Group revenue, in millions. Select the row to edit its growth path.
| Line | FY25A | FY26 | growth |
|---|---|---|---|
| Revenue growth | 97,146,675 | 342,092,301 | — |
Operating margin, per cent of revenue. Tax and reinvestment follow below; the terminal assumptions sit on the premises panel.
| Line | FY26 | avg margin | Long-run |
|---|---|---|---|
| Operating margin | 76.0 | — | 28.4% |
Cash tax as a share of operating profit; capital spend and working capital as net investment per unit of new sales — the rate the model charges against each year's revenue growth. Select a row to edit its annual path.
| Line | FY26 | Long-run driver |
|---|---|---|
| Cash tax rate | 23.2% | 20.9% |
| Capital spend | 11.1% | 219.3% |
| Working capital | 20.4% | 51.1% |
Computed from the sections above and the premises panel — nothing here is editable. The walk runs to the highlighted crossover column — the first year the assumptions justify today's market price — and out to the 25-year ceiling when they never do, growing and shrinking as edits move the crossover.
| Millions unless stated | FY26 |
|---|---|
| Revenue | |
| Group revenue | 342,092,301 |
| Revenue growth | 252.1% |
| Operating profit | |
| Operating profit | 259,887,703 |
| Operating margin | 76.0% |
| Taxes | 60,293,947 |
| Operating profit after tax | 199,593,756 |
| Cash flow | |
| Investment | 76,961,916 |
| Free cash flow | 122,631,840 |
| Returns | terminal return on new capital 10.7% |
| Reinvestment rate | 38.6% |
| Return on new capital — incremental ROIC | — |
| Present value | |
| Discounted free cash flow | 110,738,523 |
| Cumulative present value | 110,738,523 |
| Implied equity value | 1,858,254,473 |