# LondonMetric Property (LMP.LSE)

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

Analysis as of: 2026-10-16T07:37:07.017Z. Financial observations: FY2008–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 179.10 per share; close as of 2026-10-15.

Estimated value: low GBX 145.43 per share, central GBX 189.37 per share, high GBX 220.64 per share. Buy at or below the central value GBX 189.37 per share. Valuation as of 2026-10-16T07:37:07.017Z; scenarios are not confidence intervals.

Expected annual return: 10.4% at the stated quote. About 10.4% 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: 2

- Operating margin variation: 0.11×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.82×

- FY2018: 0.84×

- FY2019: 0.81×

- FY2020: 0.82×

- FY2021: 0.90×

- FY2022: 0.87×

- FY2023: 0.91×

- FY2024: 0.91×

- FY2025: 1.17×

- FY2026: 0.89×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 4.0%

- ROIC, second-lowest year: 3.3%

- Typical minus recent gross margin: 0.4 pp

- Typical gross margin (annual median): 98.6%

- Recent gross margin (lower of latest and 3-year median): 98.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 14.2%

- ROIC including acquisitions, ten-year median: 3.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 4.7%

- FY2018: 4.3%

- FY2019: 3.7%

- FY2020: 3.7%

- FY2021: 4.3%

- FY2022: 3.3%

- FY2023: 3.3%

- FY2024: 2.7%

- FY2025: 7.5%

- FY2026: 5.5%

### economics: pass

- Owner earnings / net income, 5-yr: 0.91×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 902M

- Net income, five-year total: GBP 991M

- Return on incremental invested capital: 131.6%

- Working capital / revenue, annual change: 1.0 pp

- Working capital / revenue, change between three-year averages: 8.3 pp

- Working capital / revenue, final three-year average: 3.5%

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

- FY2022: 1.00×

- FY2023: 1.01×

- FY2024: 0.88×

- FY2025: 0.89×

- FY2026: 0.89×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 4.3% vs 5.5%

- Per-share earnings: 0.13 to 0.13 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 14.1%

- Ordinary dilution, 5-year annual growth: 20.6%

- Market cap gain: GBP 3.1B

- Cumulative retained earnings: GBP 543M

- Diluted shares, 10-year annual growth: 14.1%

- Diluted shares, 5-year annual growth: 20.6%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -0.5%

- Per-share value change: GBP -0.01

- Per-share value, starting three-year median: GBP 0.13

- Per-share value, ending three-year median: GBP 0.13

- Buybacks concentrated in cheaper years (correlation): -0.32

- Average buyback yield: 0.3%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: GBP 128K

- Cumulative net income, 10 years: GBP 1.6B

- ROIC, first three-year median: 4.3%

- ROIC, last three-year median: 5.5%

Chart: Earnings per share; fiscal year observations.

- FY2017: GBP 0.09

- FY2018: GBP 0.27

- FY2019: GBP 0.16

- FY2020: GBP -0.01

- FY2021: GBP 0.28

- FY2022: GBP 0.75

- FY2023: GBP -0.50

- FY2024: GBP 0.06

- FY2025: GBP 0.16

- FY2026: GBP 0.13

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: 0.4%

- Receivables to sales index (DSRI): 1.74×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.88×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 0.4%

- FY2018: 7.8%

- FY2019: 3.6%

- FY2020: -2.1%

- FY2021: 6.0%

- FY2022: 16.8%

- FY2023: -20.8%

- FY2024: -0.1%

- FY2025: 0.5%

- FY2026: 0.4%

## Holders

## Price story

Down 37% since Dec 2021 · sales +17.1%

Story as of 2026-10-16T10:00:08.624Z; price observation 2026-10-15.

Price needs cash profits to grow 3.7% a year for ten years

### Sales · FY2025–2026

sales +17.1%; source https://filings.xbrl.org/213800OCERWWPQDURL87/2026-03-31/ESEF/GB/0/213800OCERWWPQDURL87-2026-03-31/reports/213800OCERWWPQDURL87-2026-03-31-T01.xhtml; observed 2026-06-11.

- FY2017: GBP 81M 

- FY2018: GBP 90M 

- FY2019: GBP 80M 

- FY2020: GBP 113M 

- FY2021: GBP 122M 

- FY2022: GBP 133M 

- FY2023: GBP 136M 

- FY2024: GBP 178M 

- FY2025: GBP 397M 

- FY2026: GBP 465M 

### Gross margin · FY2026

gross margin 98.2%; source https://filings.xbrl.org/213800OCERWWPQDURL87/2026-03-31/ESEF/GB/0/213800OCERWWPQDURL87-2026-03-31/reports/213800OCERWWPQDURL87-2026-03-31-T01.xhtml; observed 2026-06-11.

- FY2017: 99.0% 

- FY2018: 99.1% 

- FY2019: 98.5% 

- FY2020: 98.3% 

- FY2021: 98.1% 

- FY2022: 98.5% 

- FY2023: 98.9% 

- FY2024: 99.0% 

- FY2025: 98.8% 

- FY2026: 98.2% 

## Owner memo

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

### How it makes money

Operates in property rentals; annual sales are GBP 464.6 million.

- Source: https://filings.xbrl.org/213800OCERWWPQDURL87/2026-03-31/ESEF/GB/0/213800OCERWWPQDURL87-2026-03-31/reports/213800OCERWWPQDURL87-2026-03-31-T01.xhtml (filed 2026-06-11); FY2026: revenue 464600000; grossProfit 456200000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 98.2% to 99% during 2024–26; it earns 4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); FY2024: grossProfit / revenue = 99%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); FY2025: grossProfit / revenue = 98.8%.

- Source: https://filings.xbrl.org/213800OCERWWPQDURL87/2026-03-31/ESEF/GB/0/213800OCERWWPQDURL87-2026-03-31/reports/213800OCERWWPQDURL87-2026-03-31-T01.xhtml (filed 2026-06-11); FY2026: grossProfit / revenue = 98.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); 10-year return on capital observations [[2017,0.04691996143452713],[2018,0.042882398169193994],[2019,0.03731872642296873],[2020,0.037118756123399946],[2021,0.04339031524445762],[2022,0.03273082225605992],[2023,0.03340290012196775],[2024,0.02707846085777972],[2025,0.07505927848587628],[2026,0.05451105818988685]]; median 0.04010056229608136. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 98% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/213800OCERWWPQDURL87/2026-03-31/ESEF/GB/0/213800OCERWWPQDURL87-2026-03-31/reports/213800OCERWWPQDURL87-2026-03-31-T01.xhtml (filed 2026-06-11); Gross margin observations: [[2021,0.9811783960720131],[2022,0.984984984984985],[2023,0.9890029325513197]]; range within 2 percentage points.

### Where the cash goes

Spends 0.8% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); FY2017: growth capex 19100000; upkeep 287000; owner earnings 55011000. Growth capex / owner earnings = 0.34720328661540417.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); FY2018: growth capex 55936000; upkeep 263000; owner earnings 40791000. Growth capex / owner earnings = 1.3712828810276776.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); FY2019: growth capex 0; upkeep 400000; owner earnings 119374000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); FY2021: growth capex 24900000; upkeep 700000; owner earnings 256260000. Growth capex / owner earnings = 0.09716693982673846.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); FY2022: growth capex 50500000; upkeep 500000; owner earnings 733580000. Growth capex / owner earnings = 0.06884048092914202.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); FY2024: growth capex 283631.3308925908; upkeep 5516368.669107409; owner earnings 104263631.3308926. Growth capex / owner earnings = 0.0027203285294414336.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); FY2025: growth capex 3729458.4235694595; upkeep 29170541.57643054; owner earnings 311029458.42356944. Growth capex / owner earnings = 0.011990691950762326.

- Source: https://filings.xbrl.org/213800OCERWWPQDURL87/2026-03-31/ESEF/GB/0/213800OCERWWPQDURL87-2026-03-31/reports/213800OCERWWPQDURL87-2026-03-31-T01.xhtml (filed 2026-06-11); FY2026: growth capex 2094967.329541862; upkeep 21905032.670458138; owner earnings 263674967.32954186. Growth capex / owner earnings = 0.007945264394111272.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); Dividend observations: [[2017,43694000],[2018,43357000],[2019,50615000],[2020,58400000],[2021,72400000],[2022,77500000],[2023,83300000],[2024,90500000],[2025,181400000],[2026,245300000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/213800OCERWWPQDURL87/2026-03-31/ESEF/GB/0/213800OCERWWPQDURL87-2026-03-31/reports/213800OCERWWPQDURL87-2026-03-31-T01.xhtml (filed 2026-06-11); FY2026: cash repurchases 3900000 GBP.

### Are managers owners

Insiders own 6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LMP.LSE SharesStats.PercentInsiders = 5.995 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3.7% yearly over ten years; actual growth was 9.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); Ten-year compound average after fade. Initial solved rate 0.0399744628283486. Price 179.1; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.04679647435897436 → FY2026 0.11318577034781073. Closing-price date 2026-10-15.

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

- 2016-10: GBX 149.10 per share

- 2016-11: GBX 143.00 per share

- 2016-12: GBX 155.50 per share

- 2017-01: GBX 147.60 per share

- 2017-02: GBX 155.00 per share

- 2017-03: GBX 159.80 per share

- 2017-04: GBX 168.40 per share

- 2017-05: GBX 168.50 per share

- 2017-06: GBX 167.40 per share

- 2017-07: GBX 168.30 per share

- 2017-08: GBX 166.20 per share

- 2017-09: GBX 166.20 per share

- 2017-10: GBX 176.40 per share

- 2017-11: GBX 178.40 per share

- 2017-12: GBX 186.00 per share

- 2018-01: GBX 179.20 per share

- 2018-02: GBX 177.70 per share

- 2018-03: GBX 178.20 per share

- 2018-04: GBX 190.30 per share

- 2018-05: GBX 192.50 per share

- 2018-06: GBX 185.00 per share

- 2018-07: GBX 188.20 per share

- 2018-08: GBX 184.50 per share

- 2018-09: GBX 177.80 per share

- 2018-10: GBX 180.30 per share

- 2018-11: GBX 176.50 per share

- 2018-12: GBX 174.00 per share

- 2019-01: GBX 187.70 per share

- 2019-02: GBX 192.50 per share

- 2019-03: GBX 199.70 per share

- 2019-04: GBX 202.20 per share

- 2019-05: GBX 204.20 per share

- 2019-06: GBX 211.00 per share

- 2019-07: GBX 203.00 per share

- 2019-08: GBX 205.20 per share

- 2019-09: GBX 217.40 per share

- 2019-10: GBX 231.80 per share

- 2019-11: GBX 232.60 per share

- 2019-12: GBX 236.60 per share

- 2020-01: GBX 227.80 per share

- 2020-02: GBX 207.20 per share

- 2020-03: GBX 175.90 per share

- 2020-04: GBX 194.20 per share

- 2020-05: GBX 209.80 per share

- 2020-06: GBX 210.60 per share

- 2020-07: GBX 231.00 per share

- 2020-08: GBX 236.80 per share

- 2020-09: GBX 222.00 per share

- 2020-10: GBX 215.80 per share

- 2020-11: GBX 218.40 per share

- 2020-12: GBX 229.00 per share

- 2021-01: GBX 228.20 per share

- 2021-02: GBX 218.80 per share

- 2021-03: GBX 213.60 per share

- 2021-04: GBX 225.40 per share

- 2021-05: GBX 234.80 per share

- 2021-06: GBX 231.40 per share

- 2021-07: GBX 248.80 per share

- 2021-08: GBX 261.80 per share

- 2021-09: GBX 239.20 per share

- 2021-10: GBX 261.40 per share

- 2021-11: GBX 271.00 per share

- 2021-12: GBX 283.40 per share

- 2022-01: GBX 266.80 per share

- 2022-02: GBX 260.00 per share

- 2022-03: GBX 275.80 per share

- 2022-04: GBX 269.60 per share

- 2022-05: GBX 256.00 per share

- 2022-06: GBX 228.40 per share

- 2022-07: GBX 250.40 per share

- 2022-08: GBX 217.20 per share

- 2022-09: GBX 174.50 per share

- 2022-10: GBX 186.90 per share

- 2022-11: GBX 177.00 per share

- 2022-12: GBX 172.30 per share

- 2023-01: GBX 188.30 per share

- 2023-02: GBX 188.70 per share

- 2023-03: GBX 175.60 per share

- 2023-04: GBX 192.60 per share

- 2023-05: GBX 180.00 per share

- 2023-06: GBX 165.40 per share

- 2023-07: GBX 184.80 per share

- 2023-08: GBX 181.20 per share

- 2023-09: GBX 172.00 per share

- 2023-10: GBX 165.40 per share

- 2023-11: GBX 180.00 per share

- 2023-12: GBX 191.50 per share

- 2024-01: GBX 193.70 per share

- 2024-02: GBX 180.40 per share

- 2024-03: GBX 203.20 per share

- 2024-04: GBX 196.60 per share

- 2024-05: GBX 204.20 per share

- 2024-06: GBX 193.40 per share

- 2024-07: GBX 201.40 per share

- 2024-08: GBX 204.00 per share

- 2024-09: GBX 204.80 per share

- 2024-10: GBX 194.00 per share

- 2024-11: GBX 194.00 per share

- 2024-12: GBX 180.10 per share

- 2025-01: GBX 186.40 per share

- 2025-02: GBX 186.40 per share

- 2025-03: GBX 183.40 per share

- 2025-04: GBX 192.30 per share

- 2025-05: GBX 201.20 per share

- 2025-06: GBX 203.00 per share

- 2025-07: GBX 191.00 per share

- 2025-08: GBX 184.20 per share

- 2025-09: GBX 181.90 per share

- 2025-10: GBX 190.20 per share

- 2025-11: GBX 188.20 per share

- 2025-12: GBX 189.70 per share

- 2026-01: GBX 199.90 per share

- 2026-02: GBX 215.00 per share

- 2026-03: GBX 181.50 per share

- 2026-04: GBX 189.40 per share

- 2026-05: GBX 189.70 per share

- 2026-06: GBX 188.30 per share

- 2026-07: GBX 196.20 per share

- 2026-08: GBX 189.00 per share

- 2026-09: GBX 179.20 per share

- 2026-10: GBX 179.10 per share

## Annual estimated value (GBX per share)

- FY2017: low GBX 49.64 per share, central GBX 55.65 per share, high GBX 63.67 per share

- FY2018: low GBX 70.72 per share, central GBX 99.54 per share, high GBX 116.32 per share

- FY2019: low GBX 63.60 per share, central GBX 85.67 per share, high GBX 99.99 per share

- FY2020: low GBX 71.23 per share, central GBX 79.83 per share, high GBX 91.27 per share

- FY2021: low GBX 124.75 per share, central GBX 170.57 per share, high GBX 199.14 per share

- FY2022: low GBX 279.10 per share, central GBX 395.99 per share, high GBX 464.26 per share

- FY2023: low GBX 269.72 per share, central GBX 377.89 per share, high GBX 443.05 per share

- FY2024: low GBX 61.06 per share, central GBX 68.74 per share, high GBX 78.98 per share

- FY2025: low GBX 176.49 per share, central GBX 229.66 per share, high GBX 268.36 per share

- FY2026: low GBX 152.24 per share, central GBX 198.24 per share, high GBX 230.97 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 2026-10-15T06:42:51.538Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800OCERWWPQDURL87/2026-03-31/ESEF/GB/0/213800OCERWWPQDURL87-2026-03-31/reports/213800OCERWWPQDURL87-2026-03-31-T01.xhtml); period 2026-03-31, filed 2026-06-11.

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.

LondonMetric Property

LMP · LSE

FTSE 100 · STOXX Europe 600

Not a wonderful business

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

Share price: GBX 179.10
Buy up to: GBX 189.37
Expected / yr: 10.4% 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 11% around their average (limit 35%), and 2 loss years were recorded (limit 2).

Operating margin

10y median: 88.1%
Worst year: 81.5%
Latest · 2026: 89.3%

Capital return excluding acquisitions: median 4% (minimum 15%), and the second-worst year 3.3% (minimum 10%).

ROIC excluding acquisitions

10y median: 4.0%
Worst year: 2.7%
Latest · 2026: 5.5%

Each $1 of profit left $0.91 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.91×
Annual median: 0.89×
Latest · 2026: 0.89×

Per-share value fell from 0.13 to 0.13, comparing three-year medians at each end (must rise and stay positive), and share growth was 14.1% over ten years and 20.6% over five (either must be at most 1% a year).

Earnings per share

10y median: GBP 0.14
Worst year: GBP -0.50
Latest · 2026: GBP 0.13

Profits were backed by cash: accruals were 0.4% of assets (limit 10%).

Sloan accruals

10y median: 0.5%
Worst year: 16.8%
Latest · 2026: 0.4%

Profit record · pass 2 loss years in 10 (at most 2), mean operating margin 89.5%, three-year average owner earnings per share 0.1 GBP.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price GBX 149.10; 2016-11 · Price GBX 143.00; 2016-12 · Price GBX 155.50; 2017-01 · Price GBX 147.60 · Value 55.65 · Buy at or below 55.65; 2017-02 · Price GBX 155.00 · Value 55.65 · Buy at or below 55.65; 2017-03 · Price GBX 159.80 · Value 55.65 · Buy at or below 55.65; 2017-04 · Price GBX 168.40 · Value 55.65 · Buy at or below 55.65; 2017-05 · Price GBX 168.50 · Value 55.65 · Buy at or below 55.65; 2017-06 · Price GBX 167.40 · Value 55.65 · Buy at or below 55.65; 2017-07 · Price GBX 168.30 · Value 55.65 · Buy at or below 55.65; 2017-08 · Price GBX 166.20 · Value 55.65 · Buy at or below 55.65; 2017-09 · Price GBX 166.20 · Value 55.65 · Buy at or below 55.65; 2017-10 · Price GBX 176.40 · Value 55.65 · Buy at or below 55.65; 2017-11 · Price GBX 178.40 · Value 55.65 · Buy at or below 55.65; 2017-12 · Price GBX 186.00 · Value 55.65 · Buy at or below 55.65; 2018-01 · Price GBX 179.20 · Value 55.65 · Buy at or below 55.65; 2018-02 · Price GBX 177.70 · Value 99.54 · Buy at or below 99.54; 2018-03 · Price GBX 178.20 · Value 99.54 · Buy at or below 99.54; 2018-04 · Price GBX 190.30 · Value 99.54 · Buy at or below 99.54; 2018-05 · Price GBX 192.50 · Value 99.54 · Buy at or below 99.54; 2018-06 · Price GBX 185.00 · Value 99.54 · Buy at or below 99.54; 2018-07 · Price GBX 188.20 · Value 99.54 · Buy at or below 99.54; 2018-08 · Price GBX 184.50 · Value 99.54 · Buy at or below 99.54; 2018-09 · Price GBX 177.80 · Value 99.54 · Buy at or below 99.54; 2018-10 · Price GBX 180.30 · Value 99.54 · Buy at or below 99.54; 2018-11 · Price GBX 176.50 · Value 99.54 · Buy at or below 99.54; 2018-12 · Price GBX 174.00 · Value 99.54 · Buy at or below 99.54; 2019-01 · Price GBX 187.70 · Value 99.54 · Buy at or below 99.54; 2019-02 · Price GBX 192.50 · Value 85.67 · Buy at or below 85.67; 2019-03 · Price GBX 199.70 · Value 85.67 · Buy at or below 85.67; 2019-04 · Price GBX 202.20 · Value 85.67 · Buy at or below 85.67; 2019-05 · Price GBX 204.20 · Value 85.67 · Buy at or below 85.67; 2019-06 · Price GBX 211.00 · Value 85.67 · Buy at or below 85.67; 2019-07 · Price GBX 203.00 · Value 85.67 · Buy at or below 85.67; 2019-08 · Price GBX 205.20 · Value 85.67 · Buy at or below 85.67; 2019-09 · Price GBX 217.40 · Value 85.67 · Buy at or below 85.67; 2019-10 · Price GBX 231.80 · Value 85.67 · Buy at or below 85.67; 2019-11 · Price GBX 232.60 · Value 85.67 · Buy at or below 85.67; 2019-12 · Price GBX 236.60 · Value 85.67 · Buy at or below 85.67; 2020-01 · Price GBX 227.80 · Value 85.67 · Buy at or below 85.67; 2020-02 · Price GBX 207.20 · Value 79.83 · Buy at or below 79.83; 2020-03 · Price GBX 175.90 · Value 79.83 · Buy at or below 79.83; 2020-04 · Price GBX 194.20 · Value 79.83 · Buy at or below 79.83; 2020-05 · Price GBX 209.80 · Value 79.83 · Buy at or below 79.83; 2020-06 · Price GBX 210.60 · Value 79.83 · Buy at or below 79.83; 2020-07 · Price GBX 231.00 · Value 79.83 · Buy at or below 79.83; 2020-08 · Price GBX 236.80 · Value 79.83 · Buy at or below 79.83; 2020-09 · Price GBX 222.00 · Value 79.83 · Buy at or below 79.83; 2020-10 · Price GBX 215.80 · Value 79.83 · Buy at or below 79.83; 2020-11 · Price GBX 218.40 · Value 79.83 · Buy at or below 79.83; 2020-12 · Price GBX 229.00 · Value 79.83 · Buy at or below 79.83; 2021-01 · Price GBX 228.20 · Value 79.83 · Buy at or below 79.83; 2021-02 · Price GBX 218.80 · Value 170.57 · Buy at or below 170.57; 2021-03 · Price GBX 213.60 · Value 170.57 · Buy at or below 170.57; 2021-04 · Price GBX 225.40 · Value 170.57 · Buy at or below 170.57; 2021-05 · Price GBX 234.80 · Value 170.57 · Buy at or below 170.57; 2021-06 · Price GBX 231.40 · Value 170.57 · Buy at or below 170.57; 2021-07 · Price GBX 248.80 · Value 170.57 · Buy at or below 170.57; 2021-08 · Price GBX 261.80 · Value 170.57 · Buy at or below 170.57; 2021-09 · Price GBX 239.20 · Value 170.57 · Buy at or below 170.57; 2021-10 · Price GBX 261.40 · Value 170.57 · Buy at or below 170.57; 2021-11 · Price GBX 271.00 · Value 170.57 · Buy at or below 170.57; 2021-12 · Price GBX 283.40 · Value 170.57 · Buy at or below 170.57; 2022-01 · Price GBX 266.80 · Value 170.57 · Buy at or below 170.57; 2022-02 · Price GBX 260.00 · Value 395.99 · Buy at or below 395.99; 2022-03 · Price GBX 275.80 · Value 395.99 · Buy at or below 395.99; 2022-04 · Price GBX 269.60 · Value 395.99 · Buy at or below 395.99; 2022-05 · Price GBX 256.00 · Value 395.99 · Buy at or below 395.99; 2022-06 · Price GBX 228.40 · Value 395.99 · Buy at or below 395.99; 2022-07 · Price GBX 250.40 · Value 395.99 · Buy at or below 395.99; 2022-08 · Price GBX 217.20 · Value 395.99 · Buy at or below 395.99; 2022-09 · Price GBX 174.50 · Value 395.99 · Buy at or below 395.99; 2022-10 · Price GBX 186.90 · Value 395.99 · Buy at or below 395.99; 2022-11 · Price GBX 177.00 · Value 395.99 · Buy at or below 395.99; 2022-12 · Price GBX 172.30 · Value 395.99 · Buy at or below 395.99; 2023-01 · Price GBX 188.30 · Value 395.99 · Buy at or below 395.99; 2023-02 · Price GBX 188.70 · Value 377.89 · Buy at or below 377.89; 2023-03 · Price GBX 175.60 · Value 377.89 · Buy at or below 377.89; 2023-04 · Price GBX 192.60 · Value 377.89 · Buy at or below 377.89; 2023-05 · Price GBX 180.00 · Value 377.89 · Buy at or below 377.89; 2023-06 · Price GBX 165.40 · Value 377.89 · Buy at or below 377.89; 2023-07 · Price GBX 184.80 · Value 377.89 · Buy at or below 377.89; 2023-08 · Price GBX 181.20 · Value 377.89 · Buy at or below 377.89; 2023-09 · Price GBX 172.00 · Value 377.89 · Buy at or below 377.89; 2023-10 · Price GBX 165.40 · Value 377.89 · Buy at or below 377.89; 2023-11 · Price GBX 180.00 · Value 377.89 · Buy at or below 377.89; 2023-12 · Price GBX 191.50 · Value 377.89 · Buy at or below 377.89; 2024-01 · Price GBX 193.70 · Value 377.89 · Buy at or below 377.89; 2024-02 · Price GBX 180.40 · Value 68.74 · Buy at or below 68.74; 2024-03 · Price GBX 203.20 · Value 68.74 · Buy at or below 68.74; 2024-04 · Price GBX 196.60 · Value 68.74 · Buy at or below 68.74; 2024-05 · Price GBX 204.20 · Value 68.74 · Buy at or below 68.74; 2024-06 · Price GBX 193.40 · Value 68.74 · Buy at or below 68.74; 2024-07 · Price GBX 201.40 · Value 68.74 · Buy at or below 68.74; 2024-08 · Price GBX 204.00 · Value 68.74 · Buy at or below 68.74; 2024-09 · Price GBX 204.80 · Value 68.74 · Buy at or below 68.74; 2024-10 · Price GBX 194.00 · Value 68.74 · Buy at or below 68.74; 2024-11 · Price GBX 194.00 · Value 68.74 · Buy at or below 68.74; 2024-12 · Price GBX 180.10 · Value 68.74 · Buy at or below 68.74; 2025-01 · Price GBX 186.40 · Value 68.74 · Buy at or below 68.74; 2025-02 · Price GBX 186.40 · Value 229.66 · Buy at or below 229.66; 2025-03 · Price GBX 183.40 · Value 229.66 · Buy at or below 229.66; 2025-04 · Price GBX 192.30 · Value 229.66 · Buy at or below 229.66; 2025-05 · Price GBX 201.20 · Value 229.66 · Buy at or below 229.66; 2025-06 · Price GBX 203.00 · Value 229.66 · Buy at or below 229.66; 2025-07 · Price GBX 191.00 · Value 229.66 · Buy at or below 229.66; 2025-08 · Price GBX 184.20 · Value 229.66 · Buy at or below 229.66; 2025-09 · Price GBX 181.90 · Value 229.66 · Buy at or below 229.66; 2025-10 · Price GBX 190.20 · Value 229.66 · Buy at or below 229.66; 2025-11 · Price GBX 188.20 · Value 229.66 · Buy at or below 229.66; 2025-12 · Price GBX 189.70 · Value 229.66 · Buy at or below 229.66; 2026-01 · Price GBX 199.90 · Value 229.66 · Buy at or below 229.66; 2026-02 · Price GBX 215.00 · Value 198.24 · Buy at or below 198.24; 2026-03 · Price GBX 181.50 · Value 198.24 · Buy at or below 198.24; 2026-04 · Price GBX 189.40 · Value 198.24 · Buy at or below 198.24; 2026-05 · Price GBX 189.70 · Value 198.24 · Buy at or below 198.24; 2026-06 · Price GBX 188.30 · Value 198.24 · Buy at or below 198.24; 2026-07 · Price GBX 196.20 · Value 198.24 · Buy at or below 198.24; 2026-08 · Price GBX 189.00 · Value 198.24 · Buy at or below 198.24; 2026-09 · Price GBX 179.20 · Value 198.24 · Buy at or below 198.24; 2026-10 · Price GBX 179.10 · Value 198.24 · Buy at or below 198.24; 2026-10 · Price GBX 179.10 · Value 198.24 · Buy at or below 198.24

GBX per share · annual estimates

Price & return math
Value range	GBX 145.43 – GBX 220.64
Buy at or below	Central value GBX 189.37
Discount to value	1 − 179.10 / 189.37 = 5.4%
Return / year	About 10.4% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash GBX 11.16/share; 5.0% growth for 5 years, then fades to 3.0%; excess cash GBX 5.50/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueGBP 465M

Revenue

Owner earningsGBP 264M

Owner earnings

Operating margin89.3%

Operating margin

Net cash / debtGBP -2.8B

Net cash / debt

Diluted shares2.3B

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·