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GLAXF · Financials

Annual reports: Yahoo, amounts in millions of GBP. P/E — year-end price / EPS; — if the price history does not reach that year.

	2022	2023	2024	2025
Revenue	29,324	30,328	31,376	32,667
Net income	14,956	4,928	2,575	5,716
Gross margin	67.4%	71.8%	71.2%	72.4%
Operating margin	22.9%	24.2%	17.7%	25.5%
Net margin	51.0%	16.2%	8.2%	17.5%
EPS	3.66	1.2	0.62	1.39
Free cash flow	5,145	4,424	3,572	4,756
Net debt	13,310	13,026	13,272	14,561
P/E	—	—	—	—

Valuation by free cash flow (DCF)

A what-if tool for a 5–10 year investor, not an answer: change the assumptions and see what they do.

Value per share

40.96 USD

Upside to the estimate

+67.2%

Margin of safety 40.2%: investors often want 20–30% for forecast errors.

Growth priced in

-4.6%

Reverse DCF: FCF growth for 5 years that makes today’s price fair. Compare with what you believe.

	rate 5.3%	rate 6.3%	rate 7.3%
Bear · growth -1.3%	40.49	30.13	24.05
Base · growth 3.7%	55.55	40.96	32.42
Bull · growth 8.7%	75.56	55.29	43.44

FCF to shareholders 5,712 mln USD (operating cash flow − capex, after interest), shares 4,007 mln. Discounted at the shareholder rate, so debt is not subtracted again (assumes stable debt). 5 years of growth, 5 of slowdown, then perpetual growth. Sensitive to assumptions — see the table.