# Standard Chartered (STAN.LSE)

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

Analysis as of: 2026-10-16T07:33:50.404Z. Financial observations: FY2015–FY2025.

Listing currency: GBX. Reporting currency: USD.

## 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 2,128.00 per share; close as of 2026-10-15.

Estimated value: low GBX 236.92 per share, central GBX 276.81 per share, high GBX 332.85 per share. Buy at or below the central value GBX 276.81 per share. Valuation as of 2026-10-16T07:33:50.404Z; scenarios are not confidence intervals.

Expected annual return: 4.8% at the stated quote. About 4.8% 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

- Financial history: 10 years

- Profitable years in the last ten: 9

- Required profitable years: 9

- Return on common equity variation (informational): 0.83×

Chart: Net income; fiscal year observations.

- FY2016: -$478M

- FY2017: $774M

- FY2018: $618M

- FY2019: $1.9B

- FY2020: $329M

- FY2021: $1.9B

- FY2022: $2.5B

- FY2023: $3.5B

- FY2024: $4.1B

- FY2025: $5.2B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

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

- Bank / P&C ROTE, median of available years: 4.1%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 0.7%

- Years with reported combined ratio: 0

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

- FY2016: -1.1%

- FY2017: 1.7%

- FY2018: 1.4%

- FY2019: 4.1%

- FY2020: 0.7%

- FY2021: 4.1%

- FY2022: 5.8%

- FY2023: 7.9%

- FY2024: 9.0%

- FY2025: 10.8%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 7.8%

- Book return interval: 10 years

- Starting book value per share: $13.16

- Ending book value per share: $20.37

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

- FY2016: 1.1%

- FY2017: 7.6%

- FY2018: -2.4%

- FY2019: 5.6%

- FY2020: 25.4%

- FY2021: 4.0%

- FY2022: -4.1%

- FY2023: -5.3%

- FY2024: 33.8%

- FY2025: 19.6%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -3.4%

- Diluted shares, 5-year annual growth: -5.7%

- Share growth excluding flagged crisis recapitalisations: -3.4%

- Five-year share growth excluding flagged crisis recapitalisations: -5.7%

- Flagged crisis recapitalisations: 0

- Book value created per share: $7.21

- Earnings retained per share after dividends and buybacks: -$2.15

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 9.2% a year forever · "Standard Chartered cashes in on rising wealth demand as it hikes boss’s pay" (uk.finance.yahoo.com, Feb 2026) · net income +28.2%

Story as of 2026-10-16T09:59:57.960Z; price observation 2026-10-15.

The price assumes profits grow 9.2% a year forever

- 2025-07-31: Standard Chartered Quarterly Profit Jumps, Announces $1.3 Billion Buyback ([finance.yahoo.com](https://finance.yahoo.com/m/bf9b7051-6837-3510-8e6b-d9e3dd7adb7f/standard-chartered-quarterly.html))

- 2025-10-30: Standard Chartered's profit rises, beats estimates on trade loans, wealth management ([finance.yahoo.com](https://finance.yahoo.com/news/standard-chartereds-profit-rises-beats-093000024.html))

- 2026-05-19: Standard Chartered blames AI as it cuts thousands of jobs ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/standard-chartered-blames-ai-cuts-090907518.html))

- 2026-07-29: Standard Chartered launches fresh £750m share buyback after record profits ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/standard-chartered-launches-fresh-750m-102605261.html))

### Net income · FY2025

net income +28.2%; source https://filings.xbrl.org/U4LOSYZ7YG4W3S5F2G91/2026-01-26/ESEF/GB/0/U4LOSYZ7YG4W3S5F2G91-2025-12-31/reports/U4LOSYZ7YG4W3S5F2G91-2025-12-31-T01.xhtml; observed 2026-03-04.

- FY2016: -$478M 

- FY2017: $774M 

- FY2018: $618M 

- FY2019: $1.9B 

- FY2020: $329M 

- FY2021: $1.9B 

- FY2022: $2.5B 

- FY2023: $3.5B 

- FY2024: $4.1B 

- FY2025: $5.2B 

## Owner memo

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

### How it makes money

Operates in diversified banking; annual sales are USD 40.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2025: revenue 40942331000.

### Why customers stay

It earns 4.1% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); 10-year return on tangible equity observations [[2016,-0.01095877848594617],[2017,0.016662002454093383],[2018,0.013726317659862737],[2019,0.041169159749656],[2020,0.007256125802254031],[2021,0.04071034748044621],[2022,0.058154668127953967],[2023,0.0793041172301854],[2024,0.08980243464378368],[2025,0.10840854040509501]]; median 0.0409397536150511. 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 USD 3.2 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Dividend observations: [[2016,231000000],[2017,445000000],[2018,539000000],[2019,720000000],[2020,10464000000],[2021,374000000],[2022,393000000],[2023,568000000],[2024,780000000],[2025,974015000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2025: cash repurchases 3227000000 USD.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); STAN.LSE SharesStats.PercentInsiders = 0.326 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 9.2% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Price 2128; FX 75.34943299551671; original perpetual distributable cash 0.21819507983303638; discount 0.1; growth 0.09227402464857576. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

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

- 2016-10: GBX 711.90 per share

- 2016-11: GBX 641.10 per share

- 2016-12: GBX 663.60 per share

- 2017-01: GBX 774.10 per share

- 2017-02: GBX 722.40 per share

- 2017-03: GBX 763.00 per share

- 2017-04: GBX 721.20 per share

- 2017-05: GBX 731.90 per share

- 2017-06: GBX 777.20 per share

- 2017-07: GBX 846.70 per share

- 2017-08: GBX 770.00 per share

- 2017-09: GBX 741.60 per share

- 2017-10: GBX 750.40 per share

- 2017-11: GBX 738.40 per share

- 2017-12: GBX 780.10 per share

- 2018-01: GBX 819.60 per share

- 2018-02: GBX 810.80 per share

- 2018-03: GBX 712.70 per share

- 2018-04: GBX 767.00 per share

- 2018-05: GBX 754.60 per share

- 2018-06: GBX 692.60 per share

- 2018-07: GBX 688.00 per share

- 2018-08: GBX 627.10 per share

- 2018-09: GBX 636.40 per share

- 2018-10: GBX 549.50 per share

- 2018-11: GBX 609.40 per share

- 2018-12: GBX 609.30 per share

- 2019-01: GBX 613.90 per share

- 2019-02: GBX 601.60 per share

- 2019-03: GBX 591.30 per share

- 2019-04: GBX 700.00 per share

- 2019-05: GBX 687.00 per share

- 2019-06: GBX 714.20 per share

- 2019-07: GBX 676.80 per share

- 2019-08: GBX 622.00 per share

- 2019-09: GBX 684.20 per share

- 2019-10: GBX 701.00 per share

- 2019-11: GBX 697.40 per share

- 2019-12: GBX 712.40 per share

- 2020-01: GBX 631.00 per share

- 2020-02: GBX 562.60 per share

- 2020-03: GBX 445.80 per share

- 2020-04: GBX 407.50 per share

- 2020-05: GBX 368.40 per share

- 2020-06: GBX 440.10 per share

- 2020-07: GBX 385.80 per share

- 2020-08: GBX 392.40 per share

- 2020-09: GBX 356.10 per share

- 2020-10: GBX 351.80 per share

- 2020-11: GBX 452.20 per share

- 2020-12: GBX 465.90 per share

- 2021-01: GBX 444.00 per share

- 2021-02: GBX 462.10 per share

- 2021-03: GBX 499.50 per share

- 2021-04: GBX 519.60 per share

- 2021-05: GBX 507.80 per share

- 2021-06: GBX 461.00 per share

- 2021-07: GBX 432.00 per share

- 2021-08: GBX 454.80 per share

- 2021-09: GBX 436.00 per share

- 2021-10: GBX 494.90 per share

- 2021-11: GBX 416.20 per share

- 2021-12: GBX 448.40 per share

- 2022-01: GBX 536.80 per share

- 2022-02: GBX 532.80 per share

- 2022-03: GBX 510.20 per share

- 2022-04: GBX 551.80 per share

- 2022-05: GBX 629.80 per share

- 2022-06: GBX 618.60 per share

- 2022-07: GBX 564.20 per share

- 2022-08: GBX 598.20 per share

- 2022-09: GBX 566.80 per share

- 2022-10: GBX 520.20 per share

- 2022-11: GBX 617.40 per share

- 2022-12: GBX 622.40 per share

- 2023-01: GBX 679.20 per share

- 2023-02: GBX 784.20 per share

- 2023-03: GBX 614.20 per share

- 2023-04: GBX 628.40 per share

- 2023-05: GBX 633.60 per share

- 2023-06: GBX 683.00 per share

- 2023-07: GBX 747.40 per share

- 2023-08: GBX 711.60 per share

- 2023-09: GBX 758.00 per share

- 2023-10: GBX 630.00 per share

- 2023-11: GBX 653.20 per share

- 2023-12: GBX 666.60 per share

- 2024-01: GBX 598.80 per share

- 2024-02: GBX 667.60 per share

- 2024-03: GBX 671.40 per share

- 2024-04: GBX 689.80 per share

- 2024-05: GBX 777.40 per share

- 2024-06: GBX 716.00 per share

- 2024-07: GBX 767.20 per share

- 2024-08: GBX 779.40 per share

- 2024-09: GBX 793.00 per share

- 2024-10: GBX 900.40 per share

- 2024-11: GBX 972.40 per share

- 2024-12: GBX 988.60 per share

- 2025-01: GBX 1,092.00 per share

- 2025-02: GBX 1,269.00 per share

- 2025-03: GBX 1,139.50 per share

- 2025-04: GBX 1,076.00 per share

- 2025-05: GBX 1,158.00 per share

- 2025-06: GBX 1,207.00 per share

- 2025-07: GBX 1,360.50 per share

- 2025-08: GBX 1,386.00 per share

- 2025-09: GBX 1,435.50 per share

- 2025-10: GBX 1,559.50 per share

- 2025-11: GBX 1,673.50 per share

- 2025-12: GBX 1,822.00 per share

- 2026-01: GBX 1,862.00 per share

- 2026-02: GBX 1,832.00 per share

- 2026-03: GBX 1,555.00 per share

- 2026-04: GBX 1,862.80 per share

- 2026-05: GBX 1,993.50 per share

- 2026-06: GBX 2,041.00 per share

- 2026-07: GBX 2,188.00 per share

- 2026-08: GBX 2,177.00 per share

- 2026-09: GBX 2,298.00 per share

- 2026-10: GBX 2,165.00 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 1,208.63 per share, central GBX 1,329.49 per share, high GBX 1,477.21 per share

- FY2017: low GBX 1,109.94 per share, central GBX 1,220.94 per share, high GBX 1,356.60 per share

- FY2018: low GBX 769.43 per share, central GBX 846.37 per share, high GBX 940.41 per share

- FY2019: low GBX 286.40 per share, central GBX 332.48 per share, high GBX 396.22 per share

- FY2020: low GBX 202.62 per share, central GBX 228.70 per share, high GBX 262.49 per share

- FY2021: low GBX 203.58 per share, central GBX 229.63 per share, high GBX 263.32 per share

- FY2022: low GBX 193.49 per share, central GBX 218.25 per share, high GBX 250.27 per share

- FY2023: low GBX 150.33 per share, central GBX 170.38 per share, high GBX 196.60 per share

- FY2024: low GBX 153.27 per share, central GBX 174.64 per share, high GBX 202.95 per share

- FY2025: low GBX 214.23 per share, central GBX 250.30 per share, high GBX 300.98 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:35.541Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/U4LOSYZ7YG4W3S5F2G91/2026-01-26/ESEF/GB/0/U4LOSYZ7YG4W3S5F2G91-2025-12-31/reports/U4LOSYZ7YG4W3S5F2G91-2025-12-31-T01.xhtml); period 2026-01-26, 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.

Standard Chartered

STAN · LSE

FTSE 100 · STOXX Europe 600

Not a wonderful business

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

Share price: GBX 2,128.00
Buy up to: GBX 276.81
Expected / yr: 4.8% 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

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

Net income

10y median: $1.9B
Worst year: -$478M
Latest · 2025: $5.2B

Earned a median 4.1% on tangible equity (minimum 12%), and the second-worst year 0.7% (minimum 5%).

Return on tangible common equity

10y median: 4.1%
Worst year: -1.1%
Latest · 2025: 10.8%

Book value plus dividends grew 7.8% a year (minimum 7%).

Annual book + dividend return

10y median: 4.8%
Worst year: -5.3%
Latest · 2025: 19.6%

Ordinary share growth was -3.4% over the full period and -5.7% over five years (either must be at most 2% a year).

Filing signals · estimated likelihood

per-share value change
Passing bar: ≥ $0

0 accounting warnings were found (none allowed).

Filing signals · estimated likelihood

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 1 loss year in 10 (at most 2), three-year average earnings per share 1.61 USD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price GBX 711.90 · Value 1329.49 · Buy at or below 1329.49; 2016-11 · Price GBX 641.10 · Value 1329.49 · Buy at or below 1329.49; 2016-12 · Price GBX 663.60 · Value 1329.49 · Buy at or below 1329.49; 2017-01 · Price GBX 774.10 · Value 1329.49 · Buy at or below 1329.49; 2017-02 · Price GBX 722.40 · Value 1220.94 · Buy at or below 1220.94; 2017-03 · Price GBX 763.00 · Value 1220.94 · Buy at or below 1220.94; 2017-04 · Price GBX 721.20 · Value 1220.94 · Buy at or below 1220.94; 2017-05 · Price GBX 731.90 · Value 1220.94 · Buy at or below 1220.94; 2017-06 · Price GBX 777.20 · Value 1220.94 · Buy at or below 1220.94; 2017-07 · Price GBX 846.70 · Value 1220.94 · Buy at or below 1220.94; 2017-08 · Price GBX 770.00 · Value 1220.94 · Buy at or below 1220.94; 2017-09 · Price GBX 741.60 · Value 1220.94 · Buy at or below 1220.94; 2017-10 · Price GBX 750.40 · Value 1220.94 · Buy at or below 1220.94; 2017-11 · Price GBX 738.40 · Value 1220.94 · Buy at or below 1220.94; 2017-12 · Price GBX 780.10 · Value 1220.94 · Buy at or below 1220.94; 2018-01 · Price GBX 819.60 · Value 1220.94 · Buy at or below 1220.94; 2018-02 · Price GBX 810.80 · Value 846.37 · Buy at or below 846.37; 2018-03 · Price GBX 712.70 · Value 846.37 · Buy at or below 846.37; 2018-04 · Price GBX 767.00 · Value 846.37 · Buy at or below 846.37; 2018-05 · Price GBX 754.60 · Value 846.37 · Buy at or below 846.37; 2018-06 · Price GBX 692.60 · Value 846.37 · Buy at or below 846.37; 2018-07 · Price GBX 688.00 · Value 846.37 · Buy at or below 846.37; 2018-08 · Price GBX 627.10 · Value 846.37 · Buy at or below 846.37; 2018-09 · Price GBX 636.40 · Value 846.37 · Buy at or below 846.37; 2018-10 · Price GBX 549.50 · Value 846.37 · Buy at or below 846.37; 2018-11 · Price GBX 609.40 · Value 846.37 · Buy at or below 846.37; 2018-12 · Price GBX 609.30 · Value 846.37 · Buy at or below 846.37; 2019-01 · Price GBX 613.90 · Value 846.37 · Buy at or below 846.37; 2019-02 · Price GBX 601.60 · Value 332.48 · Buy at or below 332.48; 2019-03 · Price GBX 591.30 · Value 332.48 · Buy at or below 332.48; 2019-04 · Price GBX 700.00 · Value 332.48 · Buy at or below 332.48; 2019-05 · Price GBX 687.00 · Value 332.48 · Buy at or below 332.48; 2019-06 · Price GBX 714.20 · Value 332.48 · Buy at or below 332.48; 2019-07 · Price GBX 676.80 · Value 332.48 · Buy at or below 332.48; 2019-08 · Price GBX 622.00 · Value 332.48 · Buy at or below 332.48; 2019-09 · Price GBX 684.20 · Value 332.48 · Buy at or below 332.48; 2019-10 · Price GBX 701.00 · Value 332.48 · Buy at or below 332.48; 2019-11 · Price GBX 697.40 · Value 332.48 · Buy at or below 332.48; 2019-12 · Price GBX 712.40 · Value 332.48 · Buy at or below 332.48; 2020-01 · Price GBX 631.00 · Value 332.48 · Buy at or below 332.48; 2020-02 · Price GBX 562.60 · Value 228.70 · Buy at or below 228.70; 2020-03 · Price GBX 445.80 · Value 228.70 · Buy at or below 228.70; 2020-04 · Price GBX 407.50 · Value 228.70 · Buy at or below 228.70; 2020-05 · Price GBX 368.40 · Value 228.70 · Buy at or below 228.70; 2020-06 · Price GBX 440.10 · Value 228.70 · Buy at or below 228.70; 2020-07 · Price GBX 385.80 · Value 228.70 · Buy at or below 228.70; 2020-08 · Price GBX 392.40 · Value 228.70 · Buy at or below 228.70; 2020-09 · Price GBX 356.10 · Value 228.70 · Buy at or below 228.70; 2020-10 · Price GBX 351.80 · Value 228.70 · Buy at or below 228.70; 2020-11 · Price GBX 452.20 · Value 228.70 · Buy at or below 228.70; 2020-12 · Price GBX 465.90 · Value 228.70 · Buy at or below 228.70; 2021-01 · Price GBX 444.00 · Value 228.70 · Buy at or below 228.70; 2021-02 · Price GBX 462.10 · Value 229.63 · Buy at or below 229.63; 2021-03 · Price GBX 499.50 · Value 229.63 · Buy at or below 229.63; 2021-04 · Price GBX 519.60 · Value 229.63 · Buy at or below 229.63; 2021-05 · Price GBX 507.80 · Value 229.63 · Buy at or below 229.63; 2021-06 · Price GBX 461.00 · Value 229.63 · Buy at or below 229.63; 2021-07 · Price GBX 432.00 · Value 229.63 · Buy at or below 229.63; 2021-08 · Price GBX 454.80 · Value 229.63 · Buy at or below 229.63; 2021-09 · Price GBX 436.00 · Value 229.63 · Buy at or below 229.63; 2021-10 · Price GBX 494.90 · Value 229.63 · Buy at or below 229.63; 2021-11 · Price GBX 416.20 · Value 229.63 · Buy at or below 229.63; 2021-12 · Price GBX 448.40 · Value 229.63 · Buy at or below 229.63; 2022-01 · Price GBX 536.80 · Value 229.63 · Buy at or below 229.63; 2022-02 · Price GBX 532.80 · Value 218.25 · Buy at or below 218.25; 2022-03 · Price GBX 510.20 · Value 218.25 · Buy at or below 218.25; 2022-04 · Price GBX 551.80 · Value 218.25 · Buy at or below 218.25; 2022-05 · Price GBX 629.80 · Value 218.25 · Buy at or below 218.25; 2022-06 · Price GBX 618.60 · Value 218.25 · Buy at or below 218.25; 2022-07 · Price GBX 564.20 · Value 218.25 · Buy at or below 218.25; 2022-08 · Price GBX 598.20 · Value 218.25 · Buy at or below 218.25; 2022-09 · Price GBX 566.80 · Value 218.25 · Buy at or below 218.25; 2022-10 · Price GBX 520.20 · Value 218.25 · Buy at or below 218.25; 2022-11 · Price GBX 617.40 · Value 218.25 · Buy at or below 218.25; 2022-12 · Price GBX 622.40 · Value 218.25 · Buy at or below 218.25; 2023-01 · Price GBX 679.20 · Value 218.25 · Buy at or below 218.25; 2023-02 · Price GBX 784.20 · Value 170.38 · Buy at or below 170.38; 2023-03 · Price GBX 614.20 · Value 170.38 · Buy at or below 170.38; 2023-04 · Price GBX 628.40 · Value 170.38 · Buy at or below 170.38; 2023-05 · Price GBX 633.60 · Value 170.38 · Buy at or below 170.38; 2023-06 · Price GBX 683.00 · Value 170.38 · Buy at or below 170.38; 2023-07 · Price GBX 747.40 · Value 170.38 · Buy at or below 170.38; 2023-08 · Price GBX 711.60 · Value 170.38 · Buy at or below 170.38; 2023-09 · Price GBX 758.00 · Value 170.38 · Buy at or below 170.38; 2023-10 · Price GBX 630.00 · Value 170.38 · Buy at or below 170.38; 2023-11 · Price GBX 653.20 · Value 170.38 · Buy at or below 170.38; 2023-12 · Price GBX 666.60 · Value 170.38 · Buy at or below 170.38; 2024-01 · Price GBX 598.80 · Value 170.38 · Buy at or below 170.38; 2024-02 · Price GBX 667.60 · Value 174.64 · Buy at or below 174.64; 2024-03 · Price GBX 671.40 · Value 174.64 · Buy at or below 174.64; 2024-04 · Price GBX 689.80 · Value 174.64 · Buy at or below 174.64; 2024-05 · Price GBX 777.40 · Value 174.64 · Buy at or below 174.64; 2024-06 · Price GBX 716.00 · Value 174.64 · Buy at or below 174.64; 2024-07 · Price GBX 767.20 · Value 174.64 · Buy at or below 174.64; 2024-08 · Price GBX 779.40 · Value 174.64 · Buy at or below 174.64; 2024-09 · Price GBX 793.00 · Value 174.64 · Buy at or below 174.64; 2024-10 · Price GBX 900.40 · Value 174.64 · Buy at or below 174.64; 2024-11 · Price GBX 972.40 · Value 174.64 · Buy at or below 174.64; 2024-12 · Price GBX 988.60 · Value 174.64 · Buy at or below 174.64; 2025-01 · Price GBX 1092.00 · Value 174.64 · Buy at or below 174.64; 2025-02 · Price GBX 1269.00 · Value 250.30 · Buy at or below 250.30; 2025-03 · Price GBX 1139.50 · Value 250.30 · Buy at or below 250.30; 2025-04 · Price GBX 1076.00 · Value 250.30 · Buy at or below 250.30; 2025-05 · Price GBX 1158.00 · Value 250.30 · Buy at or below 250.30; 2025-06 · Price GBX 1207.00 · Value 250.30 · Buy at or below 250.30; 2025-07 · Price GBX 1360.50 · Value 250.30 · Buy at or below 250.30; 2025-08 · Price GBX 1386.00 · Value 250.30 · Buy at or below 250.30; 2025-09 · Price GBX 1435.50 · Value 250.30 · Buy at or below 250.30; 2025-10 · Price GBX 1559.50 · Value 250.30 · Buy at or below 250.30; 2025-11 · Price GBX 1673.50 · Value 250.30 · Buy at or below 250.30; 2025-12 · Price GBX 1822.00 · Value 250.30 · Buy at or below 250.30; 2026-01 · Price GBX 1862.00 · Value 250.30 · Buy at or below 250.30; 2026-02 · Price GBX 1832.00 · Value 276.81 · Buy at or below 276.81; 2026-03 · Price GBX 1555.00 · Value 276.81 · Buy at or below 276.81; 2026-04 · Price GBX 1862.80 · Value 276.81 · Buy at or below 276.81; 2026-05 · Price GBX 1993.50 · Value 276.81 · Buy at or below 276.81; 2026-06 · Price GBX 2041.00 · Value 276.81 · Buy at or below 276.81; 2026-07 · Price GBX 2188.00 · Value 276.81 · Buy at or below 276.81; 2026-08 · Price GBX 2177.00 · Value 276.81 · Buy at or below 276.81; 2026-09 · Price GBX 2298.00 · Value 276.81 · Buy at or below 276.81; 2026-10 · Price GBX 2165.00 · Value 276.81 · Buy at or below 276.81; 2026-10 · Price GBX 2128.00 · Value 276.81 · Buy at or below 276.81

GBX per share · annual estimates

Price & return math
Value range	GBX 236.92 – GBX 332.85
Buy at or below	Central value GBX 276.81
Discount to value	1 − 2128.00 / 276.81 = -668.8%
Return / year	About 4.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Book GBX 1697.41/share; ROE 5.0%; first payout GBX 16.44/share, growing 4.1% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net income$5.2B

Net income

Book / share$20.37

Book / share

Dividend / share$0.41

Dividend / share

Return on tangible equity10.8%

Return on tangible equity

Diluted shares2.4B

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·