# Relx (REL.LSE)

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

Analysis as of: 2026-10-16T07:33:48.818Z. Financial observations: FY1996–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 2,886.00 per share; close as of 2026-10-15.

Estimated value: low GBX 2,039.07 per share, central GBX 2,751.27 per share, high GBX 3,223.72 per share. Buy at or below the central value GBX 2,751.27 per share. Valuation as of 2026-10-16T07:33:48.818Z; scenarios are not confidence intervals.

Expected annual return: 9.7% at the stated quote. About 9.7% 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: 0.10×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.25×

- FY2017: 0.26×

- FY2018: 0.26×

- FY2019: 0.27×

- FY2020: 0.21×

- FY2021: 0.26×

- FY2022: 0.27×

- FY2023: 0.29×

- FY2024: 0.30×

- FY2025: 0.31×

### moat: pass

- ROIC, median of available years: >100%

- ROIC, second-lowest year: 80.3%

- Typical minus recent gross margin: 1.0 pp

- Typical gross margin (annual median): 64.7%

- Recent gross margin (lower of latest and 3-year median): 63.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.7%

- ROIC including acquisitions, ten-year median: 23.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: >100%

- FY2018: 97.0%

- FY2019: >100%

- FY2020: 65.0%

- FY2021: 80.3%

- FY2022: >100%

- FY2023: >100%

- FY2024: >100%

- FY2025: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 1.32×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 12B

- Net income, five-year total: GBP 8.9B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -0.2 pp

- Working capital / revenue, final three-year average: 11.9%

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

- FY2021: 1.23×

- FY2022: 1.19×

- FY2023: 1.41×

- FY2024: 1.38×

- FY2025: 1.34×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 126.7% vs 128.7%

- Per-share earnings: 0.56 to 1.03 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.4%

- Ordinary dilution, 5-year annual growth: -1.1%

- Market cap gain: GBP 25B

- Cumulative retained earnings: GBP 4.4B

- Diluted shares, 10-year annual growth: -1.4%

- Diluted shares, 5-year annual growth: -1.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 8.0%

- Per-share value change: GBP 0.48

- Per-share value, starting three-year median: GBP 0.56

- Per-share value, ending three-year median: GBP 1.03

- Buybacks concentrated in cheaper years (correlation): 0.60

- Average buyback yield: 1.6%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 4.6B

- Cumulative net income, 10 years: GBP 16B

- ROIC, first three-year median: >100%

- ROIC, last three-year median: >100%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.56

- FY2017: GBP 0.82

- FY2018: GBP 0.72

- FY2019: GBP 0.77

- FY2020: GBP 0.63

- FY2021: GBP 0.76

- FY2022: GBP 0.85

- FY2023: GBP 0.94

- FY2024: GBP 1.03

- FY2025: GBP 1.13

### accounting: pass

- Sloan accruals: -5.5%

- Receivables to sales index (DSRI): 0.98×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.39×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 4.65×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.2%

- FY2017: -2.4%

- FY2018: -4.2%

- FY2019: -4.2%

- FY2020: -2.6%

- FY2021: -3.9%

- FY2022: -4.8%

- FY2023: -4.7%

- FY2024: -4.7%

- FY2025: -5.5%

## Holders

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

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

## Price story

Down 29% since Apr 2025 · "Currency effects decreased adjusted operating profit by 3%." (REL filing, Mar 2026) · sales +1.7%

Story as of 2026-10-16T09:59:57.860Z; price observation 2026-10-15.

Price needs cash profits to grow 6.1% a year for ten years

### Sales · FY2024–2025

sales +1.7%; source https://filings.xbrl.org/549300WSX3VBUFFJOO66/2025-12-31/ESEF/GB/0/549300WSX3VBUFFJOO66-2025-12-31.ZIP/reports/549300WSX3VBUFFJOO66-2025-12-31.html; observed 2026-03-04.

- FY2016: GBP 6.9B 

- FY2017: GBP 7.4B 

- FY2018: GBP 7.5B 

- FY2019: GBP 7.9B 

- FY2020: GBP 7.1B 

- FY2021: GBP 7.2B 

- FY2022: GBP 8.6B 

- FY2023: GBP 9.2B 

- FY2024: GBP 9.4B 

- FY2025: GBP 9.6B 

### Gross margin · FY2025

gross margin 63.7%; source https://filings.xbrl.org/549300WSX3VBUFFJOO66/2025-12-31/ESEF/GB/0/549300WSX3VBUFFJOO66-2025-12-31.ZIP/reports/549300WSX3VBUFFJOO66-2025-12-31.html; observed 2026-03-04.

- FY2016: 63.9% 

- FY2017: 64.2% 

- FY2018: 64.7% 

- FY2019: 65.0% 

- FY2020: 65.0% 

- FY2021: 64.6% 

- FY2022: 64.4% 

- FY2023: 64.9% 

- FY2024: 65.0% 

- FY2025: 63.7% 

## Owner memo

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

### How it makes money

Operates in specialty business services; annual sales are GBP 9.6 billion.

- Source: https://filings.xbrl.org/549300WSX3VBUFFJOO66/2025-12-31/ESEF/GB/0/549300WSX3VBUFFJOO66-2025-12-31.ZIP/reports/549300WSX3VBUFFJOO66-2025-12-31.html (filed 2026-03-04); FY2025: revenue 9590000000; grossProfit 6109000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); REL.LSE: RELX PLC, together with its subsidiaries, provides information-based analytics and decision tools for professional and business customers in North America, Europe, and internationally. It operates through four segments: Risk; Scientific, Technical & Medical; Legal; and Exhibitions. The Risk segment offers information-based analytics and decision tools that combine public and industry specific content with technology and algorithms to assist clients in evaluating and predicting risk, as well as a portfolio of commercial healthcare products. Its Scientific, Technical & Medical segment provides scientific and medical information and data sets for science and healthcare. The Legal segment provides legal, regulatory, and business information and analytics. Its Exhibitions segment combines digital tools and data to help customers connect in-person and online, discover new markets, source products, generate leads, and transact. The company was formerly known as Reed Elsevier PLC and changed its name to RELX PLC in July 2015. RELX PLC was incorporated in 1903 and is headquartered in London, the United Kingdom.

### Why customers stay

Margins ranged from 63.7% to 65% during 2023–25; it earns over 100% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2023: grossProfit / revenue = 64.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2024: grossProfit / revenue = 65%.

- Source: https://filings.xbrl.org/549300WSX3VBUFFJOO66/2025-12-31/ESEF/GB/0/549300WSX3VBUFFJOO66-2025-12-31.ZIP/reports/549300WSX3VBUFFJOO66-2025-12-31.html (filed 2026-03-04); FY2025: grossProfit / revenue = 63.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); 10-year return on capital observations [[2016,2.2257805245374596],[2017,1.266523328882444],[2018,0.9700040120083561],[2019,1.0608888365391245],[2020,0.6503726350647654],[2021,0.8032380356149138],[2022,1.005715207375228],[2023,1.1745395628740536],[2024,1.2870537542839822],[2025,1.3752674025181653]]; median 1.117714199706589. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 64% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/549300WSX3VBUFFJOO66/2025-12-31/ESEF/GB/0/549300WSX3VBUFFJOO66-2025-12-31.ZIP/reports/549300WSX3VBUFFJOO66-2025-12-31.html (filed 2026-03-04); Gross margin observations: [[2021,0.646327995582551],[2022,0.6439845668186601],[2023,0.648946621547866]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back GBP 1.6 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2016: growth capex 0; upkeep 51000000; owner earnings 1709000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2017: growth capex 0; upkeep 51000000; owner earnings 2264000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2018: growth capex 0; upkeep 56000000; owner earnings 2017000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2019: growth capex 0; upkeep 380000000; owner earnings 1739600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2020: growth capex 0; upkeep 362000000; owner earnings 1650000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2021: growth capex 0; upkeep 337000000; owner earnings 1816400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2022: growth capex 0; upkeep 436000000; owner earnings 1946600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2023: growth capex 0; upkeep 30000000; owner earnings 2515800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2024: growth capex 0; upkeep 20000000; owner earnings 2676400000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/549300WSX3VBUFFJOO66/2025-12-31/ESEF/GB/0/549300WSX3VBUFFJOO66-2025-12-31.ZIP/reports/549300WSX3VBUFFJOO66-2025-12-31.html (filed 2026-03-04); FY2025: growth capex 0; upkeep 21000000; owner earnings 2776600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Dividend observations: [[2016,683000000],[2017,762000000],[2018,796000000],[2019,842000000],[2020,880000000],[2021,920000000],[2022,983000000],[2023,1059000000],[2024,1121000000],[2025,1181000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/549300WSX3VBUFFJOO66/2025-12-31/ESEF/GB/0/549300WSX3VBUFFJOO66-2025-12-31.ZIP/reports/549300WSX3VBUFFJOO66-2025-12-31.html (filed 2026-03-04); FY2025: cash repurchases 1576000000 GBP.

### Are managers owners

Insiders own 0.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); REL.LSE SharesStats.PercentInsiders = 0.466 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6.1% yearly over ten years; actual growth was 8.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Ten-year compound average after fade. Initial solved rate 0.09312631710347921. Price 2886; FX 100; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.6932335102350266 → FY2025 1.5145093662744302. Closing-price date 2026-10-15.

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

- 2016-10: GBX 1,461.00 per share

- 2016-11: GBX 1,375.00 per share

- 2016-12: GBX 1,449.00 per share

- 2017-01: GBX 1,423.00 per share

- 2017-02: GBX 1,505.00 per share

- 2017-03: GBX 1,564.00 per share

- 2017-04: GBX 1,566.00 per share

- 2017-05: GBX 1,663.00 per share

- 2017-06: GBX 1,660.00 per share

- 2017-07: GBX 1,652.00 per share

- 2017-08: GBX 1,691.00 per share

- 2017-09: GBX 1,637.00 per share

- 2017-10: GBX 1,733.00 per share

- 2017-11: GBX 1,728.00 per share

- 2017-12: GBX 1,739.00 per share

- 2018-01: GBX 1,558.00 per share

- 2018-02: GBX 1,493.00 per share

- 2018-03: GBX 1,465.00 per share

- 2018-04: GBX 1,554.50 per share

- 2018-05: GBX 1,652.50 per share

- 2018-06: GBX 1,622.50 per share

- 2018-07: GBX 1,662.50 per share

- 2018-08: GBX 1,710.00 per share

- 2018-09: GBX 1,616.00 per share

- 2018-10: GBX 1,550.00 per share

- 2018-11: GBX 1,632.50 per share

- 2018-12: GBX 1,616.50 per share

- 2019-01: GBX 1,686.50 per share

- 2019-02: GBX 1,729.00 per share

- 2019-03: GBX 1,641.50 per share

- 2019-04: GBX 1,759.00 per share

- 2019-05: GBX 1,842.50 per share

- 2019-06: GBX 1,909.50 per share

- 2019-07: GBX 1,953.50 per share

- 2019-08: GBX 1,966.50 per share

- 2019-09: GBX 1,932.50 per share

- 2019-10: GBX 1,858.00 per share

- 2019-11: GBX 1,873.00 per share

- 2019-12: GBX 1,905.50 per share

- 2020-01: GBX 2,013.00 per share

- 2020-02: GBX 1,867.50 per share

- 2020-03: GBX 1,732.00 per share

- 2020-04: GBX 1,796.50 per share

- 2020-05: GBX 1,873.50 per share

- 2020-06: GBX 1,870.00 per share

- 2020-07: GBX 1,615.00 per share

- 2020-08: GBX 1,702.50 per share

- 2020-09: GBX 1,726.00 per share

- 2020-10: GBX 1,527.50 per share

- 2020-11: GBX 1,747.50 per share

- 2020-12: GBX 1,792.50 per share

- 2021-01: GBX 1,812.50 per share

- 2021-02: GBX 1,692.50 per share

- 2021-03: GBX 1,819.00 per share

- 2021-04: GBX 1,879.50 per share

- 2021-05: GBX 1,839.00 per share

- 2021-06: GBX 1,919.00 per share

- 2021-07: GBX 2,114.00 per share

- 2021-08: GBX 2,182.00 per share

- 2021-09: GBX 2,147.00 per share

- 2021-10: GBX 2,264.00 per share

- 2021-11: GBX 2,337.00 per share

- 2021-12: GBX 2,402.00 per share

- 2022-01: GBX 2,270.00 per share

- 2022-02: GBX 2,281.00 per share

- 2022-03: GBX 2,383.00 per share

- 2022-04: GBX 2,393.00 per share

- 2022-05: GBX 2,276.00 per share

- 2022-06: GBX 2,226.00 per share

- 2022-07: GBX 2,426.00 per share

- 2022-08: GBX 2,262.00 per share

- 2022-09: GBX 2,202.00 per share

- 2022-10: GBX 2,341.00 per share

- 2022-11: GBX 2,312.00 per share

- 2022-12: GBX 2,288.00 per share

- 2023-01: GBX 2,402.00 per share

- 2023-02: GBX 2,503.00 per share

- 2023-03: GBX 2,618.00 per share

- 2023-04: GBX 2,646.00 per share

- 2023-05: GBX 2,510.00 per share

- 2023-06: GBX 2,621.00 per share

- 2023-07: GBX 2,620.00 per share

- 2023-08: GBX 2,578.00 per share

- 2023-09: GBX 2,775.00 per share

- 2023-10: GBX 2,868.00 per share

- 2023-11: GBX 3,040.00 per share

- 2023-12: GBX 3,110.00 per share

- 2024-01: GBX 3,262.00 per share

- 2024-02: GBX 3,461.00 per share

- 2024-03: GBX 3,424.00 per share

- 2024-04: GBX 3,303.00 per share

- 2024-05: GBX 3,416.00 per share

- 2024-06: GBX 3,639.00 per share

- 2024-07: GBX 3,673.00 per share

- 2024-08: GBX 3,539.00 per share

- 2024-09: GBX 3,509.00 per share

- 2024-10: GBX 3,560.00 per share

- 2024-11: GBX 3,705.00 per share

- 2024-12: GBX 3,629.00 per share

- 2025-01: GBX 4,025.00 per share

- 2025-02: GBX 3,818.00 per share

- 2025-03: GBX 3,873.00 per share

- 2025-04: GBX 4,067.00 per share

- 2025-05: GBX 3,994.00 per share

- 2025-06: GBX 3,937.00 per share

- 2025-07: GBX 3,936.00 per share

- 2025-08: GBX 3,446.00 per share

- 2025-09: GBX 3,557.00 per share

- 2025-10: GBX 3,357.00 per share

- 2025-11: GBX 3,031.00 per share

- 2025-12: GBX 3,020.00 per share

- 2026-01: GBX 2,579.00 per share

- 2026-02: GBX 2,584.00 per share

- 2026-03: GBX 2,476.00 per share

- 2026-04: GBX 2,682.00 per share

- 2026-05: GBX 2,450.00 per share

- 2026-06: GBX 2,366.00 per share

- 2026-07: GBX 2,607.00 per share

- 2026-08: GBX 2,672.00 per share

- 2026-09: GBX 2,496.00 per share

- 2026-10: GBX 2,771.00 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 899.52 per share, central GBX 1,023.39 per share, high GBX 1,188.28 per share

- FY2017: low GBX 1,250.04 per share, central GBX 1,742.33 per share, high GBX 2,044.33 per share

- FY2018: low GBX 1,361.84 per share, central GBX 1,986.62 per share, high GBX 2,335.08 per share

- FY2019: low GBX 1,415.84 per share, central GBX 2,009.31 per share, high GBX 2,359.25 per share

- FY2020: low GBX 1,037.34 per share, central GBX 1,182.39 per share, high GBX 1,375.60 per share

- FY2021: low GBX 1,073.43 per share, central GBX 1,223.52 per share, high GBX 1,423.46 per share

- FY2022: low GBX 1,331.07 per share, central GBX 1,709.72 per share, high GBX 1,998.12 per share

- FY2023: low GBX 1,431.71 per share, central GBX 1,834.58 per share, high GBX 2,145.24 per share

- FY2024: low GBX 1,383.35 per share, central GBX 1,574.08 per share, high GBX 1,827.99 per share

- FY2025: low GBX 1,930.30 per share, central GBX 2,605.04 per share, high GBX 3,052.64 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/549300WSX3VBUFFJOO66/2025-12-31/ESEF/GB/0/549300WSX3VBUFFJOO66-2025-12-31.ZIP/reports/549300WSX3VBUFFJOO66-2025-12-31.html); period 2025-12-31, filed 2026-03-04.

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.

Relx

REL · LSE

FTSE 100 · STOXX Europe 600 · AEX

A wonderful business at too high a price

Passes the quality tests.

Share price: GBX 2,886.00
Buy up to: GBX 2,751.27
Expected / yr: 9.7% 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 10% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 26.4%
Worst year: 21.4%
Latest · 2025: 31.1%

Capital return excluding acquisitions: median >100% (minimum 15%), and the second-worst year 80.3% (minimum 10%).

ROIC excluding acquisitions

10y median: >100%
Worst year: 65.0%
Latest · 2025: >100%

Each $1 of profit left $1.32 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.32×
Annual median: 1.34×
Latest · 2025: 1.34×

Per-share value rose from 0.56 to 1.03, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: GBP 0.80
Worst year: GBP 0.56
Latest · 2025: GBP 1.13

Profits were backed by cash: accruals were -5.5% of assets (limit 10%).

Sloan accruals

10y median: -4.2%
Worst year: -2.4%
Latest · 2025: -5.5%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 26.9%, three-year average owner earnings per share 1.42 GBP.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price GBX 1461.00 · Value 1023.39 · Buy at or below 1023.39; 2016-11 · Price GBX 1375.00 · Value 1023.39 · Buy at or below 1023.39; 2016-12 · Price GBX 1449.00 · Value 1023.39 · Buy at or below 1023.39; 2017-01 · Price GBX 1423.00 · Value 1023.39 · Buy at or below 1023.39; 2017-02 · Price GBX 1505.00 · Value 1742.33 · Buy at or below 1742.33; 2017-03 · Price GBX 1564.00 · Value 1742.33 · Buy at or below 1742.33; 2017-04 · Price GBX 1566.00 · Value 1742.33 · Buy at or below 1742.33; 2017-05 · Price GBX 1663.00 · Value 1742.33 · Buy at or below 1742.33; 2017-06 · Price GBX 1660.00 · Value 1742.33 · Buy at or below 1742.33; 2017-07 · Price GBX 1652.00 · Value 1742.33 · Buy at or below 1742.33; 2017-08 · Price GBX 1691.00 · Value 1742.33 · Buy at or below 1742.33; 2017-09 · Price GBX 1637.00 · Value 1742.33 · Buy at or below 1742.33; 2017-10 · Price GBX 1733.00 · Value 1742.33 · Buy at or below 1742.33; 2017-11 · Price GBX 1728.00 · Value 1742.33 · Buy at or below 1742.33; 2017-12 · Price GBX 1739.00 · Value 1742.33 · Buy at or below 1742.33; 2018-01 · Price GBX 1558.00 · Value 1742.33 · Buy at or below 1742.33; 2018-02 · Price GBX 1493.00 · Value 1986.62 · Buy at or below 1986.62; 2018-03 · Price GBX 1465.00 · Value 1986.62 · Buy at or below 1986.62; 2018-04 · Price GBX 1554.50 · Value 1986.62 · Buy at or below 1986.62; 2018-05 · Price GBX 1652.50 · Value 1986.62 · Buy at or below 1986.62; 2018-06 · Price GBX 1622.50 · Value 1986.62 · Buy at or below 1986.62; 2018-07 · Price GBX 1662.50 · Value 1986.62 · Buy at or below 1986.62; 2018-08 · Price GBX 1710.00 · Value 1986.62 · Buy at or below 1986.62; 2018-09 · Price GBX 1616.00 · Value 1986.62 · Buy at or below 1986.62; 2018-10 · Price GBX 1550.00 · Value 1986.62 · Buy at or below 1986.62; 2018-11 · Price GBX 1632.50 · Value 1986.62 · Buy at or below 1986.62; 2018-12 · Price GBX 1616.50 · Value 1986.62 · Buy at or below 1986.62; 2019-01 · Price GBX 1686.50 · Value 1986.62 · Buy at or below 1986.62; 2019-02 · Price GBX 1729.00 · Value 2009.31 · Buy at or below 2009.31; 2019-03 · Price GBX 1641.50 · Value 2009.31 · Buy at or below 2009.31; 2019-04 · Price GBX 1759.00 · Value 2009.31 · Buy at or below 2009.31; 2019-05 · Price GBX 1842.50 · Value 2009.31 · Buy at or below 2009.31; 2019-06 · Price GBX 1909.50 · Value 2009.31 · Buy at or below 2009.31; 2019-07 · Price GBX 1953.50 · Value 2009.31 · Buy at or below 2009.31; 2019-08 · Price GBX 1966.50 · Value 2009.31 · Buy at or below 2009.31; 2019-09 · Price GBX 1932.50 · Value 2009.31 · Buy at or below 2009.31; 2019-10 · Price GBX 1858.00 · Value 2009.31 · Buy at or below 2009.31; 2019-11 · Price GBX 1873.00 · Value 2009.31 · Buy at or below 2009.31; 2019-12 · Price GBX 1905.50 · Value 2009.31 · Buy at or below 2009.31; 2020-01 · Price GBX 2013.00 · Value 2009.31 · Buy at or below 2009.31; 2020-02 · Price GBX 1867.50 · Value 1182.39 · Buy at or below 1182.39; 2020-03 · Price GBX 1732.00 · Value 1182.39 · Buy at or below 1182.39; 2020-04 · Price GBX 1796.50 · Value 1182.39 · Buy at or below 1182.39; 2020-05 · Price GBX 1873.50 · Value 1182.39 · Buy at or below 1182.39; 2020-06 · Price GBX 1870.00 · Value 1182.39 · Buy at or below 1182.39; 2020-07 · Price GBX 1615.00 · Value 1182.39 · Buy at or below 1182.39; 2020-08 · Price GBX 1702.50 · Value 1182.39 · Buy at or below 1182.39; 2020-09 · Price GBX 1726.00 · Value 1182.39 · Buy at or below 1182.39; 2020-10 · Price GBX 1527.50 · Value 1182.39 · Buy at or below 1182.39; 2020-11 · Price GBX 1747.50 · Value 1182.39 · Buy at or below 1182.39; 2020-12 · Price GBX 1792.50 · Value 1182.39 · Buy at or below 1182.39; 2021-01 · Price GBX 1812.50 · Value 1182.39 · Buy at or below 1182.39; 2021-02 · Price GBX 1692.50 · Value 1223.52 · Buy at or below 1223.52; 2021-03 · Price GBX 1819.00 · Value 1223.52 · Buy at or below 1223.52; 2021-04 · Price GBX 1879.50 · Value 1223.52 · Buy at or below 1223.52; 2021-05 · Price GBX 1839.00 · Value 1223.52 · Buy at or below 1223.52; 2021-06 · Price GBX 1919.00 · Value 1223.52 · Buy at or below 1223.52; 2021-07 · Price GBX 2114.00 · Value 1223.52 · Buy at or below 1223.52; 2021-08 · Price GBX 2182.00 · Value 1223.52 · Buy at or below 1223.52; 2021-09 · Price GBX 2147.00 · Value 1223.52 · Buy at or below 1223.52; 2021-10 · Price GBX 2264.00 · Value 1223.52 · Buy at or below 1223.52; 2021-11 · Price GBX 2337.00 · Value 1223.52 · Buy at or below 1223.52; 2021-12 · Price GBX 2402.00 · Value 1223.52 · Buy at or below 1223.52; 2022-01 · Price GBX 2270.00 · Value 1223.52 · Buy at or below 1223.52; 2022-02 · Price GBX 2281.00 · Value 1709.72 · Buy at or below 1709.72; 2022-03 · Price GBX 2383.00 · Value 1709.72 · Buy at or below 1709.72; 2022-04 · Price GBX 2393.00 · Value 1709.72 · Buy at or below 1709.72; 2022-05 · Price GBX 2276.00 · Value 1709.72 · Buy at or below 1709.72; 2022-06 · Price GBX 2226.00 · Value 1709.72 · Buy at or below 1709.72; 2022-07 · Price GBX 2426.00 · Value 1709.72 · Buy at or below 1709.72; 2022-08 · Price GBX 2262.00 · Value 1709.72 · Buy at or below 1709.72; 2022-09 · Price GBX 2202.00 · Value 1709.72 · Buy at or below 1709.72; 2022-10 · Price GBX 2341.00 · Value 1709.72 · Buy at or below 1709.72; 2022-11 · Price GBX 2312.00 · Value 1709.72 · Buy at or below 1709.72; 2022-12 · Price GBX 2288.00 · Value 1709.72 · Buy at or below 1709.72; 2023-01 · Price GBX 2402.00 · Value 1709.72 · Buy at or below 1709.72; 2023-02 · Price GBX 2503.00 · Value 1834.58 · Buy at or below 1834.58; 2023-03 · Price GBX 2618.00 · Value 1834.58 · Buy at or below 1834.58; 2023-04 · Price GBX 2646.00 · Value 1834.58 · Buy at or below 1834.58; 2023-05 · Price GBX 2510.00 · Value 1834.58 · Buy at or below 1834.58; 2023-06 · Price GBX 2621.00 · Value 1834.58 · Buy at or below 1834.58; 2023-07 · Price GBX 2620.00 · Value 1834.58 · Buy at or below 1834.58; 2023-08 · Price GBX 2578.00 · Value 1834.58 · Buy at or below 1834.58; 2023-09 · Price GBX 2775.00 · Value 1834.58 · Buy at or below 1834.58; 2023-10 · Price GBX 2868.00 · Value 1834.58 · Buy at or below 1834.58; 2023-11 · Price GBX 3040.00 · Value 1834.58 · Buy at or below 1834.58; 2023-12 · Price GBX 3110.00 · Value 1834.58 · Buy at or below 1834.58; 2024-01 · Price GBX 3262.00 · Value 1834.58 · Buy at or below 1834.58; 2024-02 · Price GBX 3461.00 · Value 1574.08 · Buy at or below 1574.08; 2024-03 · Price GBX 3424.00 · Value 1574.08 · Buy at or below 1574.08; 2024-04 · Price GBX 3303.00 · Value 1574.08 · Buy at or below 1574.08; 2024-05 · Price GBX 3416.00 · Value 1574.08 · Buy at or below 1574.08; 2024-06 · Price GBX 3639.00 · Value 1574.08 · Buy at or below 1574.08; 2024-07 · Price GBX 3673.00 · Value 1574.08 · Buy at or below 1574.08; 2024-08 · Price GBX 3539.00 · Value 1574.08 · Buy at or below 1574.08; 2024-09 · Price GBX 3509.00 · Value 1574.08 · Buy at or below 1574.08; 2024-10 · Price GBX 3560.00 · Value 1574.08 · Buy at or below 1574.08; 2024-11 · Price GBX 3705.00 · Value 1574.08 · Buy at or below 1574.08; 2024-12 · Price GBX 3629.00 · Value 1574.08 · Buy at or below 1574.08; 2025-01 · Price GBX 4025.00 · Value 1574.08 · Buy at or below 1574.08; 2025-02 · Price GBX 3818.00 · Value 2605.04 · Buy at or below 2605.04; 2025-03 · Price GBX 3873.00 · Value 2605.04 · Buy at or below 2605.04; 2025-04 · Price GBX 4067.00 · Value 2605.04 · Buy at or below 2605.04; 2025-05 · Price GBX 3994.00 · Value 2605.04 · Buy at or below 2605.04; 2025-06 · Price GBX 3937.00 · Value 2605.04 · Buy at or below 2605.04; 2025-07 · Price GBX 3936.00 · Value 2605.04 · Buy at or below 2605.04; 2025-08 · Price GBX 3446.00 · Value 2605.04 · Buy at or below 2605.04; 2025-09 · Price GBX 3557.00 · Value 2605.04 · Buy at or below 2605.04; 2025-10 · Price GBX 3357.00 · Value 2605.04 · Buy at or below 2605.04; 2025-11 · Price GBX 3031.00 · Value 2605.04 · Buy at or below 2605.04; 2025-12 · Price GBX 3020.00 · Value 2605.04 · Buy at or below 2605.04; 2026-01 · Price GBX 2579.00 · Value 2605.04 · Buy at or below 2605.04; 2026-02 · Price GBX 2584.00 · Value 2751.27 · Buy at or below 2751.27; 2026-03 · Price GBX 2476.00 · Value 2751.27 · Buy at or below 2751.27; 2026-04 · Price GBX 2682.00 · Value 2751.27 · Buy at or below 2751.27; 2026-05 · Price GBX 2450.00 · Value 2751.27 · Buy at or below 2751.27; 2026-06 · Price GBX 2366.00 · Value 2751.27 · Buy at or below 2751.27; 2026-07 · Price GBX 2607.00 · Value 2751.27 · Buy at or below 2751.27; 2026-08 · Price GBX 2672.00 · Value 2751.27 · Buy at or below 2751.27; 2026-09 · Price GBX 2496.00 · Value 2751.27 · Buy at or below 2751.27; 2026-10 · Price GBX 2771.00 · Value 2751.27 · Buy at or below 2751.27; 2026-10 · Price GBX 2886.00 · Value 2751.27 · Buy at or below 2751.27

GBX per share · annual estimates

Price & return math
Value range	GBX 2,039.07 – GBX 3,223.72
Buy at or below	Central value GBX 2,751.27
Discount to value	1 − 2886.00 / 2751.27 = -4.9%
Return / year	About 9.7% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash GBX 151.63/share; 8.1% growth fades over 10 years to 3.0%; excess cash GBX 1.62/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueGBP 9.6B

Revenue

Owner earningsGBP 2.8B

Owner earnings

Operating margin31.1%

Operating margin

Net cash / debtGBP -7.2B

Net cash / debt

Diluted shares1.8B

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·