# Lloyds Banking Group (LLOY.LSE)

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

Analysis as of: 2026-10-16T07:33:45.245Z. Financial observations: FY2015–FY2025.

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 105.85 per share; close as of 2026-10-15.

Estimated value: low GBX 63.54 per share, central GBX 69.89 per share, high GBX 77.66 per share. Buy at or below the central value GBX 69.89 per share. Valuation as of 2026-10-16T07:33:45.245Z; scenarios are not confidence intervals.

Expected annual return: 6.6% at the stated quote. About 6.6% 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

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.42×

Chart: Net income; fiscal year observations.

- FY2016: GBP 1.7B

- FY2017: GBP 3.1B

- FY2018: GBP 4.0B

- FY2019: GBP 2.5B

- FY2020: GBP 865M

- FY2021: GBP 5.4B

- FY2022: GBP 5.0B

- FY2023: GBP 5.5B

- FY2024: GBP 4.4B

- FY2025: GBP 4.2B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- return on tangible common equity below 5% in more than one year

- Bank / P&C ROTE, median of available years: 9.9%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 3.9%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 3.9%

- FY2017: 7.2%

- FY2018: 9.0%

- FY2019: 5.9%

- FY2020: 2.0%

- FY2021: 12.1%

- FY2022: 13.9%

- FY2023: 14.1%

- FY2024: 11.8%

- FY2025: 10.7%

### economics: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- book value per share plus dividends compounded below 7% annually

- Book value per share + reinvested dividends, annualized return: 4.4%

- Book return interval: 10 years

- Starting book value per share: GBP 0.64

- Ending book value per share: GBP 0.65

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 8.3%

- FY2017: -10.1%

- FY2018: 13.8%

- FY2019: 6.8%

- FY2020: 4.1%

- FY2021: -1.5%

- FY2022: -9.8%

- FY2023: 19.2%

- FY2024: 3.2%

- FY2025: 14.2%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: -1.1%

- Diluted shares, 5-year annual growth: -2.2%

- Share growth excluding flagged crisis recapitalisations: -1.1%

- Five-year share growth excluding flagged crisis recapitalisations: -2.2%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.15×

- Book value created per share: GBP 0.01

- Earnings retained per share after dividends and buybacks: GBP 0.10

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 101

- FY2017: 116

- FY2018: 108

- FY2019: 100

- FY2020: 100

- FY2021: 107

- FY2022: 101

- FY2023: 95

- FY2024: 93

- FY2025: 89

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 3.4% a year forever · "Lloyds targets another £2bn cost-cutting as half-year profit jumps by 23%" (uk.finance.yahoo.com, Jul 2026) · net income -5.1%

Story as of 2026-10-16T09:59:57.633Z; price observation 2026-10-15.

The price assumes profits grow 3.4% a year forever

- 2025-07-24: Lloyds Bank profits rise as mortgage lending and savings balances swell ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/lloyds-bank-profits-rise-mortgage-064603831.html))

- 2025-10-23: Lloyds Banking Group Beats Views Despite Car-Loan Provision Hit ([finance.yahoo.com](https://finance.yahoo.com/m/4521b5bb-c668-360a-b3f5-9ba284c971c0/lloyds-banking-group-beats.html))

- 2026-01-29: Lloyds sees annual profits jump 12% in spite of motor finance hit ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/lloyds-sees-annual-profits-jump-073646728.html))

- 2026-04-29: Lloyds earnings jump by a third but UK economic outlook worsens ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/lloyds-earnings-jump-third-uk-064145647.html))

- 2026-06-27: Lloyds (LSE:LLOY) Plans 1,000 AI Roles And Launches Fraud Detection Tools ([finance.yahoo.com](https://finance.yahoo.com/technology/ai/articles/lloyds-lse-lloy-plans-1-110915362.html))

- 2026-07-30: Lloyds targets another £2bn cost-cutting as half-year profit jumps by 23% ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/lloyds-targets-another-2bn-cost-065130815.html))

### Net income · FY2025

net income -5.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: GBP 1.7B 

- FY2017: GBP 3.1B 

- FY2018: GBP 4.0B 

- FY2019: GBP 2.5B 

- FY2020: GBP 865M 

- FY2021: GBP 5.4B 

- FY2022: GBP 5.0B 

- FY2023: GBP 5.5B 

- FY2024: GBP 4.4B 

- FY2025: GBP 4.2B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are GBP 41 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.245Z); FY2025: revenue 40957000000.

### Why customers stay

It earns 9.9% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.245Z); 10-year return on tangible equity observations [[2016,0.03899010698777922],[2017,0.07184479330911085],[2018,0.08979398210897262],[2019,0.0592944467218056],[2020,0.020246231626252224],[2021,0.12096500937450586],[2022,0.13927105292355488],[2023,0.14051160636162438],[2024,0.11780537198891494],[2025,0.10738323736404351]]; median 0.09858860973650807. 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 1.7 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.245Z); Dividend observations: [[2016,2014000000],[2017,2284000000],[2018,2240000000],[2019,2312000000],[2020,453000000],[2021,877000000],[2022,1475000000],[2023,1651000000],[2024,1828000000],[2025,2000000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.245Z); FY2025: cash repurchases 1710000000 GBP.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LLOY.LSE SharesStats.PercentInsiders = 0.053 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 3.4% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.245Z); Price 105.85; FX 100; original perpetual distributable cash 0.06989244462402704; discount 0.1; growth 0.033970293222459105. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

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

- 2016-10: GBX 57.26 per share

- 2016-11: GBX 57.87 per share

- 2016-12: GBX 62.51 per share

- 2017-01: GBX 64.93 per share

- 2017-02: GBX 68.67 per share

- 2017-03: GBX 66.32 per share

- 2017-04: GBX 69.20 per share

- 2017-05: GBX 70.59 per share

- 2017-06: GBX 66.15 per share

- 2017-07: GBX 65.58 per share

- 2017-08: GBX 63.82 per share

- 2017-09: GBX 67.73 per share

- 2017-10: GBX 68.29 per share

- 2017-11: GBX 66.00 per share

- 2017-12: GBX 68.06 per share

- 2018-01: GBX 69.51 per share

- 2018-02: GBX 68.80 per share

- 2018-03: GBX 64.66 per share

- 2018-04: GBX 64.66 per share

- 2018-05: GBX 63.21 per share

- 2018-06: GBX 63.05 per share

- 2018-07: GBX 62.38 per share

- 2018-08: GBX 59.30 per share

- 2018-09: GBX 59.27 per share

- 2018-10: GBX 57.22 per share

- 2018-11: GBX 55.36 per share

- 2018-12: GBX 51.85 per share

- 2019-01: GBX 57.90 per share

- 2019-02: GBX 63.54 per share

- 2019-03: GBX 62.14 per share

- 2019-04: GBX 62.57 per share

- 2019-05: GBX 57.26 per share

- 2019-06: GBX 56.59 per share

- 2019-07: GBX 53.33 per share

- 2019-08: GBX 49.83 per share

- 2019-09: GBX 54.12 per share

- 2019-10: GBX 56.80 per share

- 2019-11: GBX 61.15 per share

- 2019-12: GBX 62.50 per share

- 2020-01: GBX 56.79 per share

- 2020-02: GBX 50.20 per share

- 2020-03: GBX 32.00 per share

- 2020-04: GBX 32.24 per share

- 2020-05: GBX 29.87 per share

- 2020-06: GBX 31.18 per share

- 2020-07: GBX 26.29 per share

- 2020-08: GBX 28.35 per share

- 2020-09: GBX 26.36 per share

- 2020-10: GBX 28.03 per share

- 2020-11: GBX 35.62 per share

- 2020-12: GBX 36.44 per share

- 2021-01: GBX 33.00 per share

- 2021-02: GBX 39.00 per share

- 2021-03: GBX 42.54 per share

- 2021-04: GBX 45.44 per share

- 2021-05: GBX 49.89 per share

- 2021-06: GBX 46.69 per share

- 2021-07: GBX 45.64 per share

- 2021-08: GBX 43.78 per share

- 2021-09: GBX 46.57 per share

- 2021-10: GBX 50.22 per share

- 2021-11: GBX 46.80 per share

- 2021-12: GBX 47.80 per share

- 2022-01: GBX 51.05 per share

- 2022-02: GBX 48.44 per share

- 2022-03: GBX 47.06 per share

- 2022-04: GBX 45.88 per share

- 2022-05: GBX 44.89 per share

- 2022-06: GBX 42.31 per share

- 2022-07: GBX 45.25 per share

- 2022-08: GBX 43.88 per share

- 2022-09: GBX 41.39 per share

- 2022-10: GBX 42.02 per share

- 2022-11: GBX 46.91 per share

- 2022-12: GBX 45.41 per share

- 2023-01: GBX 52.58 per share

- 2023-02: GBX 52.62 per share

- 2023-03: GBX 47.68 per share

- 2023-04: GBX 48.20 per share

- 2023-05: GBX 44.17 per share

- 2023-06: GBX 43.59 per share

- 2023-07: GBX 44.94 per share

- 2023-08: GBX 42.36 per share

- 2023-09: GBX 44.37 per share

- 2023-10: GBX 39.94 per share

- 2023-11: GBX 43.47 per share

- 2023-12: GBX 47.71 per share

- 2024-01: GBX 42.54 per share

- 2024-02: GBX 46.57 per share

- 2024-03: GBX 51.76 per share

- 2024-04: GBX 51.90 per share

- 2024-05: GBX 55.52 per share

- 2024-06: GBX 54.74 per share

- 2024-07: GBX 59.58 per share

- 2024-08: GBX 58.50 per share

- 2024-09: GBX 58.80 per share

- 2024-10: GBX 53.40 per share

- 2024-11: GBX 53.06 per share

- 2024-12: GBX 54.78 per share

- 2025-01: GBX 62.34 per share

- 2025-02: GBX 72.98 per share

- 2025-03: GBX 72.08 per share

- 2025-04: GBX 73.28 per share

- 2025-05: GBX 77.20 per share

- 2025-06: GBX 76.70 per share

- 2025-07: GBX 77.80 per share

- 2025-08: GBX 79.52 per share

- 2025-09: GBX 83.82 per share

- 2025-10: GBX 89.08 per share

- 2025-11: GBX 96.14 per share

- 2025-12: GBX 98.24 per share

- 2026-01: GBX 108.95 per share

- 2026-02: GBX 102.45 per share

- 2026-03: GBX 92.34 per share

- 2026-04: GBX 99.69 per share

- 2026-05: GBX 101.90 per share

- 2026-06: GBX 111.10 per share

- 2026-07: GBX 114.70 per share

- 2026-08: GBX 109.95 per share

- 2026-09: GBX 106.90 per share

- 2026-10: GBX 104.40 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 15.58 per share, central GBX 17.14 per share, high GBX 19.04 per share

- FY2017: low GBX 13.31 per share, central GBX 14.64 per share, high GBX 16.27 per share

- FY2018: low GBX 14.42 per share, central GBX 15.86 per share, high GBX 17.62 per share

- FY2019: low GBX 10.82 per share, central GBX 12.00 per share, high GBX 13.47 per share

- FY2020: low GBX 18.14 per share, central GBX 19.95 per share, high GBX 22.17 per share

- FY2021: low GBX 21.82 per share, central GBX 24.00 per share, high GBX 26.67 per share

- FY2022: low GBX 28.35 per share, central GBX 31.18 per share, high GBX 34.65 per share

- FY2023: low GBX 33.18 per share, central GBX 39.13 per share, high GBX 47.68 per share

- FY2024: low GBX 44.32 per share, central GBX 53.35 per share, high GBX 67.00 per share

- FY2025: low GBX 56.54 per share, central GBX 69.71 per share, high GBX 90.89 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 2026-10-15T06:39:31.420Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Lloyds Banking Group

LLOY · LSE

FTSE 100 · STOXX Europe 600

Not a wonderful business

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

Share price: GBX 105.85
Buy up to: GBX 69.89
Expected / yr: 6.6% 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

Profits were positive in 10 years (at least 9 needed).

Net income

10y median: GBP 4.1B
Worst year: GBP 865M
Latest · 2025: GBP 4.2B

Earned a median 9.9% on tangible equity (minimum 12%), and the second-worst year 3.9% (minimum 5%).

Return on tangible common equity

10y median: 9.9%
Worst year: 2.0%
Latest · 2025: 10.7%

Book value plus dividends grew 4.4% a year (minimum 7%).

Annual book + dividend return

10y median: 5.5%
Worst year: -10.1%
Latest · 2025: 14.2%

Book value gained 0.01 per share against 0.1 kept (must cover the amount kept).

Shares (first year = 100)

11y median: 100
Worst year: 116
Latest · 2025: 89

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 0.08 GBP.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price GBX 57.26 · Value 17.14 · Buy at or below 17.14; 2016-11 · Price GBX 57.87 · Value 17.14 · Buy at or below 17.14; 2016-12 · Price GBX 62.51 · Value 17.14 · Buy at or below 17.14; 2017-01 · Price GBX 64.93 · Value 17.14 · Buy at or below 17.14; 2017-02 · Price GBX 68.67 · Value 14.64 · Buy at or below 14.64; 2017-03 · Price GBX 66.32 · Value 14.64 · Buy at or below 14.64; 2017-04 · Price GBX 69.20 · Value 14.64 · Buy at or below 14.64; 2017-05 · Price GBX 70.59 · Value 14.64 · Buy at or below 14.64; 2017-06 · Price GBX 66.15 · Value 14.64 · Buy at or below 14.64; 2017-07 · Price GBX 65.58 · Value 14.64 · Buy at or below 14.64; 2017-08 · Price GBX 63.82 · Value 14.64 · Buy at or below 14.64; 2017-09 · Price GBX 67.73 · Value 14.64 · Buy at or below 14.64; 2017-10 · Price GBX 68.29 · Value 14.64 · Buy at or below 14.64; 2017-11 · Price GBX 66.00 · Value 14.64 · Buy at or below 14.64; 2017-12 · Price GBX 68.06 · Value 14.64 · Buy at or below 14.64; 2018-01 · Price GBX 69.51 · Value 14.64 · Buy at or below 14.64; 2018-02 · Price GBX 68.80 · Value 15.86 · Buy at or below 15.86; 2018-03 · Price GBX 64.66 · Value 15.86 · Buy at or below 15.86; 2018-04 · Price GBX 64.66 · Value 15.86 · Buy at or below 15.86; 2018-05 · Price GBX 63.21 · Value 15.86 · Buy at or below 15.86; 2018-06 · Price GBX 63.05 · Value 15.86 · Buy at or below 15.86; 2018-07 · Price GBX 62.38 · Value 15.86 · Buy at or below 15.86; 2018-08 · Price GBX 59.30 · Value 15.86 · Buy at or below 15.86; 2018-09 · Price GBX 59.27 · Value 15.86 · Buy at or below 15.86; 2018-10 · Price GBX 57.22 · Value 15.86 · Buy at or below 15.86; 2018-11 · Price GBX 55.36 · Value 15.86 · Buy at or below 15.86; 2018-12 · Price GBX 51.85 · Value 15.86 · Buy at or below 15.86; 2019-01 · Price GBX 57.90 · Value 15.86 · Buy at or below 15.86; 2019-02 · Price GBX 63.54 · Value 12.00 · Buy at or below 12.00; 2019-03 · Price GBX 62.14 · Value 12.00 · Buy at or below 12.00; 2019-04 · Price GBX 62.57 · Value 12.00 · Buy at or below 12.00; 2019-05 · Price GBX 57.26 · Value 12.00 · Buy at or below 12.00; 2019-06 · Price GBX 56.59 · Value 12.00 · Buy at or below 12.00; 2019-07 · Price GBX 53.33 · Value 12.00 · Buy at or below 12.00; 2019-08 · Price GBX 49.83 · Value 12.00 · Buy at or below 12.00; 2019-09 · Price GBX 54.12 · Value 12.00 · Buy at or below 12.00; 2019-10 · Price GBX 56.80 · Value 12.00 · Buy at or below 12.00; 2019-11 · Price GBX 61.15 · Value 12.00 · Buy at or below 12.00; 2019-12 · Price GBX 62.50 · Value 12.00 · Buy at or below 12.00; 2020-01 · Price GBX 56.79 · Value 12.00 · Buy at or below 12.00; 2020-02 · Price GBX 50.20 · Value 19.95 · Buy at or below 19.95; 2020-03 · Price GBX 32.00 · Value 19.95 · Buy at or below 19.95; 2020-04 · Price GBX 32.24 · Value 19.95 · Buy at or below 19.95; 2020-05 · Price GBX 29.87 · Value 19.95 · Buy at or below 19.95; 2020-06 · Price GBX 31.18 · Value 19.95 · Buy at or below 19.95; 2020-07 · Price GBX 26.29 · Value 19.95 · Buy at or below 19.95; 2020-08 · Price GBX 28.35 · Value 19.95 · Buy at or below 19.95; 2020-09 · Price GBX 26.36 · Value 19.95 · Buy at or below 19.95; 2020-10 · Price GBX 28.02 · Value 19.95 · Buy at or below 19.95; 2020-11 · Price GBX 35.62 · Value 19.95 · Buy at or below 19.95; 2020-12 · Price GBX 36.44 · Value 19.95 · Buy at or below 19.95; 2021-01 · Price GBX 33.00 · Value 19.95 · Buy at or below 19.95; 2021-02 · Price GBX 39.00 · Value 24.00 · Buy at or below 24.00; 2021-03 · Price GBX 42.53 · Value 24.00 · Buy at or below 24.00; 2021-04 · Price GBX 45.44 · Value 24.00 · Buy at or below 24.00; 2021-05 · Price GBX 49.89 · Value 24.00 · Buy at or below 24.00; 2021-06 · Price GBX 46.69 · Value 24.00 · Buy at or below 24.00; 2021-07 · Price GBX 45.63 · Value 24.00 · Buy at or below 24.00; 2021-08 · Price GBX 43.77 · Value 24.00 · Buy at or below 24.00; 2021-09 · Price GBX 46.57 · Value 24.00 · Buy at or below 24.00; 2021-10 · Price GBX 50.22 · Value 24.00 · Buy at or below 24.00; 2021-11 · Price GBX 46.80 · Value 24.00 · Buy at or below 24.00; 2021-12 · Price GBX 47.80 · Value 24.00 · Buy at or below 24.00; 2022-01 · Price GBX 51.05 · Value 24.00 · Buy at or below 24.00; 2022-02 · Price GBX 48.44 · Value 31.18 · Buy at or below 31.18; 2022-03 · Price GBX 47.05 · Value 31.18 · Buy at or below 31.18; 2022-04 · Price GBX 45.88 · Value 31.18 · Buy at or below 31.18; 2022-05 · Price GBX 44.89 · Value 31.18 · Buy at or below 31.18; 2022-06 · Price GBX 42.31 · Value 31.18 · Buy at or below 31.18; 2022-07 · Price GBX 45.24 · Value 31.18 · Buy at or below 31.18; 2022-08 · Price GBX 43.88 · Value 31.18 · Buy at or below 31.18; 2022-09 · Price GBX 41.39 · Value 31.18 · Buy at or below 31.18; 2022-10 · Price GBX 42.02 · Value 31.18 · Buy at or below 31.18; 2022-11 · Price GBX 46.91 · Value 31.18 · Buy at or below 31.18; 2022-12 · Price GBX 45.41 · Value 31.18 · Buy at or below 31.18; 2023-01 · Price GBX 52.58 · Value 31.18 · Buy at or below 31.18; 2023-02 · Price GBX 52.62 · Value 39.13 · Buy at or below 39.13; 2023-03 · Price GBX 47.67 · Value 39.13 · Buy at or below 39.13; 2023-04 · Price GBX 48.20 · Value 39.13 · Buy at or below 39.13; 2023-05 · Price GBX 44.17 · Value 39.13 · Buy at or below 39.13; 2023-06 · Price GBX 43.59 · Value 39.13 · Buy at or below 39.13; 2023-07 · Price GBX 44.94 · Value 39.13 · Buy at or below 39.13; 2023-08 · Price GBX 42.35 · Value 39.13 · Buy at or below 39.13; 2023-09 · Price GBX 44.37 · Value 39.13 · Buy at or below 39.13; 2023-10 · Price GBX 39.94 · Value 39.13 · Buy at or below 39.13; 2023-11 · Price GBX 43.47 · Value 39.13 · Buy at or below 39.13; 2023-12 · Price GBX 47.71 · Value 39.13 · Buy at or below 39.13; 2024-01 · Price GBX 42.53 · Value 39.13 · Buy at or below 39.13; 2024-02 · Price GBX 46.57 · Value 53.35 · Buy at or below 53.35; 2024-03 · Price GBX 51.76 · Value 53.35 · Buy at or below 53.35; 2024-04 · Price GBX 51.90 · Value 53.35 · Buy at or below 53.35; 2024-05 · Price GBX 55.52 · Value 53.35 · Buy at or below 53.35; 2024-06 · Price GBX 54.74 · Value 53.35 · Buy at or below 53.35; 2024-07 · Price GBX 59.58 · Value 53.35 · Buy at or below 53.35; 2024-08 · Price GBX 58.50 · Value 53.35 · Buy at or below 53.35; 2024-09 · Price GBX 58.80 · Value 53.35 · Buy at or below 53.35; 2024-10 · Price GBX 53.40 · Value 53.35 · Buy at or below 53.35; 2024-11 · Price GBX 53.06 · Value 53.35 · Buy at or below 53.35; 2024-12 · Price GBX 54.78 · Value 53.35 · Buy at or below 53.35; 2025-01 · Price GBX 62.34 · Value 53.35 · Buy at or below 53.35; 2025-02 · Price GBX 72.98 · Value 69.71 · Buy at or below 69.71; 2025-03 · Price GBX 72.08 · Value 69.71 · Buy at or below 69.71; 2025-04 · Price GBX 73.28 · Value 69.71 · Buy at or below 69.71; 2025-05 · Price GBX 77.20 · Value 69.71 · Buy at or below 69.71; 2025-06 · Price GBX 76.70 · Value 69.71 · Buy at or below 69.71; 2025-07 · Price GBX 77.80 · Value 69.71 · Buy at or below 69.71; 2025-08 · Price GBX 79.52 · Value 69.71 · Buy at or below 69.71; 2025-09 · Price GBX 83.82 · Value 69.71 · Buy at or below 69.71; 2025-10 · Price GBX 89.08 · Value 69.71 · Buy at or below 69.71; 2025-11 · Price GBX 96.14 · Value 69.71 · Buy at or below 69.71; 2025-12 · Price GBX 98.24 · Value 69.71 · Buy at or below 69.71; 2026-01 · Price GBX 108.95 · Value 69.71 · Buy at or below 69.71; 2026-02 · Price GBX 102.45 · Value 69.89 · Buy at or below 69.89; 2026-03 · Price GBX 92.34 · Value 69.89 · Buy at or below 69.89; 2026-04 · Price GBX 99.69 · Value 69.89 · Buy at or below 69.89; 2026-05 · Price GBX 101.90 · Value 69.89 · Buy at or below 69.89; 2026-06 · Price GBX 111.10 · Value 69.89 · Buy at or below 69.89; 2026-07 · Price GBX 114.70 · Value 69.89 · Buy at or below 69.89; 2026-08 · Price GBX 109.95 · Value 69.89 · Buy at or below 69.89; 2026-09 · Price GBX 106.90 · Value 69.89 · Buy at or below 69.89; 2026-10 · Price GBX 104.40 · Value 69.89 · Buy at or below 69.89; 2026-10 · Price GBX 105.85 · Value 69.89 · Buy at or below 69.89

GBX per share · annual estimates

Price & return math
Value range	GBX 63.54 – GBX 77.66
Buy at or below	Central value GBX 69.89
Discount to value	1 − 105.85 / 69.89 = -51.4%
Return / year	About 6.6% a year at today's price (required return 10.0%)
Cash-flow inputs	Book GBX 67.95/share; ROE 10.3%; first payout GBX 6.99/share, growing 0.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeGBP 4.2B

Net income

Book / shareGBP 0.65

Book / share

Dividend / shareGBP 0.03

Dividend / share

Return on tangible equity10.7%

Return on tangible equity

Diluted shares60B

Diluted shares

Prices 15 Oct 2026 · FY2025