# Pollen Street (POLN.LSE)

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

Analysis as of: 2026-10-16T07:45:21.727Z. Financial observations: FY2016–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 912.00 per share; close as of 2026-10-15.

Estimated value: low GBX 1,109.31 per share, central GBX 1,259.45 per share, high GBX 1,459.31 per share. Buy at or below the central value GBX 1,259.45 per share. Valuation as of 2026-10-16T07:45:21.727Z; scenarios are not confidence intervals.

Expected annual return: 12.8% at the stated quote. About 12.8% 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: 0.20×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.82×

- FY2017: 0.80×

- FY2018: 0.75×

- FY2019: 0.67×

- FY2020: 0.74×

- FY2021: 0.75×

- FY2022: 0.69×

- FY2023: 0.43×

- FY2024: 0.49×

- FY2025: 0.48×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 11.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: 6.2%

- ROIC, second-lowest year: 4.6%

- Typical minus recent gross margin: 11.1 pp

- Typical gross margin (annual median): 85.0%

- Recent gross margin (lower of latest and 3-year median): 73.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.2%

- ROIC including acquisitions, ten-year median: 5.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.1%

- FY2017: 5.7%

- FY2018: 5.6%

- FY2019: 4.6%

- FY2020: 4.6%

- FY2021: 4.5%

- FY2022: 6.8%

- FY2023: 7.5%

- FY2024: 9.6%

- FY2025: 10.5%

### economics: pass

- Owner earnings / net income, 5-yr: 0.82×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 166M

- Net income, five-year total: GBP 203M

- Return on incremental invested capital: 181.9%

- Working capital / revenue, annual change: -0.7 pp

- Working capital / revenue, change between three-year averages: -5.7 pp

- Working capital / revenue, final three-year average: -0.6%

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

- FY2021: -0.42×

- FY2022: 1.01×

- FY2023: 1.04×

- FY2024: 1.04×

- FY2025: 1.04×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 5.7% vs 9.6%

- Per-share earnings: 0.81 to 0.79 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 10.4%

- Market cap gain: GBP 438M

- Cumulative retained earnings: GBP 48M

- Diluted shares, 5-year annual growth: 10.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -0.4%

- Per-share value change: GBP -0.02

- Per-share value, starting three-year median: GBP 0.81

- Per-share value, ending three-year median: GBP 0.79

- Buybacks concentrated in cheaper years (correlation): -0.10

- Average buyback yield: 3.7%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Cumulative net income, 10 years: GBP 316M

- ROIC, first three-year median: 5.7%

- ROIC, last three-year median: 9.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.94

- FY2017: GBP 0.81

- FY2018: GBP 0.77

- FY2019: GBP 0.79

- FY2020: GBP 0.56

- FY2021: GBP 0.86

- FY2022: GBP 0.62

- FY2023: GBP 0.62

- FY2024: GBP 0.79

- FY2025: GBP 0.94

### accounting: pass

- Sloan accruals: 1.1%

- Receivables to sales index (DSRI): 0.80×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.83×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.76×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.1%

- FY2017: -1.3%

- FY2018: -1.2%

- FY2019: -0.5%

- FY2020: -6.4%

- FY2021: 3.6%

- FY2022: -5.0%

- FY2023: -7.7%

- FY2024: -4.3%

- FY2025: 1.1%

## Holders

## Price story

Price needs cash profits to shrink 3.2% a year for ten years · sales +13.6%

Story as of 2026-10-16T10:00:13.389Z; price observation 2026-10-15.

Price needs cash profits to shrink 3.2% a year for ten years

### Sales · FY2024–2025

sales +13.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: GBP 18M 

- FY2017: GBP 32M 

- FY2018: GBP 54M 

- FY2019: GBP 63M 

- FY2020: GBP 55M 

- FY2021: GBP 56M 

- FY2022: GBP 60M 

- FY2023: GBP 103M 

- FY2024: GBP 118M 

- FY2025: GBP 135M 

### Gross margin · FY2025

gross margin 73.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 85.3% 

- FY2017: 82.7% 

- FY2018: 85.0% 

- FY2019: 84.5% 

- FY2020: 84.9% 

- FY2021: 82.8% 

- FY2022: 99.2% 

- FY2023: 99.1% 

- FY2024: 86.2% 

- FY2025: 73.8% 

## Owner memo

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

### How it makes money

Operates in asset management; annual sales are GBP 134.5 million.

- Source: https://filings.xbrl.org/894500LP94M98N8CY487/2025-12-31/ESEF/GB/0/894500LP94M98N8CY487-2025-12-31-T01.json (filed 2026-10-16T07:45:21.727Z); FY2025: revenue 134519000; grossProfit 99335000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 73.8% to 99.1% during 2023–25; it earns 6.2% on its capital.

- Source: https://eodhd.com/api/fundamentals/POLN.LSE.json#2023-12-31 (filed 2026-10-16T07:45:21.727Z); FY2023: grossProfit / revenue = 99.1%.

- Source: https://eodhd.com/api/fundamentals/POLN.LSE.json#2024-12-31 (filed 2026-10-16T07:45:21.727Z); FY2024: grossProfit / revenue = 86.2%.

- Source: https://eodhd.com/api/fundamentals/POLN.LSE.json#2025-12-31 (filed 2026-10-16T07:45:21.727Z); FY2025: grossProfit / revenue = 73.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:21.727Z); 10-year return on capital observations [[2016,0.07098947832854333],[2017,0.05656305506216696],[2018,0.05554875482106863],[2019,0.046204976697595775],[2020,0.046448753394353975],[2021,0.04481134303176772],[2022,0.06785795788784314],[2023,0.07541633665820147],[2024,0.09628175377027116],[2025,0.10483486925834665]]; median 0.06221050647500505. 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 6.6 million of shares.

- Source: https://eodhd.com/api/fundamentals/POLN.LSE.json#2016-12-31 (filed 2026-10-16T07:45:21.727Z); FY2016: growth capex 0; upkeep 468000; owner earnings 11448000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/POLN.LSE.json#2017-12-31 (filed 2026-10-16T07:45:21.727Z); FY2017: growth capex 0; upkeep 213000; owner earnings 20988000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/POLN.LSE.json#2018-12-31 (filed 2026-10-16T07:45:21.727Z); FY2018: growth capex 0; upkeep 150000; owner earnings 28322000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/POLN.LSE.json#2019-12-31 (filed 2026-10-16T07:45:21.727Z); FY2019: growth capex 0; upkeep 0; owner earnings 31387000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/POLN.LSE.json#2020-12-31 (filed 2026-10-16T07:45:21.727Z); FY2020: growth capex 0; upkeep 0; owner earnings 20742000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/POLN.LSE.json#2022-12-31 (filed 2026-10-16T07:45:21.727Z); FY2022: growth capex 0; upkeep 269000; cash acquisitions 0; owner earnings 26574000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/POLN.LSE.json#2023-12-31 (filed 2026-10-16T07:45:21.727Z); FY2023: growth capex 0; upkeep 137000; cash acquisitions 0; owner earnings 41676000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/POLN.LSE.json#2024-12-31 (filed 2026-10-16T07:45:21.727Z); FY2024: growth capex 0; upkeep 156000; owner earnings 51812000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/POLN.LSE.json#2025-12-31 (filed 2026-10-16T07:45:21.727Z); FY2025: growth capex 0; upkeep 565000; owner earnings 58801000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:21.727Z); Dividend observations: [[2016,6735000],[2017,21535000],[2018,27750000],[2019,31560000],[2020,29005000],[2021,28208000],[2022,28905000],[2023,31664000],[2024,24863000],[2025,32778000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/894500LP94M98N8CY487/2025-12-31/ESEF/GB/0/894500LP94M98N8CY487-2025-12-31-T01.json (filed 2026-10-16T07:45:21.727Z); FY2025: cash repurchases 6637000 GBP.

### Are managers owners

Insiders own 50.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); POLN.LSE SharesStats.PercentInsiders = 50.418 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 3.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:21.727Z); Ten-year compound average after fade. Initial solved rate -0.05832476435781174. Price 912; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2016-10: GBX 1,015.00 per share

- 2016-11: GBX 1,015.00 per share

- 2016-12: GBX 1,020.50 per share

- 2017-01: GBX 1,060.50 per share

- 2017-02: GBX 1,100.00 per share

- 2017-03: GBX 1,105.00 per share

- 2017-04: GBX 1,125.00 per share

- 2017-05: GBX 1,115.00 per share

- 2017-06: GBX 1,170.00 per share

- 2017-07: GBX 1,202.50 per share

- 2017-08: GBX 1,207.50 per share

- 2017-09: GBX 1,192.50 per share

- 2017-10: GBX 1,182.50 per share

- 2017-11: GBX 1,175.00 per share

- 2017-12: GBX 1,157.50 per share

- 2018-01: GBX 1,135.00 per share

- 2018-02: GBX 1,135.00 per share

- 2018-03: GBX 1,135.00 per share

- 2018-04: GBX 1,115.00 per share

- 2018-05: GBX 1,115.00 per share

- 2018-06: GBX 1,130.00 per share

- 2018-07: GBX 1,125.00 per share

- 2018-08: GBX 1,125.00 per share

- 2018-09: GBX 1,135.00 per share

- 2018-10: GBX 1,130.00 per share

- 2018-11: GBX 1,130.00 per share

- 2018-12: GBX 1,130.00 per share

- 2019-01: GBX 1,130.00 per share

- 2019-02: GBX 1,130.00 per share

- 2019-03: GBX 1,130.00 per share

- 2019-04: GBX 1,130.00 per share

- 2019-05: GBX 1,115.00 per share

- 2019-06: GBX 1,110.00 per share

- 2019-07: GBX 1,110.00 per share

- 2019-08: GBX 1,105.00 per share

- 2019-09: GBX 1,035.00 per share

- 2019-10: GBX 995.00 per share

- 2019-11: GBX 980.00 per share

- 2019-12: GBX 972.50 per share

- 2020-01: GBX 940.00 per share

- 2020-02: GBX 920.00 per share

- 2020-03: GBX 750.00 per share

- 2020-04: GBX 740.00 per share

- 2020-05: GBX 740.00 per share

- 2020-06: GBX 752.50 per share

- 2020-07: GBX 762.50 per share

- 2020-08: GBX 817.50 per share

- 2020-09: GBX 900.00 per share

- 2020-10: GBX 935.00 per share

- 2020-11: GBX 935.00 per share

- 2020-12: GBX 942.50 per share

- 2021-01: GBX 970.00 per share

- 2021-02: GBX 960.00 per share

- 2021-03: GBX 940.00 per share

- 2021-04: GBX 965.00 per share

- 2021-05: GBX 960.00 per share

- 2021-06: GBX 970.00 per share

- 2021-07: GBX 970.00 per share

- 2021-08: GBX 955.00 per share

- 2021-09: GBX 970.00 per share

- 2021-10: GBX 970.00 per share

- 2021-11: GBX 965.00 per share

- 2021-12: GBX 945.00 per share

- 2022-01: GBX 960.00 per share

- 2022-02: GBX 850.00 per share

- 2022-03: GBX 935.00 per share

- 2022-04: GBX 930.00 per share

- 2022-05: GBX 930.00 per share

- 2022-06: GBX 890.00 per share

- 2022-07: GBX 900.00 per share

- 2022-08: GBX 871.00 per share

- 2022-09: GBX 780.00 per share

- 2022-10: GBX 710.00 per share

- 2022-11: GBX 659.00 per share

- 2022-12: GBX 512.00 per share

- 2023-01: GBX 550.00 per share

- 2023-02: GBX 564.00 per share

- 2023-03: GBX 560.00 per share

- 2023-04: GBX 646.00 per share

- 2023-05: GBX 691.00 per share

- 2023-06: GBX 594.00 per share

- 2023-07: GBX 620.00 per share

- 2023-08: GBX 614.00 per share

- 2023-09: GBX 595.00 per share

- 2023-10: GBX 598.00 per share

- 2023-11: GBX 578.00 per share

- 2023-12: GBX 629.00 per share

- 2024-01: GBX 607.00 per share

- 2024-02: GBX 556.00 per share

- 2024-03: GBX 666.00 per share

- 2024-04: GBX 686.00 per share

- 2024-05: GBX 676.00 per share

- 2024-06: GBX 726.00 per share

- 2024-07: GBX 710.00 per share

- 2024-08: GBX 700.00 per share

- 2024-09: GBX 696.00 per share

- 2024-10: GBX 674.00 per share

- 2024-11: GBX 714.00 per share

- 2024-12: GBX 754.00 per share

- 2025-01: GBX 790.00 per share

- 2025-02: GBX 716.00 per share

- 2025-03: GBX 742.00 per share

- 2025-04: GBX 732.00 per share

- 2025-05: GBX 758.00 per share

- 2025-06: GBX 786.00 per share

- 2025-07: GBX 844.00 per share

- 2025-08: GBX 880.00 per share

- 2025-09: GBX 926.00 per share

- 2025-10: GBX 886.00 per share

- 2025-11: GBX 964.00 per share

- 2025-12: GBX 942.00 per share

- 2026-01: GBX 918.00 per share

- 2026-02: GBX 810.00 per share

- 2026-03: GBX 838.00 per share

- 2026-04: GBX 851.00 per share

- 2026-05: GBX 858.00 per share

- 2026-06: GBX 835.00 per share

- 2026-07: GBX 858.00 per share

- 2026-08: GBX 888.00 per share

- 2026-09: GBX 921.00 per share

- 2026-10: GBX 912.00 per share

## Annual estimated value (GBX per share)

- FY2020: low GBX 1,020.25 per share, central GBX 1,137.80 per share, high GBX 1,294.30 per share

- FY2021: low GBX 910.07 per share, central GBX 1,030.93 per share, high GBX 1,191.82 per share

- FY2022: low GBX 736.42 per share, central GBX 830.78 per share, high GBX 956.38 per share

- FY2023: low GBX 736.98 per share, central GBX 834.80 per share, high GBX 965.01 per share

- FY2024: low GBX 844.51 per share, central GBX 959.01 per share, high GBX 1,111.44 per share

- FY2025: low GBX 1,083.77 per share, central GBX 1,231.08 per share, high GBX 1,427.19 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 2026-10-15T06:51:16.296Z 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.

Pollen Street

POLN · LSE

FTSE 250

Not a wonderful business

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

Share price: GBX 912.00
Buy up to: GBX 1,259.45
Expected / yr: 12.8% 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 20.5% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 71.3%
Worst year: 43.1%
Latest · 2025: 47.9%

Capital return excluding acquisitions: median 6.2% (minimum 15%), and the second-worst year 4.6% (minimum 10%), and gross margin fell 11.1 percentage points (limit 4).

ROIC excluding acquisitions

10y median: 6.2%
Worst year: 4.5%
Latest · 2025: 10.5%

Each $1 of profit left $0.82 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.82×
Annual median: 1.04×
Latest · 2025: 1.04×

Per-share value fell from 0.81 to 0.79, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: GBP 0.79
Worst year: GBP 0.56
Latest · 2025: GBP 0.94

Profits were backed by cash: accruals were 1.1% of assets (limit 10%).

Sloan accruals

10y median: -1.3%
Worst year: 3.6%
Latest · 2025: 1.1%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 66.3%, three-year average owner earnings per share 0.82 GBP.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price GBX 1015.00; 2016-11 · Price GBX 1015.00; 2016-12 · Price GBX 1020.50; 2017-01 · Price GBX 1060.50; 2017-02 · Price GBX 1100.00; 2017-03 · Price GBX 1105.00; 2017-04 · Price GBX 1125.00; 2017-05 · Price GBX 1115.00; 2017-06 · Price GBX 1170.00; 2017-07 · Price GBX 1202.50; 2017-08 · Price GBX 1207.50; 2017-09 · Price GBX 1192.50; 2017-10 · Price GBX 1182.50; 2017-11 · Price GBX 1175.00; 2017-12 · Price GBX 1157.50; 2018-01 · Price GBX 1135.00; 2018-02 · Price GBX 1135.00; 2018-03 · Price GBX 1135.00; 2018-04 · Price GBX 1115.00; 2018-05 · Price GBX 1115.00; 2018-06 · Price GBX 1130.00; 2018-07 · Price GBX 1125.00; 2018-08 · Price GBX 1125.00; 2018-09 · Price GBX 1135.00; 2018-10 · Price GBX 1130.00; 2018-11 · Price GBX 1130.00; 2018-12 · Price GBX 1130.00; 2019-01 · Price GBX 1130.00; 2019-02 · Price GBX 1130.00; 2019-03 · Price GBX 1130.00; 2019-04 · Price GBX 1130.00; 2019-05 · Price GBX 1115.00; 2019-06 · Price GBX 1110.00; 2019-07 · Price GBX 1110.00; 2019-08 · Price GBX 1105.00; 2019-09 · Price GBX 1035.00; 2019-10 · Price GBX 995.00; 2019-11 · Price GBX 980.00; 2019-12 · Price GBX 972.50; 2020-01 · Price GBX 940.00 · Value 1137.80 · Buy at or below 1137.80; 2020-02 · Price GBX 920.00 · Value 1137.80 · Buy at or below 1137.80; 2020-03 · Price GBX 750.00 · Value 1137.80 · Buy at or below 1137.80; 2020-04 · Price GBX 740.00 · Value 1137.80 · Buy at or below 1137.80; 2020-05 · Price GBX 740.00 · Value 1137.80 · Buy at or below 1137.80; 2020-06 · Price GBX 752.50 · Value 1137.80 · Buy at or below 1137.80; 2020-07 · Price GBX 762.50 · Value 1137.80 · Buy at or below 1137.80; 2020-08 · Price GBX 817.50 · Value 1137.80 · Buy at or below 1137.80; 2020-09 · Price GBX 900.00 · Value 1137.80 · Buy at or below 1137.80; 2020-10 · Price GBX 935.00 · Value 1137.80 · Buy at or below 1137.80; 2020-11 · Price GBX 935.00 · Value 1137.80 · Buy at or below 1137.80; 2020-12 · Price GBX 942.50 · Value 1137.80 · Buy at or below 1137.80; 2021-01 · Price GBX 970.00 · Value 1137.80 · Buy at or below 1137.80; 2021-02 · Price GBX 960.00 · Value 1030.93 · Buy at or below 1030.93; 2021-03 · Price GBX 940.00 · Value 1030.93 · Buy at or below 1030.93; 2021-04 · Price GBX 965.00 · Value 1030.93 · Buy at or below 1030.93; 2021-05 · Price GBX 960.00 · Value 1030.93 · Buy at or below 1030.93; 2021-06 · Price GBX 970.00 · Value 1030.93 · Buy at or below 1030.93; 2021-07 · Price GBX 970.00 · Value 1030.93 · Buy at or below 1030.93; 2021-08 · Price GBX 955.00 · Value 1030.93 · Buy at or below 1030.93; 2021-09 · Price GBX 970.00 · Value 1030.93 · Buy at or below 1030.93; 2021-10 · Price GBX 970.00 · Value 1030.93 · Buy at or below 1030.93; 2021-11 · Price GBX 965.00 · Value 1030.93 · Buy at or below 1030.93; 2021-12 · Price GBX 945.00 · Value 1030.93 · Buy at or below 1030.93; 2022-01 · Price GBX 960.00 · Value 1030.93 · Buy at or below 1030.93; 2022-02 · Price GBX 850.00 · Value 830.78 · Buy at or below 830.78; 2022-03 · Price GBX 935.00 · Value 830.78 · Buy at or below 830.78; 2022-04 · Price GBX 930.00 · Value 830.78 · Buy at or below 830.78; 2022-05 · Price GBX 930.00 · Value 830.78 · Buy at or below 830.78; 2022-06 · Price GBX 890.00 · Value 830.78 · Buy at or below 830.78; 2022-07 · Price GBX 900.00 · Value 830.78 · Buy at or below 830.78; 2022-08 · Price GBX 871.00 · Value 830.78 · Buy at or below 830.78; 2022-09 · Price GBX 780.00 · Value 830.78 · Buy at or below 830.78; 2022-10 · Price GBX 710.00 · Value 830.78 · Buy at or below 830.78; 2022-11 · Price GBX 659.00 · Value 830.78 · Buy at or below 830.78; 2022-12 · Price GBX 512.00 · Value 830.78 · Buy at or below 830.78; 2023-01 · Price GBX 550.00 · Value 830.78 · Buy at or below 830.78; 2023-02 · Price GBX 564.00 · Value 834.80 · Buy at or below 834.80; 2023-03 · Price GBX 560.00 · Value 834.80 · Buy at or below 834.80; 2023-04 · Price GBX 646.00 · Value 834.80 · Buy at or below 834.80; 2023-05 · Price GBX 691.00 · Value 834.80 · Buy at or below 834.80; 2023-06 · Price GBX 594.00 · Value 834.80 · Buy at or below 834.80; 2023-07 · Price GBX 620.00 · Value 834.80 · Buy at or below 834.80; 2023-08 · Price GBX 614.00 · Value 834.80 · Buy at or below 834.80; 2023-09 · Price GBX 595.00 · Value 834.80 · Buy at or below 834.80; 2023-10 · Price GBX 598.00 · Value 834.80 · Buy at or below 834.80; 2023-11 · Price GBX 578.00 · Value 834.80 · Buy at or below 834.80; 2023-12 · Price GBX 629.00 · Value 834.80 · Buy at or below 834.80; 2024-01 · Price GBX 607.00 · Value 834.80 · Buy at or below 834.80; 2024-02 · Price GBX 556.00 · Value 959.01 · Buy at or below 959.01; 2024-03 · Price GBX 666.00 · Value 959.01 · Buy at or below 959.01; 2024-04 · Price GBX 686.00 · Value 959.01 · Buy at or below 959.01; 2024-05 · Price GBX 676.00 · Value 959.01 · Buy at or below 959.01; 2024-06 · Price GBX 726.00 · Value 959.01 · Buy at or below 959.01; 2024-07 · Price GBX 710.00 · Value 959.01 · Buy at or below 959.01; 2024-08 · Price GBX 700.00 · Value 959.01 · Buy at or below 959.01; 2024-09 · Price GBX 696.00 · Value 959.01 · Buy at or below 959.01; 2024-10 · Price GBX 674.00 · Value 959.01 · Buy at or below 959.01; 2024-11 · Price GBX 714.00 · Value 959.01 · Buy at or below 959.01; 2024-12 · Price GBX 754.00 · Value 959.01 · Buy at or below 959.01; 2025-01 · Price GBX 790.00 · Value 959.01 · Buy at or below 959.01; 2025-02 · Price GBX 716.00 · Value 1231.08 · Buy at or below 1231.08; 2025-03 · Price GBX 742.00 · Value 1231.08 · Buy at or below 1231.08; 2025-04 · Price GBX 732.00 · Value 1231.08 · Buy at or below 1231.08; 2025-05 · Price GBX 758.00 · Value 1231.08 · Buy at or below 1231.08; 2025-06 · Price GBX 786.00 · Value 1231.08 · Buy at or below 1231.08; 2025-07 · Price GBX 844.00 · Value 1231.08 · Buy at or below 1231.08; 2025-08 · Price GBX 880.00 · Value 1231.08 · Buy at or below 1231.08; 2025-09 · Price GBX 926.00 · Value 1231.08 · Buy at or below 1231.08; 2025-10 · Price GBX 886.00 · Value 1231.08 · Buy at or below 1231.08; 2025-11 · Price GBX 964.00 · Value 1231.08 · Buy at or below 1231.08; 2025-12 · Price GBX 942.00 · Value 1231.08 · Buy at or below 1231.08; 2026-01 · Price GBX 918.00 · Value 1231.08 · Buy at or below 1231.08; 2026-02 · Price GBX 810.00 · Value 1259.45 · Buy at or below 1259.45; 2026-03 · Price GBX 838.00 · Value 1259.45 · Buy at or below 1259.45; 2026-04 · Price GBX 851.00 · Value 1259.45 · Buy at or below 1259.45; 2026-05 · Price GBX 858.00 · Value 1259.45 · Buy at or below 1259.45; 2026-06 · Price GBX 835.00 · Value 1259.45 · Buy at or below 1259.45; 2026-07 · Price GBX 858.00 · Value 1259.45 · Buy at or below 1259.45; 2026-08 · Price GBX 888.00 · Value 1259.45 · Buy at or below 1259.45; 2026-09 · Price GBX 921.00 · Value 1259.45 · Buy at or below 1259.45; 2026-10 · Price GBX 912.00 · Value 1259.45 · Buy at or below 1259.45; 2026-10 · Price GBX 912.00 · Value 1259.45 · Buy at or below 1259.45

GBX per share · annual estimates

Price & return math
Value range	GBX 1,109.31 – GBX 1,459.31
Buy at or below	Central value GBX 1,259.45
Discount to value	1 − 912.00 / 1259.45 = 27.6%
Return / year	About 12.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash GBX 99.62/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash GBX 20.40/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueGBP 135M

Revenue

Owner earningsGBP 59M

Owner earnings

Operating margin47.9%

Operating margin

Net cash / debtGBP -192M

Net cash / debt

Diluted shares60M

Diluted shares

Prices 15 Oct 2026 · FY2025