 per share, central GBX 2,918.71 per share, high GBX 3,362.73 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/2138003GAT25WW1RN369/2025-12-31/ESEF/GB/0/2138003GAT25WW1RN369-2025-12-31/reports/2138003GAT25WW1RN369-2025-12-31-T01.xhtml); period 2025-12-31, filed 2026-03-24.

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.

Intertek Group

ITRK · LSE

FTSE 100 · STOXX Europe 600

A wonderful business at too high a price

Passes the quality tests.

Share price: GBX 5,920.00
Buy up to: GBX 3,055.24
Expected / yr: 6.4% at today's price (10.0% at central value)

The business

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

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 4.8% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 15.9%
Worst year: 14.6%
Latest · 2025: 16.8%

Capital return excluding acquisitions: median 42.6% (minimum 15%), and the second-worst year 38.1% (minimum 10%).

ROIC excluding acquisitions

10y median: 42.6%
Worst year: 38.1%
Latest · 2025: 43.4%

Each $1 of profit left $1.06 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.06×
Annual median: 1.10×
Latest · 2025: 0.98×

Per-share value rose from 1.57 to 2.13, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: GBP 1.78
Worst year: GBP 1.53
Latest · 2025: GBP 2.19

Profits were backed by cash: accruals were -5.2% of assets (limit 10%).

Sloan accruals

10y median: -7.5%
Worst year: -5.2%
Latest · 2025: -5.2%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 15.8%, three-year average owner earnings per share 2.1 GBP.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price GBX 3418.00 · Value 2495.77 · Buy at or below 2495.77; 2016-11 · Price GBX 3289.00 · Value 2495.77 · Buy at or below 2495.77; 2016-12 · Price GBX 3481.00 · Value 2495.77 · Buy at or below 2495.77; 2017-01 · Price GBX 3392.00 · Value 2495.77 · Buy at or below 2495.77; 2017-02 · Price GBX 3527.00 · Value 2458.29 · Buy at or below 2458.29; 2017-03 · Price GBX 3934.00 · Value 2458.29 · Buy at or below 2458.29; 2017-04 · Price GBX 4066.00 · Value 2458.29 · Buy at or below 2458.29; 2017-05 · Price GBX 4299.00 · Value 2458.29 · Buy at or below 2458.29; 2017-06 · Price GBX 4217.00 · Value 2458.29 · Buy at or below 2458.29; 2017-07 · Price GBX 4301.00 · Value 2458.29 · Buy at or below 2458.29; 2017-08 · Price GBX 5110.00 · Value 2458.29 · Buy at or below 2458.29; 2017-09 · Price GBX 4982.00 · Value 2458.29 · Buy at or below 2458.29; 2017-10 · Price GBX 5425.00 · Value 2458.29 · Buy at or below 2458.29; 2017-11 · Price GBX 5230.00 · Value 2458.29 · Buy at or below 2458.29; 2017-12 · Price GBX 5190.00 · Value 2458.29 · Buy at or below 2458.29; 2018-01 · Price GBX 5024.00 · Value 2458.29 · Buy at or below 2458.29; 2018-02 · Price GBX 4913.00 · Value 2925.89 · Buy at or below 2925.89; 2018-03 · Price GBX 4660.00 · Value 2925.89 · Buy at or below 2925.89; 2018-04 · Price GBX 4901.00 · Value 2925.89 · Buy at or below 2925.89; 2018-05 · Price GBX 5466.00 · Value 2925.89 · Buy at or below 2925.89; 2018-06 · Price GBX 5716.00 · Value 2925.89 · Buy at or below 2925.89; 2018-07 · Price GBX 5880.00 · Value 2925.89 · Buy at or below 2925.89; 2018-08 · Price GBX 5134.00 · Value 2925.89 · Buy at or below 2925.89; 2018-09 · Price GBX 4992.00 · Value 2925.89 · Buy at or below 2925.89; 2018-10 · Price GBX 4688.00 · Value 2925.89 · Buy at or below 2925.89; 2018-11 · Price GBX 4697.00 · Value 2925.89 · Buy at or below 2925.89; 2018-12 · Price GBX 4800.00 · Value 2925.89 · Buy at or below 2925.89; 2019-01 · Price GBX 4908.00 · Value 2925.89 · Buy at or below 2925.89; 2019-02 · Price GBX 5086.00 · Value 2688.64 · Buy at or below 2688.64; 2019-03 · Price GBX 4857.00 · Value 2688.64 · Buy at or below 2688.64; 2019-04 · Price GBX 5350.00 · Value 2688.64 · Buy at or below 2688.64; 2019-05 · Price GBX 5296.00 · Value 2688.64 · Buy at or below 2688.64; 2019-06 · Price GBX 5502.00 · Value 2688.64 · Buy at or below 2688.64; 2019-07 · Price GBX 5708.00 · Value 2688.64 · Buy at or below 2688.64; 2019-08 · Price GBX 5428.00 · Value 2688.64 · Buy at or below 2688.64; 2019-09 · Price GBX 5478.00 · Value 2688.64 · Buy at or below 2688.64; 2019-10 · Price GBX 5352.00 · Value 2688.64 · Buy at or below 2688.64; 2019-11 · Price GBX 5516.00 · Value 2688.64 · Buy at or below 2688.64; 2019-12 · Price GBX 5852.00 · Value 2688.64 · Buy at or below 2688.64; 2020-01 · Price GBX 5760.00 · Value 2688.64 · Buy at or below 2688.64; 2020-02 · Price GBX 5270.00 · Value 2422.25 · Buy at or below 2422.25; 2020-03 · Price GBX 4726.00 · Value 2422.25 · Buy at or below 2422.25; 2020-04 · Price GBX 4750.00 · Value 2422.25 · Buy at or below 2422.25; 2020-05 · Price GBX 5506.00 · Value 2422.25 · Buy at or below 2422.25; 2020-06 · Price GBX 5440.00 · Value 2422.25 · Buy at or below 2422.25; 2020-07 · Price GBX 5378.00 · Value 2422.25 · Buy at or below 2422.25; 2020-08 · Price GBX 5876.00 · Value 2422.25 · Buy at or below 2422.25; 2020-09 · Price GBX 6334.00 · Value 2422.25 · Buy at or below 2422.25; 2020-10 · Price GBX 5572.00 · Value 2422.25 · Buy at or below 2422.25; 2020-11 · Price GBX 5522.00 · Value 2422.25 · Buy at or below 2422.25; 2020-12 · Price GBX 5648.00 · Value 2422.25 · Buy at or below 2422.25; 2021-01 · Price GBX 5518.00 · Value 2422.25 · Buy at or below 2422.25; 2021-02 · Price GBX 5356.00 · Value 2622.48 · Buy at or below 2622.48; 2021-03 · Price GBX 5602.00 · Value 2622.48 · Buy at or below 2622.48; 2021-04 · Price GBX 6138.00 · Value 2622.48 · Buy at or below 2622.48; 2021-05 · Price GBX 5428.00 · Value 2622.48 · Buy at or below 2622.48; 2021-06 · Price GBX 5530.00 · Value 2622.48 · Buy at or below 2622.48; 2021-07 · Price GBX 5156.00 · Value 2622.48 · Buy at or below 2622.48; 2021-08 · Price GBX 5270.00 · Value 2622.48 · Buy at or below 2622.48; 2021-09 · Price GBX 4977.00 · Value 2622.48 · Buy at or below 2622.48; 2021-10 · Price GBX 4895.00 · Value 2622.48 · Buy at or below 2622.48; 2021-11 · Price GBX 5340.00 · Value 2622.48 · Buy at or below 2622.48; 2021-12 · Price GBX 5630.00 · Value 2622.48 · Buy at or below 2622.48; 2022-01 · Price GBX 5344.00 · Value 2622.48 · Buy at or below 2622.48; 2022-02 · Price GBX 5384.00 · Value 3013.01 · Buy at or below 3013.01; 2022-03 · Price GBX 5224.00 · Value 3013.01 · Buy at or below 3013.01; 2022-04 · Price GBX 5008.00 · Value 3013.01 · Buy at or below 3013.01; 2022-05 · Price GBX 4635.00 · Value 3013.01 · Buy at or below 3013.01; 2022-06 · Price GBX 4206.00 · Value 3013.01 · Buy at or below 3013.01; 2022-07 · Price GBX 4376.00 · Value 3013.01 · Buy at or below 3013.01; 2022-08 · Price GBX 3959.00 · Value 3013.01 · Buy at or below 3013.01; 2022-09 · Price GBX 3707.00 · Value 3013.01 · Buy at or below 3013.01; 2022-10 · Price GBX 3654.00 · Value 3013.01 · Buy at or below 3013.01; 2022-11 · Price GBX 4045.00 · Value 3013.01 · Buy at or below 3013.01; 2022-12 · Price GBX 4034.00 · Value 3013.01 · Buy at or below 3013.01; 2023-01 · Price GBX 4345.00 · Value 3013.01 · Buy at or below 3013.01; 2023-02 · Price GBX 4174.00 · Value 3113.09 · Buy at or below 3113.09; 2023-03 · Price GBX 4053.00 · Value 3113.09 · Buy at or below 3113.09; 2023-04 · Price GBX 4156.00 · Value 3113.09 · Buy at or below 3113.09; 2023-05 · Price GBX 4154.00 · Value 3113.09 · Buy at or below 3113.09; 2023-06 · Price GBX 4265.00 · Value 3113.09 · Buy at or below 3113.09; 2023-07 · Price GBX 4362.00 · Value 3113.09 · Buy at or below 3113.09; 2023-08 · Price GBX 4140.00 · Value 3113.09 · Buy at or below 3113.09; 2023-09 · Price GBX 4112.00 · Value 3113.09 · Buy at or below 3113.09; 2023-10 · Price GBX 3823.00 · Value 3113.09 · Buy at or below 3113.09; 2023-11 · Price GBX 3985.00 · Value 3113.09 · Buy at or below 3113.09; 2023-12 · Price GBX 4246.00 · Value 3113.09 · Buy at or below 3113.09; 2024-01 · Price GBX 4493.00 · Value 3113.09 · Buy at or below 3113.09; 2024-02 · Price GBX 4622.00 · Value 2806.39 · Buy at or below 2806.39; 2024-03 · Price GBX 4985.00 · Value 2806.39 · Buy at or below 2806.39; 2024-04 · Price GBX 4944.00 · Value 2806.39 · Buy at or below 2806.39; 2024-05 · Price GBX 4776.00 · Value 2806.39 · Buy at or below 2806.39; 2024-06 · Price GBX 4794.00 · Value 2806.39 · Buy at or below 2806.39; 2024-07 · Price GBX 5050.00 · Value 2806.39 · Buy at or below 2806.39; 2024-08 · Price GBX 4950.00 · Value 2806.39 · Buy at or below 2806.39; 2024-09 · Price GBX 5160.00 · Value 2806.39 · Buy at or below 2806.39; 2024-10 · Price GBX 4648.00 · Value 2806.39 · Buy at or below 2806.39; 2024-11 · Price GBX 4716.00 · Value 2806.39 · Buy at or below 2806.39; 2024-12 · Price GBX 4728.00 · Value 2806.39 · Buy at or below 2806.39; 2025-01 · Price GBX 5110.00 · Value 2806.39 · Buy at or below 2806.39; 2025-02 · Price GBX 5135.00 · Value 2918.71 · Buy at or below 2918.71; 2025-03 · Price GBX 5005.00 · Value 2918.71 · Buy at or below 2918.71; 2025-04 · Price GBX 4584.00 · Value 2918.71 · Buy at or below 2918.71; 2025-05 · Price GBX 4786.00 · Value 2918.71 · Buy at or below 2918.71; 2025-06 · Price GBX 4740.00 · Value 2918.71 · Buy at or below 2918.71; 2025-07 · Price GBX 4940.00 · Value 2918.71 · Buy at or below 2918.71; 2025-08 · Price GBX 4690.00 · Value 2918.71 · Buy at or below 2918.71; 2025-09 · Price GBX 4722.00 · Value 2918.71 · Buy at or below 2918.71; 2025-10 · Price GBX 5065.00 · Value 2918.71 · Buy at or below 2918.71; 2025-11 · Price GBX 4626.00 · Value 2918.71 · Buy at or below 2918.71; 2025-12 · Price GBX 4626.00 · Value 2918.71 · Buy at or below 2918.71; 2026-01 · Price GBX 4464.00 · Value 2918.71 · Buy at or below 2918.71; 2026-02 · Price GBX 4722.00 · Value 3055.24 · Buy at or below 3055.24; 2026-03 · Price GBX 3648.00 · Value 3055.24 · Buy at or below 3055.24; 2026-04 · Price GBX 4737.00 · Value 3055.24 · Buy at or below 3055.24; 2026-05 · Price GBX 5320.00 · Value 3055.24 · Buy at or below 3055.24; 2026-06 · Price GBX 5805.00 · Value 3055.24 · Buy at or below 3055.24; 2026-07 · Price GBX 5840.00 · Value 3055.24 · Buy at or below 3055.24; 2026-08 · Price GBX 5845.00 · Value 3055.24 · Buy at or below 3055.24; 2026-09 · Price GBX 5870.00 · Value 3055.24 · Buy at or below 3055.24; 2026-10 · Price GBX 5905.00 · Value 3055.24 · Buy at or below 3055.24; 2026-10 · Price GBX 5920.00 · Value 3055.24 · Buy at or below 3055.24

GBX per share · annual estimates

Price & return math
Value range	GBX 2,714.24 – GBX 3,509.19
Buy at or below	Central value GBX 3,055.24
Discount to value	1 − 5920.00 / 3055.24 = -93.8%
Return / year	About 6.4% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash GBX 226.27/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash GBX 241.03/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueGBP 3.4B

Revenue

Owner earningsGBP 337M

Owner earnings

Operating margin16.8%

Operating margin

Net cash / debtGBP -1.3B

Net cash / debt

Diluted shares157M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·