Project revenue, EBITDA, net income and free cash flow for the next 5 or 10 years. Growth starts at the same rate the valuation uses and fades to the long-run rate, with margins held at today's level. Bear and bull cases move growth by the company's own revenue volatility. It is a model of what the assumptions imply, not a prediction.
Price updated 06 Nov 2026 09:55; Fiscal year 2025; Annual financials downloaded 06 Nov 2026 13:17.
Starts from Fiscal year 2025 financials in GBP and a share price of GBP 1.51. Growth begins at 3.0% a year (capped from 3.5% because the latest annual revenue declined) and fades to 2.2% by year 10. Margins held at EBITDA 28.4%, net -0.4%, free cash flow 1.7% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.
Confidence: EV/EBITDA (12x) disagrees strongly; annual data only.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | -4.6% | GBP 286.03M | -1.2% |
| Base | 1.4% | GBP 406.80M | 2.4% |
| Bull | 7.4% | GBP 570.25M | 5.9% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| Fiscal year 2025 | – | GBP 19.49B | GBP 5.53B | -GBP 72.00M | GBP 322.00M | -0.02 | 0.07 | n/a | n/a | 1.51 |
| Year 1 | 1.4% | GBP 19.77B | GBP 5.25B | -GBP 73.02M | GBP 326.54M | -0.02 | 0.07 | n/a | n/a | 1.53 |
| Year 2 | 2.2% | GBP 20.19B | GBP 4.99B | -GBP 74.59M | GBP 333.60M | -0.02 | 0.07 | n/a | n/a | 1.55 |
| Year 3 | 2.8% | GBP 20.76B | GBP 4.75B | -GBP 76.70M | GBP 343.01M | -0.02 | 0.07 | n/a | n/a | 1.59 |
| Year 4 | 2.7% | GBP 21.33B | GBP 4.49B | -GBP 78.79M | GBP 352.39M | -0.02 | 0.07 | n/a | n/a | 1.63 |
| Year 5 | 2.6% | GBP 21.90B | GBP 4.21B | -GBP 80.88M | GBP 361.70M | -0.02 | 0.08 | n/a | n/a | 1.67 |
| Year 6 | 2.6% | GBP 22.46B | GBP 4.32B | -GBP 82.94M | GBP 370.95M | -0.02 | 0.08 | n/a | n/a | 1.71 |
| Year 7 | 2.5% | GBP 23.01B | GBP 4.42B | -GBP 84.99M | GBP 380.10M | -0.02 | 0.08 | n/a | n/a | 1.75 |
| Year 8 | 2.4% | GBP 23.56B | GBP 4.53B | -GBP 87.01M | GBP 389.14M | -0.02 | 0.08 | n/a | n/a | 1.80 |
| Year 9 | 2.3% | GBP 24.10B | GBP 4.63B | -GBP 89.00M | GBP 398.04M | -0.02 | 0.08 | n/a | n/a | 1.84 |
| Year 10 | 2.2% | GBP 24.63B | GBP 4.73B | -GBP 90.96M | GBP 406.80M | -0.02 | 0.09 | n/a | n/a | 1.88 |
EPS and free cash flow per share assume today's share count. Dividends assume today's payout ratio and book value grows with retained earnings. The implied share price follows the valuation models and is not a price target; override growth settings do not change the model fair value. Margins stay at today's level except where the notes say they drift toward their average, so it does not model margin expansion, buybacks, acquisitions or recessions. It is for information and education only and is not investment advice. See the methodology for how the growth rate is blended.