# Softcat (SCT.LSE)

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

Analysis as of: 2026-10-16T07:37:37.682Z. Financial observations: FY2013–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 1,697.00 per share; close as of 2026-10-15.

Estimated value: low GBX 1,138.95 per share, central GBX 1,591.78 per share, high GBX 1,855.47 per share. Buy at or below the central value GBX 1,591.78 per share. Valuation as of 2026-10-16T07:37:37.682Z; scenarios are not confidence intervals.

Expected annual return: 9.6% at the stated quote. About 9.6% 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

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.32×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.06×

- FY2018: 0.09×

- FY2019: 0.09×

- FY2020: 0.09×

- FY2021: 0.15×

- FY2022: 0.13×

- FY2023: 0.14×

- FY2024: 0.16×

- FY2025: 0.13×

### moat: pass

- ROIC, median of available years: 95.9%

- ROIC, second-lowest year: 76.7%

- Typical minus recent gross margin: -7.5 pp

- Typical gross margin (annual median): 26.1%

- Recent gross margin (lower of latest and 3-year median): 33.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.3%

- ROIC including acquisitions, ten-year median: 73.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 89.2%

- FY2017: 98.1%

- FY2018: >100%

- FY2019: >100%

- FY2020: >100%

- FY2021: >100%

- FY2022: 93.6%

- FY2023: 79.7%

- FY2024: 76.7%

- FY2025: 74.7%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 570M

- Net income, five-year total: GBP 571M

- Return on incremental invested capital: 21.0%

- Working capital / revenue, annual change: 3.1 pp

- Working capital / revenue, change between three-year averages: 20.5 pp

- Working capital / revenue, final three-year average: 29.0%

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

- FY2021: 0.97×

- FY2022: 0.99×

- FY2023: 1.01×

- FY2024: 1.03×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 98.1% vs 76.7%

- Per-share earnings: 0.17 to 0.60 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.1%

- Ordinary dilution, 5-year annual growth: 0.2%

- Market cap gain: GBP 2.5B

- Cumulative retained earnings: GBP 249M

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: 0.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 17.1%

- Per-share value change: GBP 0.43

- Per-share value, starting three-year median: GBP 0.17

- Per-share value, ending three-year median: GBP 0.60

- Average buyback yield: 0.0%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 21M

- Cumulative net income, 10 years: GBP 843M

- ROIC, first three-year median: 98.1%

- ROIC, last three-year median: 76.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.17

- FY2017: GBP 0.20

- FY2018: GBP 0.28

- FY2019: GBP 0.34

- FY2020: GBP 0.38

- FY2021: GBP 0.48

- FY2022: GBP 0.55

- FY2023: GBP 0.56

- FY2024: GBP 0.60

- FY2025: GBP 0.67

### accounting: pass

- Sloan accruals: -1.3%

- Receivables to sales index (DSRI): 0.83×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.11×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.6%

- FY2017: -0.3%

- FY2018: -0.7%

- FY2019: 1.0%

- FY2020: 2.7%

- FY2021: 1.0%

- FY2022: 4.0%

- FY2023: 1.1%

- FY2024: 0.4%

- FY2025: -1.3%

## Holders

## Price story

Price needs cash profits to grow 7.3% a year for ten years · sales +51.5%

Story as of 2026-10-16T10:00:09.313Z; price observation 2026-10-15.

Price needs cash profits to grow 7.3% a year for ten years

### Sales · FY2024–2025

sales +51.5%; source https://filings.xbrl.org/213800N42YZLR9GLVC42/2025-07-31/ESEF/GB/0/213800N42YZLR9GLVC42-2025-07-31/reports/213800N42YZLR9GLVC42-2025-07-31-T01.xhtml; observed 2025-11-18.

- FY2016: GBP 672M 

- FY2017: GBP 832M 

- FY2018: GBP 797M 

- FY2019: GBP 992M 

- FY2020: GBP 1.1B 

- FY2021: GBP 784M 

- FY2022: GBP 1.1B 

- FY2023: GBP 985M 

- FY2024: GBP 963M 

- FY2025: GBP 1.5B 

### Gross margin · FY2025

gross margin 33.6%; source https://filings.xbrl.org/213800N42YZLR9GLVC42/2025-07-31/ESEF/GB/0/213800N42YZLR9GLVC42-2025-07-31/reports/213800N42YZLR9GLVC42-2025-07-31-T01.xhtml; observed 2025-11-18.

- FY2016: 18.0% 

- FY2017: 16.4% 

- FY2018: 22.0% 

- FY2019: 21.3% 

- FY2020: 21.9% 

- FY2021: 35.2% 

- FY2022: 30.3% 

- FY2023: 37.8% 

- FY2024: 43.4% 

- FY2025: 33.6% 

## Owner memo

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

### How it makes money

Operates in electronics & computer distribution; annual sales are GBP 1.5 billion.

- Source: https://filings.xbrl.org/213800N42YZLR9GLVC42/2025-07-31/ESEF/GB/0/213800N42YZLR9GLVC42-2025-07-31/reports/213800N42YZLR9GLVC42-2025-07-31-T01.xhtml (filed 2025-11-18); FY2025: revenue 1458411000; grossProfit 490727000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SCT.LSE: Softcat plc operates as a value-added IT reseller and IT infrastructure solutions provider in the United Kingdom. The company advices, procures, designs, implements, and manages technology, such as hybrid infrastructure, workplace technology, cyber security, networking and connectivity, data, automation, and AI for businesses and public sector organizations. It also offers public cloud, collaboration, data centre and private cloud, devices, and financial solution services. In addition, the company provides Softcat intelligence services, lifecycle solutions, modern management, security, software licensing, supply chain operation, and virtual desktop and application, as well as IT service provider. Softcat plc was incorporated in 1987 and is headquartered in Marlow, the United Kingdom.

### Why customers stay

Margins ranged from 33.6% to 43.4% during 2023–25; it earns 95.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2023: grossProfit / revenue = 37.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2024: grossProfit / revenue = 43.4%.

- Source: https://filings.xbrl.org/213800N42YZLR9GLVC42/2025-07-31/ESEF/GB/0/213800N42YZLR9GLVC42-2025-07-31/reports/213800N42YZLR9GLVC42-2025-07-31-T01.xhtml (filed 2025-11-18); FY2025: grossProfit / revenue = 33.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); 10-year return on capital observations [[2016,0.8918292584170248],[2017,0.9808412214926109],[2018,1.4007691229724928],[2019,1.3294385624999374],[2020,1.0935480792303611],[2021,1.125650814004149],[2022,0.9363915397541859],[2023,0.7968784474241177],[2024,0.7673662337156859],[2025,0.7466794787409133]]; median 0.9586163806233984. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 1% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2016: growth capex 0; upkeep 1190000; owner earnings 34091000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2017: growth capex 0; upkeep 945000; owner earnings 41171000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2018: growth capex 0; upkeep 965000; owner earnings 55800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2019: growth capex 648000; upkeep 1520000; owner earnings 68461000. Growth capex / owner earnings = 0.009465242985057186.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2020: growth capex 809763.2496649418; upkeep 8147236.750335058; owner earnings 69131963.24966495. Growth capex / owner earnings = 0.011713297461849044.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2021: growth capex 0; upkeep 6464000; owner earnings 92952600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2022: growth capex 699000; upkeep 4525000; owner earnings 109071800. Growth capex / owner earnings = 0.006408622577054748.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2023: growth capex 0; upkeep 3245000; owner earnings 112949800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2024: growth capex 0; upkeep 1115000; owner earnings 122481400. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/213800N42YZLR9GLVC42/2025-07-31/ESEF/GB/0/213800N42YZLR9GLVC42-2025-07-31/reports/213800N42YZLR9GLVC42-2025-07-31-T01.xhtml (filed 2025-11-18); FY2025: growth capex 1297000; upkeep 10486000; owner earnings 133008000. Growth capex / owner earnings = 0.00975129315529893.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); Dividend observations: [[2016,43453000],[2017,40904000],[2018,45321000],[2019,56231000],[2020,52338000],[2021,60815000],[2022,84020000],[2023,74175000],[2024,76048000],[2025,95704000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 30.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SCT.LSE SharesStats.PercentInsiders = 30.329 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7.3% yearly over ten years; actual growth was 15.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); Ten-year compound average after fade. Initial solved rate 0.09224824740198401. Price 1697; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.1581338809602579 → FY2025 0.6659026769179472. Closing-price date 2026-10-15.

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

- 2016-10: GBX 324.00 per share

- 2016-11: GBX 301.20 per share

- 2016-12: GBX 294.90 per share

- 2017-01: GBX 310.60 per share

- 2017-02: GBX 323.00 per share

- 2017-03: GBX 394.00 per share

- 2017-04: GBX 412.00 per share

- 2017-05: GBX 435.00 per share

- 2017-06: GBX 394.30 per share

- 2017-07: GBX 400.00 per share

- 2017-08: GBX 398.30 per share

- 2017-09: GBX 420.50 per share

- 2017-10: GBX 536.50 per share

- 2017-11: GBX 519.00 per share

- 2017-12: GBX 520.00 per share

- 2018-01: GBX 526.00 per share

- 2018-02: GBX 583.00 per share

- 2018-03: GBX 682.00 per share

- 2018-04: GBX 688.00 per share

- 2018-05: GBX 766.00 per share

- 2018-06: GBX 766.00 per share

- 2018-07: GBX 808.00 per share

- 2018-08: GBX 850.00 per share

- 2018-09: GBX 795.00 per share

- 2018-10: GBX 645.00 per share

- 2018-11: GBX 602.00 per share

- 2018-12: GBX 588.00 per share

- 2019-01: GBX 695.00 per share

- 2019-02: GBX 758.00 per share

- 2019-03: GBX 830.00 per share

- 2019-04: GBX 907.00 per share

- 2019-05: GBX 909.50 per share

- 2019-06: GBX 971.50 per share

- 2019-07: GBX 954.00 per share

- 2019-08: GBX 1,040.00 per share

- 2019-09: GBX 1,002.00 per share

- 2019-10: GBX 940.50 per share

- 2019-11: GBX 1,126.00 per share

- 2019-12: GBX 1,152.00 per share

- 2020-01: GBX 1,155.00 per share

- 2020-02: GBX 1,056.00 per share

- 2020-03: GBX 1,037.00 per share

- 2020-04: GBX 1,130.00 per share

- 2020-05: GBX 1,146.00 per share

- 2020-06: GBX 1,090.00 per share

- 2020-07: GBX 1,261.00 per share

- 2020-08: GBX 1,383.00 per share

- 2020-09: GBX 1,207.00 per share

- 2020-10: GBX 1,125.00 per share

- 2020-11: GBX 1,134.00 per share

- 2020-12: GBX 1,374.00 per share

- 2021-01: GBX 1,510.00 per share

- 2021-02: GBX 1,464.00 per share

- 2021-03: GBX 1,813.00 per share

- 2021-04: GBX 1,917.00 per share

- 2021-05: GBX 1,829.00 per share

- 2021-06: GBX 1,776.00 per share

- 2021-07: GBX 1,933.00 per share

- 2021-08: GBX 2,114.00 per share

- 2021-09: GBX 2,026.00 per share

- 2021-10: GBX 1,943.00 per share

- 2021-11: GBX 1,848.00 per share

- 2021-12: GBX 1,804.00 per share

- 2022-01: GBX 1,642.00 per share

- 2022-02: GBX 1,558.00 per share

- 2022-03: GBX 1,704.00 per share

- 2022-04: GBX 1,416.00 per share

- 2022-05: GBX 1,427.00 per share

- 2022-06: GBX 1,317.00 per share

- 2022-07: GBX 1,395.00 per share

- 2022-08: GBX 1,296.00 per share

- 2022-09: GBX 1,190.00 per share

- 2022-10: GBX 1,120.00 per share

- 2022-11: GBX 1,267.00 per share

- 2022-12: GBX 1,184.00 per share

- 2023-01: GBX 1,206.00 per share

- 2023-02: GBX 1,209.00 per share

- 2023-03: GBX 1,296.00 per share

- 2023-04: GBX 1,337.00 per share

- 2023-05: GBX 1,365.00 per share

- 2023-06: GBX 1,416.00 per share

- 2023-07: GBX 1,500.00 per share

- 2023-08: GBX 1,504.00 per share

- 2023-09: GBX 1,459.00 per share

- 2023-10: GBX 1,265.00 per share

- 2023-11: GBX 1,267.00 per share

- 2023-12: GBX 1,360.00 per share

- 2024-01: GBX 1,446.00 per share

- 2024-02: GBX 1,468.00 per share

- 2024-03: GBX 1,588.00 per share

- 2024-04: GBX 1,569.00 per share

- 2024-05: GBX 1,660.00 per share

- 2024-06: GBX 1,817.00 per share

- 2024-07: GBX 1,626.00 per share

- 2024-08: GBX 1,561.00 per share

- 2024-09: GBX 1,552.00 per share

- 2024-10: GBX 1,695.00 per share

- 2024-11: GBX 1,578.00 per share

- 2024-12: GBX 1,524.00 per share

- 2025-01: GBX 1,604.00 per share

- 2025-02: GBX 1,508.00 per share

- 2025-03: GBX 1,581.00 per share

- 2025-04: GBX 1,671.00 per share

- 2025-05: GBX 1,791.00 per share

- 2025-06: GBX 1,717.00 per share

- 2025-07: GBX 1,633.00 per share

- 2025-08: GBX 1,612.00 per share

- 2025-09: GBX 1,578.00 per share

- 2025-10: GBX 1,598.00 per share

- 2025-11: GBX 1,447.00 per share

- 2025-12: GBX 1,417.00 per share

- 2026-01: GBX 1,430.00 per share

- 2026-02: GBX 1,140.00 per share

- 2026-03: GBX 1,215.00 per share

- 2026-04: GBX 1,369.00 per share

- 2026-05: GBX 1,737.00 per share

- 2026-06: GBX 1,830.00 per share

- 2026-07: GBX 1,930.00 per share

- 2026-08: GBX 2,084.00 per share

- 2026-09: GBX 1,839.00 per share

- 2026-10: GBX 1,697.00 per share

## Annual estimated value (GBX per share)

- FY2017: low GBX 254.72 per share, central GBX 286.72 per share, high GBX 329.32 per share

- FY2018: low GBX 256.59 per share, central GBX 288.04 per share, high GBX 329.90 per share

- FY2019: low GBX 314.37 per share, central GBX 353.59 per share, high GBX 405.81 per share

- FY2020: low GBX 411.97 per share, central GBX 464.68 per share, high GBX 534.85 per share

- FY2021: low GBX 339.66 per share, central GBX 380.55 per share, high GBX 434.97 per share

- FY2022: low GBX 451.22 per share, central GBX 508.20 per share, high GBX 584.06 per share

- FY2023: low GBX 594.64 per share, central GBX 669.55 per share, high GBX 769.28 per share

- FY2024: low GBX 788.43 per share, central GBX 1,050.95 per share, high GBX 1,219.94 per share

- FY2025: low GBX 1,214.57 per share, central GBX 1,702.19 per share, high GBX 1,986.14 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 2026-10-15T06:43:00.804Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800N42YZLR9GLVC42/2025-07-31/ESEF/GB/0/213800N42YZLR9GLVC42-2025-07-31/reports/213800N42YZLR9GLVC42-2025-07-31-T01.xhtml); period 2025-07-31, filed 2025-11-18.

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.

Softcat

SCT · LSE

FTSE 250

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: GBX 1,697.00
Buy up to: GBX 1,591.78
Expected / yr: 9.6% 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

Margins varied 32.2% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 10.8%
Worst year: 6.0%
Latest · 2025: 12.7%

Capital return excluding acquisitions: median 95.9% (minimum 15%), and the second-worst year 76.7% (minimum 10%).

ROIC excluding acquisitions

10y median: 95.9%
Worst year: 74.7%
Latest · 2025: 74.7%

Working capital rose 20.5% of sales (limit 10%) to 29% (waived at zero or below).

Annual owner cash / profit

Five-year totals: 1.00×
Annual median: 1.00×
Latest · 2025: 1.00×

Per-share value rose from 0.17 to 0.6, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: GBP 0.43
Worst year: GBP 0.17
Latest · 2025: GBP 0.67

Profits were backed by cash: accruals were -1.3% of assets (limit 10%).

Sloan accruals

10y median: 1.0%
Worst year: 4.0%
Latest · 2025: -1.3%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 10.9%, three-year average owner earnings per share 0.61 GBP.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price GBX 324.00; 2016-11 · Price GBX 301.20; 2016-12 · Price GBX 294.90; 2017-01 · Price GBX 310.60 · Value 286.72 · Buy at or below 286.72; 2017-02 · Price GBX 323.00 · Value 286.72 · Buy at or below 286.72; 2017-03 · Price GBX 394.00 · Value 286.72 · Buy at or below 286.72; 2017-04 · Price GBX 412.00 · Value 286.72 · Buy at or below 286.72; 2017-05 · Price GBX 435.00 · Value 286.72 · Buy at or below 286.72; 2017-06 · Price GBX 394.30 · Value 286.72 · Buy at or below 286.72; 2017-07 · Price GBX 400.00 · Value 286.72 · Buy at or below 286.72; 2017-08 · Price GBX 398.30 · Value 286.72 · Buy at or below 286.72; 2017-09 · Price GBX 420.50 · Value 286.72 · Buy at or below 286.72; 2017-10 · Price GBX 536.50 · Value 286.72 · Buy at or below 286.72; 2017-11 · Price GBX 519.00 · Value 286.72 · Buy at or below 286.72; 2017-12 · Price GBX 520.00 · Value 286.72 · Buy at or below 286.72; 2018-01 · Price GBX 526.00 · Value 286.72 · Buy at or below 286.72; 2018-02 · Price GBX 583.00 · Value 288.04 · Buy at or below 288.04; 2018-03 · Price GBX 682.00 · Value 288.04 · Buy at or below 288.04; 2018-04 · Price GBX 688.00 · Value 288.04 · Buy at or below 288.04; 2018-05 · Price GBX 766.00 · Value 288.04 · Buy at or below 288.04; 2018-06 · Price GBX 766.00 · Value 288.04 · Buy at or below 288.04; 2018-07 · Price GBX 808.00 · Value 288.04 · Buy at or below 288.04; 2018-08 · Price GBX 850.00 · Value 288.04 · Buy at or below 288.04; 2018-09 · Price GBX 795.00 · Value 288.04 · Buy at or below 288.04; 2018-10 · Price GBX 645.00 · Value 288.04 · Buy at or below 288.04; 2018-11 · Price GBX 602.00 · Value 288.04 · Buy at or below 288.04; 2018-12 · Price GBX 588.00 · Value 288.04 · Buy at or below 288.04; 2019-01 · Price GBX 695.00 · Value 288.04 · Buy at or below 288.04; 2019-02 · Price GBX 758.00 · Value 353.59 · Buy at or below 353.59; 2019-03 · Price GBX 830.00 · Value 353.59 · Buy at or below 353.59; 2019-04 · Price GBX 907.00 · Value 353.59 · Buy at or below 353.59; 2019-05 · Price GBX 909.50 · Value 353.59 · Buy at or below 353.59; 2019-06 · Price GBX 971.50 · Value 353.59 · Buy at or below 353.59; 2019-07 · Price GBX 954.00 · Value 353.59 · Buy at or below 353.59; 2019-08 · Price GBX 1040.00 · Value 353.59 · Buy at or below 353.59; 2019-09 · Price GBX 1002.00 · Value 353.59 · Buy at or below 353.59; 2019-10 · Price GBX 940.50 · Value 353.59 · Buy at or below 353.59; 2019-11 · Price GBX 1126.00 · Value 353.59 · Buy at or below 353.59; 2019-12 · Price GBX 1152.00 · Value 353.59 · Buy at or below 353.59; 2020-01 · Price GBX 1155.00 · Value 353.59 · Buy at or below 353.59; 2020-02 · Price GBX 1056.00 · Value 464.68 · Buy at or below 464.68; 2020-03 · Price GBX 1037.00 · Value 464.68 · Buy at or below 464.68; 2020-04 · Price GBX 1130.00 · Value 464.68 · Buy at or below 464.68; 2020-05 · Price GBX 1146.00 · Value 464.68 · Buy at or below 464.68; 2020-06 · Price GBX 1090.00 · Value 464.68 · Buy at or below 464.68; 2020-07 · Price GBX 1261.00 · Value 464.68 · Buy at or below 464.68; 2020-08 · Price GBX 1383.00 · Value 464.68 · Buy at or below 464.68; 2020-09 · Price GBX 1207.00 · Value 464.68 · Buy at or below 464.68; 2020-10 · Price GBX 1125.00 · Value 464.68 · Buy at or below 464.68; 2020-11 · Price GBX 1134.00 · Value 464.68 · Buy at or below 464.68; 2020-12 · Price GBX 1374.00 · Value 464.68 · Buy at or below 464.68; 2021-01 · Price GBX 1510.00 · Value 464.68 · Buy at or below 464.68; 2021-02 · Price GBX 1464.00 · Value 380.55 · Buy at or below 380.55; 2021-03 · Price GBX 1813.00 · Value 380.55 · Buy at or below 380.55; 2021-04 · Price GBX 1917.00 · Value 380.55 · Buy at or below 380.55; 2021-05 · Price GBX 1829.00 · Value 380.55 · Buy at or below 380.55; 2021-06 · Price GBX 1776.00 · Value 380.55 · Buy at or below 380.55; 2021-07 · Price GBX 1933.00 · Value 380.55 · Buy at or below 380.55; 2021-08 · Price GBX 2114.00 · Value 380.55 · Buy at or below 380.55; 2021-09 · Price GBX 2026.00 · Value 380.55 · Buy at or below 380.55; 2021-10 · Price GBX 1943.00 · Value 380.55 · Buy at or below 380.55; 2021-11 · Price GBX 1848.00 · Value 380.55 · Buy at or below 380.55; 2021-12 · Price GBX 1804.00 · Value 380.55 · Buy at or below 380.55; 2022-01 · Price GBX 1642.00 · Value 380.55 · Buy at or below 380.55; 2022-02 · Price GBX 1558.00 · Value 508.20 · Buy at or below 508.20; 2022-03 · Price GBX 1704.00 · Value 508.20 · Buy at or below 508.20; 2022-04 · Price GBX 1416.00 · Value 508.20 · Buy at or below 508.20; 2022-05 · Price GBX 1427.00 · Value 508.20 · Buy at or below 508.20; 2022-06 · Price GBX 1317.00 · Value 508.20 · Buy at or below 508.20; 2022-07 · Price GBX 1395.00 · Value 508.20 · Buy at or below 508.20; 2022-08 · Price GBX 1296.00 · Value 508.20 · Buy at or below 508.20; 2022-09 · Price GBX 1190.00 · Value 508.20 · Buy at or below 508.20; 2022-10 · Price GBX 1120.00 · Value 508.20 · Buy at or below 508.20; 2022-11 · Price GBX 1267.00 · Value 508.20 · Buy at or below 508.20; 2022-12 · Price GBX 1184.00 · Value 508.20 · Buy at or below 508.20; 2023-01 · Price GBX 1206.00 · Value 508.20 · Buy at or below 508.20; 2023-02 · Price GBX 1209.00 · Value 669.55 · Buy at or below 669.55; 2023-03 · Price GBX 1296.00 · Value 669.55 · Buy at or below 669.55; 2023-04 · Price GBX 1337.00 · Value 669.55 · Buy at or below 669.55; 2023-05 · Price GBX 1365.00 · Value 669.55 · Buy at or below 669.55; 2023-06 · Price GBX 1416.00 · Value 669.55 · Buy at or below 669.55; 2023-07 · Price GBX 1500.00 · Value 669.55 · Buy at or below 669.55; 2023-08 · Price GBX 1504.00 · Value 669.55 · Buy at or below 669.55; 2023-09 · Price GBX 1459.00 · Value 669.55 · Buy at or below 669.55; 2023-10 · Price GBX 1265.00 · Value 669.55 · Buy at or below 669.55; 2023-11 · Price GBX 1267.00 · Value 669.55 · Buy at or below 669.55; 2023-12 · Price GBX 1360.00 · Value 669.55 · Buy at or below 669.55; 2024-01 · Price GBX 1446.00 · Value 669.55 · Buy at or below 669.55; 2024-02 · Price GBX 1468.00 · Value 1050.95 · Buy at or below 1050.95; 2024-03 · Price GBX 1588.00 · Value 1050.95 · Buy at or below 1050.95; 2024-04 · Price GBX 1569.00 · Value 1050.95 · Buy at or below 1050.95; 2024-05 · Price GBX 1660.00 · Value 1050.95 · Buy at or below 1050.95; 2024-06 · Price GBX 1817.00 · Value 1050.95 · Buy at or below 1050.95; 2024-07 · Price GBX 1626.00 · Value 1050.95 · Buy at or below 1050.95; 2024-08 · Price GBX 1561.00 · Value 1050.95 · Buy at or below 1050.95; 2024-09 · Price GBX 1552.00 · Value 1050.95 · Buy at or below 1050.95; 2024-10 · Price GBX 1695.00 · Value 1050.95 · Buy at or below 1050.95; 2024-11 · Price GBX 1578.00 · Value 1050.95 · Buy at or below 1050.95; 2024-12 · Price GBX 1524.00 · Value 1050.95 · Buy at or below 1050.95; 2025-01 · Price GBX 1604.00 · Value 1050.95 · Buy at or below 1050.95; 2025-02 · Price GBX 1508.00 · Value 1702.19 · Buy at or below 1702.19; 2025-03 · Price GBX 1581.00 · Value 1702.19 · Buy at or below 1702.19; 2025-04 · Price GBX 1671.00 · Value 1702.19 · Buy at or below 1702.19; 2025-05 · Price GBX 1791.00 · Value 1702.19 · Buy at or below 1702.19; 2025-06 · Price GBX 1717.00 · Value 1702.19 · Buy at or below 1702.19; 2025-07 · Price GBX 1633.00 · Value 1702.19 · Buy at or below 1702.19; 2025-08 · Price GBX 1612.00 · Value 1702.19 · Buy at or below 1702.19; 2025-09 · Price GBX 1578.00 · Value 1702.19 · Buy at or below 1702.19; 2025-10 · Price GBX 1598.00 · Value 1702.19 · Buy at or below 1702.19; 2025-11 · Price GBX 1447.00 · Value 1702.19 · Buy at or below 1702.19; 2025-12 · Price GBX 1417.00 · Value 1702.19 · Buy at or below 1702.19; 2026-01 · Price GBX 1430.00 · Value 1702.19 · Buy at or below 1702.19; 2026-02 · Price GBX 1140.00 · Value 1591.78 · Buy at or below 1591.78; 2026-03 · Price GBX 1215.00 · Value 1591.78 · Buy at or below 1591.78; 2026-04 · Price GBX 1369.00 · Value 1591.78 · Buy at or below 1591.78; 2026-05 · Price GBX 1737.00 · Value 1591.78 · Buy at or below 1591.78; 2026-06 · Price GBX 1830.00 · Value 1591.78 · Buy at or below 1591.78; 2026-07 · Price GBX 1930.00 · Value 1591.78 · Buy at or below 1591.78; 2026-08 · Price GBX 2084.00 · Value 1591.78 · Buy at or below 1591.78; 2026-09 · Price GBX 1839.00 · Value 1591.78 · Buy at or below 1591.78; 2026-10 · Price GBX 1697.00 · Value 1591.78 · Buy at or below 1591.78; 2026-10 · Price GBX 1697.00 · Value 1591.78 · Buy at or below 1591.78

GBX per share · annual estimates

Price & return math
Value range	GBX 1,138.95 – GBX 1,855.47
Buy at or below	Central value GBX 1,591.78
Discount to value	1 − 1697.00 / 1591.78 = -6.6%
Return / year	About 9.6% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash GBX 77.73/share; 8.0% growth for 5 years, then fades to 3.0%; excess cash GBX 82.22/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueGBP 1.5B

Revenue

Owner earningsGBP 133M

Owner earnings

Operating margin12.7%

Operating margin

Net cash / debtGBP 147M

Net cash / debt

Diluted shares200M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·