# Shaftesbury Capital (SHC.LSE)

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

Analysis as of: 2026-10-16T07:38:46.226Z. Financial observations: FY2016–FY2025.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 140.50 per share; close as of 2026-10-15.

Estimated value: low GBX 161.24 per share, central GBX 182.62 per share, high GBX 211.08 per share. Buy at or below the central value GBX 182.62 per share. Valuation as of 2026-10-16T07:38:46.226Z; scenarios are not confidence intervals.

Expected annual return: 12.3% at the stated quote. About 12.3% 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: fail

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 3

- Operating margin variation: 3.99×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.13×

- FY2017: 0.15×

- FY2018: 0.15×

- FY2019: 0.30×

- FY2020: 0.37×

- FY2021: 0.96×

- FY2022: -2.00×

- FY2023: 0.18×

- FY2024: 1.37×

- FY2025: 0.48×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 0.7%

- ROIC, second-lowest year: 0.2%

- Typical minus recent gross margin: 2.5 pp

- Typical gross margin (annual median): 76.1%

- Recent gross margin (lower of latest and 3-year median): 73.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.4%

- ROIC including acquisitions, ten-year median: -0.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 0.2%

- FY2017: 0.2%

- FY2018: 0.2%

- FY2019: 0.7%

- FY2020: 0.9%

- FY2021: 3.0%

- FY2022: -6.4%

- FY2023: 0.7%

- FY2024: 6.2%

- FY2025: 2.4%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.98×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 1.1B

- Net income, five-year total: GBP 1.2B

- Return on incremental invested capital: 8.9%

- Working capital / revenue, annual change: -24.1 pp

- Working capital / revenue, final three-year average: 4.8%

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

- FY2021: 0.75×

- FY2022: 1.06×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 1.00×

### management: pass

- 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: 0.2% vs 2.4%

- Per-share earnings: 0.03 to 0.18 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 16.7%

- Market cap gain: GBP 151M

- Cumulative retained earnings: GBP 881M

- Diluted shares, 5-year annual growth: 16.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 28.8%

- Per-share value change: GBP 0.15

- Per-share value, starting three-year median: GBP 0.03

- Per-share value, ending three-year median: GBP 0.18

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.6%

- Buyback history: 2 years

- Debt-funded buybacks: Yes

- Cumulative net income, 10 years: GBP 484M

- ROIC, first three-year median: 0.2%

- ROIC, last three-year median: 2.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.03

- FY2017: GBP 0.04

- FY2018: GBP 0.03

- FY2019: GBP -0.07

- FY2020: GBP -0.83

- FY2021: GBP 0.04

- FY2022: GBP -0.25

- FY2023: GBP 0.38

- FY2024: GBP 0.13

- FY2025: GBP 0.18

### accounting: pass

- Sloan accruals: 3.8%

- Receivables to sales index (DSRI): 1.32×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 7.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.34×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.6%

- FY2017: 1.0%

- FY2018: 1.1%

- FY2019: -1.3%

- FY2020: -22.3%

- FY2021: 1.3%

- FY2022: -9.3%

- FY2023: 14.6%

- FY2024: 3.8%

- FY2025: 3.8%

## Holders

## Price story

Price needs cash profits to shrink 2.5% a year for ten years · sales +3.3%

Story as of 2026-10-16T10:00:10.214Z; price observation 2026-10-15.

Price needs cash profits to shrink 2.5% a year for ten years

### Sales · FY2024–2025

sales +3.3%; source https://filings.xbrl.org/549300TTXXZ1SHUI0D54/2025-12-31/ESEF/GB/0/549300TTXXZ1SHUI0D54-2025-12-31/reports/549300TTXXZ1SHUI0D54-2025-12-31-T01.xhtml; observed 2026-03-18.

- FY2016: GBP 81M 

- FY2017: GBP 85M 

- FY2018: GBP 84M 

- FY2019: GBP 79M 

- FY2020: GBP 73M 

- FY2021: GBP 75M 

- FY2022: GBP 88M 

- FY2023: GBP 198M 

- FY2024: GBP 227M 

- FY2025: GBP 235M 

### Gross margin · FY2025

gross margin 74.5%; source https://filings.xbrl.org/549300TTXXZ1SHUI0D54/2025-12-31/ESEF/GB/0/549300TTXXZ1SHUI0D54-2025-12-31/reports/549300TTXXZ1SHUI0D54-2025-12-31-T01.xhtml; observed 2026-03-18.

- FY2016: 84.8% 

- FY2017: 84.5% 

- FY2018: 81.2% 

- FY2019: 77.6% 

- FY2020: 18.4% 

- FY2021: 56.8% 

- FY2022: 80.9% 

- FY2023: 71.7% 

- FY2024: 73.6% 

- FY2025: 74.5% 

## Owner memo

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

### How it makes money

Operates in property rentals; annual sales are GBP 234.5 million.

- Source: https://filings.xbrl.org/549300TTXXZ1SHUI0D54/2025-12-31/ESEF/GB/0/549300TTXXZ1SHUI0D54-2025-12-31/reports/549300TTXXZ1SHUI0D54-2025-12-31-T01.xhtml (filed 2026-03-18); FY2025: revenue 234500000; grossProfit 174800000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 71.7% to 74.5% during 2023–25; it earns 0.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2023: grossProfit / revenue = 71.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2024: grossProfit / revenue = 73.6%.

- Source: https://filings.xbrl.org/549300TTXXZ1SHUI0D54/2025-12-31/ESEF/GB/0/549300TTXXZ1SHUI0D54-2025-12-31/reports/549300TTXXZ1SHUI0D54-2025-12-31-T01.xhtml (filed 2026-03-18); FY2025: grossProfit / revenue = 74.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); 10-year return on capital observations [[2016,0.00193901226383825],[2017,0.002289958005693188],[2018,0.002407479900027101],[2019,0.006580363030576476],[2020,0.008553652230122819],[2021,0.02957164693002174],[2022,-0.06371260511925003],[2023,0.0071957006343923045],[2024,0.061888896404065585],[2025,0.023502619991771116]]; median 0.00688803183248439. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2021: growth capex 111143.16915701516; upkeep 7788856.830842985; owner earnings 25991143.169157013. Growth capex / owner earnings = 0.0042761939493644804.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2023: growth capex 3000000; upkeep 400000; owner earnings 749800000. Growth capex / owner earnings = 0.0040010669511869835.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2024: growth capex 1600000; upkeep 700000; owner earnings 251500000. Growth capex / owner earnings = 0.006361829025844931.

- Source: https://filings.xbrl.org/549300TTXXZ1SHUI0D54/2025-12-31/ESEF/GB/0/549300TTXXZ1SHUI0D54-2025-12-31/reports/549300TTXXZ1SHUI0D54-2025-12-31-T01.xhtml (filed 2026-03-18); FY2025: growth capex 0; upkeep 0; owner earnings 340533701.600413. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Dividend observations: [[2016,7500000],[2017,6700000],[2018,8200000],[2019,9500000],[2020,4600000],[2021,4000000],[2022,15300000],[2023,41900000],[2024,61100000],[2025,66700000]]. Zero only counted when supported by a complete cash-flow statement.

### 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); SHC.LSE SharesStats.PercentInsiders = 0.481 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 2.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Ten-year compound average after fade. Initial solved rate -0.04836934397025122. Price 140.5; 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 288.30 per share

- 2016-11: GBX 284.20 per share

- 2016-12: GBX 297.10 per share

- 2017-01: GBX 272.00 per share

- 2017-02: GBX 293.90 per share

- 2017-03: GBX 290.60 per share

- 2017-04: GBX 315.80 per share

- 2017-05: GBX 314.30 per share

- 2017-06: GBX 292.70 per share

- 2017-07: GBX 287.60 per share

- 2017-08: GBX 271.30 per share

- 2017-09: GBX 264.70 per share

- 2017-10: GBX 265.90 per share

- 2017-11: GBX 261.70 per share

- 2017-12: GBX 319.70 per share

- 2018-01: GBX 295.00 per share

- 2018-02: GBX 266.00 per share

- 2018-03: GBX 272.00 per share

- 2018-04: GBX 288.30 per share

- 2018-05: GBX 304.30 per share

- 2018-06: GBX 287.30 per share

- 2018-07: GBX 275.40 per share

- 2018-08: GBX 258.50 per share

- 2018-09: GBX 266.30 per share

- 2018-10: GBX 250.30 per share

- 2018-11: GBX 254.10 per share

- 2018-12: GBX 231.10 per share

- 2019-01: GBX 249.40 per share

- 2019-02: GBX 255.70 per share

- 2019-03: GBX 240.60 per share

- 2019-04: GBX 242.10 per share

- 2019-05: GBX 217.60 per share

- 2019-06: GBX 216.60 per share

- 2019-07: GBX 198.10 per share

- 2019-08: GBX 204.80 per share

- 2019-09: GBX 235.20 per share

- 2019-10: GBX 255.00 per share

- 2019-11: GBX 242.40 per share

- 2019-12: GBX 261.70 per share

- 2020-01: GBX 243.60 per share

- 2020-02: GBX 198.00 per share

- 2020-03: GBX 165.90 per share

- 2020-04: GBX 166.30 per share

- 2020-05: GBX 163.50 per share

- 2020-06: GBX 146.10 per share

- 2020-07: GBX 139.90 per share

- 2020-08: GBX 129.40 per share

- 2020-09: GBX 111.90 per share

- 2020-10: GBX 104.60 per share

- 2020-11: GBX 134.70 per share

- 2020-12: GBX 145.00 per share

- 2021-01: GBX 140.00 per share

- 2021-02: GBX 169.70 per share

- 2021-03: GBX 170.70 per share

- 2021-04: GBX 181.80 per share

- 2021-05: GBX 172.90 per share

- 2021-06: GBX 161.30 per share

- 2021-07: GBX 170.70 per share

- 2021-08: GBX 173.80 per share

- 2021-09: GBX 166.10 per share

- 2021-10: GBX 165.00 per share

- 2021-11: GBX 162.10 per share

- 2021-12: GBX 168.40 per share

- 2022-01: GBX 171.30 per share

- 2022-02: GBX 166.10 per share

- 2022-03: GBX 175.10 per share

- 2022-04: GBX 165.40 per share

- 2022-05: GBX 162.50 per share

- 2022-06: GBX 140.30 per share

- 2022-07: GBX 148.70 per share

- 2022-08: GBX 120.00 per share

- 2022-09: GBX 106.30 per share

- 2022-10: GBX 107.10 per share

- 2022-11: GBX 101.50 per share

- 2022-12: GBX 106.50 per share

- 2023-01: GBX 115.00 per share

- 2023-02: GBX 126.40 per share

- 2023-03: GBX 114.70 per share

- 2023-04: GBX 117.80 per share

- 2023-05: GBX 119.90 per share

- 2023-06: GBX 115.10 per share

- 2023-07: GBX 119.80 per share

- 2023-08: GBX 117.60 per share

- 2023-09: GBX 114.80 per share

- 2023-10: GBX 104.00 per share

- 2023-11: GBX 120.90 per share

- 2023-12: GBX 138.10 per share

- 2024-01: GBX 133.30 per share

- 2024-02: GBX 123.90 per share

- 2024-03: GBX 144.30 per share

- 2024-04: GBX 134.70 per share

- 2024-05: GBX 145.80 per share

- 2024-06: GBX 139.20 per share

- 2024-07: GBX 152.30 per share

- 2024-08: GBX 147.00 per share

- 2024-09: GBX 147.20 per share

- 2024-10: GBX 135.70 per share

- 2024-11: GBX 136.60 per share

- 2024-12: GBX 125.50 per share

- 2025-01: GBX 124.30 per share

- 2025-02: GBX 123.60 per share

- 2025-03: GBX 124.90 per share

- 2025-04: GBX 135.80 per share

- 2025-05: GBX 147.10 per share

- 2025-06: GBX 156.10 per share

- 2025-07: GBX 158.20 per share

- 2025-08: GBX 146.00 per share

- 2025-09: GBX 141.90 per share

- 2025-10: GBX 140.40 per share

- 2025-11: GBX 144.90 per share

- 2025-12: GBX 145.00 per share

- 2026-01: GBX 143.50 per share

- 2026-02: GBX 154.50 per share

- 2026-03: GBX 127.50 per share

- 2026-04: GBX 133.50 per share

- 2026-05: GBX 135.60 per share

- 2026-06: GBX 138.10 per share

- 2026-07: GBX 143.80 per share

- 2026-08: GBX 147.20 per share

- 2026-09: GBX 138.40 per share

- 2026-10: GBX 140.50 per share

## Annual estimated value (GBX per share)

- FY2024: low GBX 49.34 per share, central GBX 55.39 per share, high GBX 63.46 per share

- FY2025: low GBX 170.79 per share, central GBX 192.00 per share, high GBX 220.23 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 2026-10-15T06:44:33.713Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/549300TTXXZ1SHUI0D54/2025-12-31/ESEF/GB/0/549300TTXXZ1SHUI0D54-2025-12-31/reports/549300TTXXZ1SHUI0D54-2025-12-31-T01.xhtml); period 2025-12-31, filed 2026-03-18.

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.