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 09:57; 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 4.95. Growth begins at 3.9% a year (the valuation's blended assumption) and fades to 2.3% by year 10. Margins held at EBITDA 38.3%, net 29.3%, free cash flow -27.7% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.
Confidence: no second model to compare; annual data only; real estate: free cash flow after property spending is a poor guide; funds from operations fit better.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | -3.6% | GBP 0.19 | -5.1% |
| Base | 2.4% | GBP 0.26 | -1.7% |
| Bull | 8.4% | GBP 0.37 | 1.7% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| Fiscal year 2025 | – | GBP 332.80M | GBP 127.50M | GBP 97.60M | -GBP 92.10M | 0.20 | -0.19 | 0.31 | 9.66 | 4.95 |
| Year 1 | 2.4% | GBP 340.75M | GBP 130.55M | GBP 99.93M | -GBP 94.30M | 0.20 | -0.19 | 0.20 | 9.66 | 5.06 |
| Year 2 | 3.1% | GBP 351.15M | GBP 134.53M | GBP 102.98M | -GBP 97.18M | 0.21 | -0.20 | 0.21 | 9.66 | 5.21 |
| Year 3 | 3.5% | GBP 363.57M | GBP 139.29M | GBP 106.62M | -GBP 100.62M | 0.22 | -0.21 | 0.22 | 9.66 | 5.38 |
| Year 4 | 3.4% | GBP 375.79M | GBP 143.97M | GBP 110.21M | -GBP 104.00M | 0.22 | -0.21 | 0.22 | 9.66 | 5.55 |
| Year 5 | 3.2% | GBP 387.75M | GBP 148.55M | GBP 113.72M | -GBP 107.31M | 0.23 | -0.22 | 0.23 | 9.66 | 5.72 |
| Year 6 | 3.0% | GBP 399.41M | GBP 153.02M | GBP 117.13M | -GBP 110.53M | 0.24 | -0.23 | 0.24 | 9.66 | 5.89 |
| Year 7 | 2.8% | GBP 410.71M | GBP 157.35M | GBP 120.45M | -GBP 113.66M | 0.25 | -0.23 | 0.25 | 9.66 | 6.06 |
| Year 8 | 2.7% | GBP 421.61M | GBP 161.52M | GBP 123.65M | -GBP 116.68M | 0.25 | -0.24 | 0.25 | 9.66 | 6.22 |
| Year 9 | 2.5% | GBP 432.05M | GBP 165.52M | GBP 126.71M | -GBP 119.57M | 0.26 | -0.24 | 0.26 | 9.66 | 6.37 |
| Year 10 | 2.3% | GBP 441.99M | GBP 169.33M | GBP 129.62M | -GBP 122.32M | 0.26 | -0.25 | 0.26 | 9.66 | 6.52 |
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.