AI 銘柄分析 · 10年

The Sage Group plc

SGE · GBP · 分析基準日 2026-11-06

{ "market_price_gbp_per_share": 11.65, "market_cap_economic_cohort_oku": 104.920901, "expected_holder_pv_oku": 77.679722, "expected_pv_per_old_initial_share_gbp": 8.625248, "expected_value_to_market_ratio": 0.740364611, "market_price_premium_over_model_pv": 0.350685844, "expected_holder_cash_timed_irr": 0.0499631911, "common_required_return_k": 0.09, "discount_to_model_pv": -0.35068584, "primary_data_asof": "2026-11-06; share count October 30 used dated proxy; IFRS balance March 31 and Q3 revenue June 30", "recommendation_text": "SBC非現金加算と将来交付株数の市場買付費用を別建てにして終価を再評価。2036-11-06までの旧株主現金受取と台帳は元モデルから変更なし。" }

10年期待年率5.00%

資本コスト9.00%

直近終値11.65 GBP2026-11-06

AIによるシナリオ分析です。基準日以降の出来事、株価や為替の変化は個別に確認が必要です。各数値は元の分析の単位と前提に従います。

分析の要約

{
"investment_thesis": "規制会計・給与・税務業務に組み込まれるSaaSの更新粘着性とアップセル。AI Agentの生産性上昇で価格交渉力が拡大する一方、低価格AIによる競争・統合・顧客情報セキュリティが主要リスク。",
"key_finding": "2026 H1のIFRS資本は£220mで、£602mの買戻し計上（現金£353m、将来決済負債£257m）により縮小。割安さはPBRからではなく将来SBC控除後の利益と再投資・旧株主現金から判断。",
"as_of_disciplines": [
"2026年度通期決算は2026-11-19予定、2026-11-06に存在しない通期IFRS数値を実績扱いしない",
"決算期は9月末、暦年2027-2036モデルと混同しない",
"SBCはIFRS営業費用に残し、非現金戻しはFCF/株式資本の連結目的だけ",
"従業員信託株は経済的流通株式から控除",
"旧株主の比例応札と外部発行・従業員付与を年内日付で処理し、会社全体時価総額と同一視しない",
"2026-11-06～2036-11-06は暦日で3653日、CF割引指数は日数/365.25"
],
"risks": [
"中小企業景気・倒産",
"税法改正やe-invoicing対応費",
"Intuit・Microsoft・Oracle・Xero等とAI-native競争",
"クラウド停止・サイバー・顧客会計情報",
"外国通貨のGBP換算",
"買収ののれん減損とM&A統合",
"高負債下の積極還元",
"SBC交付・自己株式・信託を混同した一株評価の誤り"
],
"terminal_sbc_correction": "旧版のSBC非現金加算額＝従業員交付株の市場買戻し資金という仮定を撤回。現金必要額は交付株数×予想市場買付価格、SBC加算は別計算して差額を終価に反映。"
}

2026年10月30日の自己株・従業員信託控除後株数を11月6日の代理値として使用。実際の11月6日時点の信託株数と株数の変化は未確認。2036年までの配当・買戻し・交付は仮定であり、予測日が来たら実績検証まで期待リターン表示を停止する。終価は将来交付株の市場買戻し費用をSBC非現金加算と分離して反映。企業予測ではない。

事業

products

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1: Sage Intacct
2: Sage 50
3: Sage 200
4: Sage X3
5: Sage Accounting / Business Cloud
6: Sage People / payroll
7: Sage Copilot and intelligent agents

model

small and mid-sized business accounting, finance, HR and payroll SaaS; recurring subscriptions, cloud-native and hybrid/on-prem migration, compliance localization; revenue includes non-recurring services and licence

renewal_rate_by_value

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FY2025

1.01

H1_2026

1.02

definition

renewal by value includes up-sell and price; not gross-logo retention or churn

出典番号

1: S6
2: S7

customers_absolute

未確認

customer_count_uncertainty

会社は millions の小中堅企業・会計事務所と記述。2026-11-06時点の比較可能な有償顧客数とロゴ解約率/ARPUの精確な系列を検証できないためnull。

ARPU_actual

未確認

logo_churn_actual

未確認

price_mix_assumptions_are_explicit_scenario_inputs

はい

growth_factors

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1: 規制対応のローカライズ
2: 代理店・会計士エコシステム
3: Sage Intacct中堅領域
4: AI機能の追加課金
5: 銀行やFintech連携
6: 自動仕訳/売掛・買掛業務の埋め込み

H1_2026_KPIs

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ARR_oku: 27.27
ARR_growth: 0.11
renewal_by_value: 1.02
Business_Cloud_oku: 11.62
cloud_native_oku: 5.18
cloud_native_growth: 0.25

FY2025_KPIs

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ARR_oku: 25.74
renewal_by_value: 1.01
recurring_penetration: 0.97
software_subscription_revenue_oku: 20.93

cyclicality

中小企業数減少・新設鈍化に影響するが継続業務の更新需要は相対的に景気耐性。更新維持率はアップセル込みの値で顧客数の純残高を示さない。

R_and_D_capitalisation

H1 2026 R&D £208mは製品開発の支出指標で営業費用に相当する部分を再度FCFから控除しない。別途H1無形資産取得現金£12mと有形£15mを計上。

競争力・事業の質

positive

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1: 継続課金比率97%（FY25とH1 2026）
2: 更新価値率102%（上期2026）
3: Q3累計売上10% organic成長
4: H1会社開示のキャッシュコンバージョン116%
5: UK・EU税務ローカライズのスイッチングコスト

negative

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1: H1 2026 net debt/underlying EBITDA 2.0x
2: £220mという小さいIFRS book capital
3: 買戻し約束を公正に認識するためH1 book capitalが大きく変動
4: 競争激化で単価・ロゴ更新低下に弱い
5: 成長に必要なR&Dが高水準
6: のれん£2,276m対book equity £220m

goodwill_vs_equity_2026_h1

goodwill_oku: 22.76
equity_oku: 2.2
注記: のれんと規制資本/現金の混同禁止。IFRS帳簿資本は自己株政策により低い。

valuation_style

市場PER/PBRの参照を禁止し、FY2036時点の次12か月IFRS親会社利益、定常再投資率g/限界自己資本ROE、共通k、必要負債修復額のGordon-FCFEで終価を算定。

業界と環境

competition

large_platforms

1: Microsoft Dynamics 365
2: Oracle NetSuite
3: SAP

SMB_SaaS

1: Intuit QuickBooks
2: Xero
3: Zoho

AI_native_threat

汎用AI agentによる入力・レポート自動化が顧客の支払意思額を圧迫する可能性。監査証跡・法令遵守・正確な計算はSageの防壁。

regulatory

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1: UK Making Tax Digital for Income Tax
2: French e-invoicing
3: Spanish anti-fraud invoicing rules
4: EU GDPR / data sovereignty
5: payment and payroll data protection

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H1_2026_USD_per_GBP: 1.34
H1_2025_USD_per_GBP: 1.27
H1_2026_EUR_per_GBP: 1.15
H1_2025_EUR_per_GBP: 1.2
effect: 売上各地域はGBP換算。FY2026上期のUSD安・EUR高の相殺。企業は損益換算に為替ヘッジを行わない。

capital_intensity

SaaSとして有形CAPEXは低めだがR&Dを継続費用化しているため、FCFの単純なCAPEXだけで必要再投資を過小評価しない。

財務・資本配分

historic

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fy2025

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dividend_per_share_p: 21.85
cash_dividends_oku: 2.07
sbc_pnl_expense_oku: 0.51
treasury_award_issued_shares: 6855500
ebt_award_delivery_shares: 420118
cash_capex_oku: 0.59

h1_2026

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dividends_paid_oku

1.36

buybacks_recognized_equity_oku

6.02

cash_paid_for_buybacks_oku

3.53

liability_for_buyback_oku

2.57

sbc_pnl_expense_oku

0.27

sbc_equity_credit_including_tax_oku

0.26

sbc_treasury_shares_delivered

4784153

sbc_ebt_shares_delivered

1292492

出典番号

1: S2

october_2026_share_reconciliation

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start_asof

2026-03-31

end_asof

2026-10-30

issued_start

987929800

issued_end

959080955

issued_share_reduction

28848845

treasury_start

55085354

treasury_end

53451016

treasury_net_release

1634338

ebt_start

6772356

ebt_end

5021344

ebt_net_release

1751012

outside_shares_start

926072090

outside_shares_end

900608595

outside_shares_net_reduction

25463495

identity

-28,848,845 cancellations + 1,634,338 net treasury release + 1,751,012 net EBT release = -25,463,495 outside-shares change; net movements cannot be decomposed into gross award vesting vs trading absent detailed rollforward

出典番号

1: S2
2: S4

shareholder_returns_2026_known_prior_to_anchor

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kind

FY2025_final

amount_pence

14.4

ex_date

2026-01-08

record_date

2026-01-09

payment_date

2026-02-10

状態

paid_pre_anchor

出典番号

1: S2
2: S16

内容を開く

kind

FY2026_interim

amount_pence

8.05

ex_date

2026-06-04

record_date

2026-06-05

payment_date

2026-07-03

状態

paid_pre_anchor

出典番号

1: S2
2: S16

next_final_at_basis

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declared: いいえ
per_share_pence: 未確認
ex_date: 未確認
payment_date: 未確認
explanation: FY2026 final dividend not announced by November 6; Nov19 FY26 results scheduled. No declared future cashflows as-of anchor.

debt

as_at_2026_03_31

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net_debt_oku

15.04

total_debt_oku

20.22

現金（億）

5.18

leverage_net_debt_to_underlying_EBITDA

liquidity_oku

11.48

rating

S&P BBB+ stable as disclosed in May 2026

RCF_undrawn_oku

6.3

RCF_expiry

2029-12

notes

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1: EUR500m 7y 3.821% 2026-02
2: GBP300m 12y 5.625% 2025-03
3: EUR500m 5y 3.82% 2023-02
4: GBP400m 12y 2.875% 2022-02
5: GBP350m 10y 1.625% 2021-02

出典番号

1: S2

as_of_2026_11_06_financial_debt

estimation_only_from_march_and_cashflow_bridge

ma_known_before_basis

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entity

Criterion

日付

2025-10-02

consideration_known_GBP_m

acquisition_date_fair_value_consideration_GBP_m

recognised_contingent_fair_value_GBP_m

contingent_up_to_GBP_m

出典番号

1: S1

内容を開く

entity

Akao

日付

2026-01

consideration_known_GBP_m

未確認

出典番号

1: S7

内容を開く

entity

Doyen AI

日付

2026-04-17

consideration_known_GBP_m

出典番号

1: S7

内容を開く

entity

Bangert

日付

2026-08-18

consideration_known_GBP_m

未確認

出典番号

1: S14

内容を開く

entity

Paperless Environments

日付

2026-10-01

consideration_known_GBP_m

未確認

出典番号

1: S11

内容を開く

entity

WholeHelp

日付

2026-10-05

consideration_known_GBP_m

未確認

出典番号

1: S12

内容を開く

entity

MoovinCloud

日付

2026-10-05

consideration_known_GBP_m

未確認

出典番号

1: S13

historical_practice

H1 FY26 2件の£300m買戻しは消却中心。将来シナリオでは信託・自己株バッファ25mを維持するよう一部を自己株として保有する仮定であり、将来の実施方針の開示ではない。

future_share_dilution_method

旧株主はpro_rataの割合で自己株買いに応札。現金は旧株主比率だけ受領し、同じ株数だけ旧株主持分から減少。従業員交付はまずEBT、その後treasury、新発行の順で処理。新規第三者増資現金は会社資本とnet debtだけを変え、旧株主に現金収入は発生しない。

terminal_sbc_normalisation

実績のIFRS2費用は付与時の評価、将来の株式市場買戻し価格は権利確定時の予測値。2026-2036年の一般買戻しと2037年以降の定常補填費用を二重控除しない。

評価の前提と確認

start

2026-11-06

end

2036-11-06

days

3653

terminal_year_actual_days_div_365_25

10.001368925394

basis_holder_aggregate_initial_cash_cost_oku

104.920901317

all_horizon_ledger_dates

initial_2026_stub

1: 2026-11-06
2: 2027-01-01

2027_to_2035_each_calendar_year

はい

final_2036_partial

1: 2036-01-01
2: 2036-11-06

book_equity_and_share_cutoff

2026-11-06 book equity/debt are explicitly estimated; 2026-10-30 share denominator is confirmed dated proxy; none of pre-2026-11-06 dividends/buybacks included as future holder cashflow

confirmed_dividends_ex_date_handled

Jan/Jun 2026 amounts already ex-date and paid before anchor; future 2027-2036 dividend ex/payment dates forecasts (not confirmed). Declared at ex-date as bookkeeping proxy, paid at pay_date; payable prevents double counting.

no_cashflows_post_end

はい

terminal_2036_full_year_is_reference_only

はい

value_formula

2036-11-06までの旧株主現金受取をPV化＋残存旧株主持分 × [将来12か月IFRS利益−成長再投資＋SBC加算−将来交付株相殺市場買付資金]の継続価値。希薄化ケースはdで終価分母を変更。

stock_rules

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1: issuance to employee award not shareholder cash
2: treasury shares and EBT excluded until released
3: cancellation lowers issued while retention raises treasury
4: future employees receive economic shares and dilute old holder
5: buyback cash received only with tendered shares removed from cohort
6: no double subtract existing buyback liability paid after March 2026 from equity

出典番号

1: S2
2: S4
3: S5

terminal_sbc_future_cash_handling

2036-11-06を超える補填市場買戻しは終価FCFEのみの仮定。2036年までの買戻しは既存時点別CFと資本台帳に一回だけ保持。

all_future_ex_dates_assumptions

はい

資本コストの前提

資本コスト

9.00%

basis

nominal_GBP_cost_of_common_equity

状態

analyst_assumption_not_observed

risk_free_proxy

0.042

equity_risk_and_company_risk_component

0.048

common_k_for_all_five_cases

はい

terminal_growth_bounds

1: 0.01
2: 0.034

sensitivity_k

1: 0.08
2: 0.1

comment

k=9.0%の一律名目GBP自己資本コスト、国債・株式リスクプレミアムの一例であり市場PERから逆算しない。

事業別データ

事業別の内訳と、収録されている年度別データを確認できます。

事業別データを開く →

10年のシナリオ

シナリオごとの確率、期間内の株主還元・追加負担、終価です。金額は億GBP。株主の範囲や受取時点は各分析の前提を確認してください。

シナリオ	確率	株主還元・追加負担	終価
強気	10.0%	70.74	196.69
やや強気	20.0%	61.82	149.52
中立	40.0%	52.52	117.64
やや弱気	20.0%	30.37	53.95
弱気	10.0%	18.45	22.72

強気（確率 10.0%）

AI機能とIntacctの浸透で高単価・新規顧客がともに伸び、規模の経済が持続。

確率の根拠

顧客・単価・買収・競争の将来展開に対する分析上の確率仮定。

事業別の前提

内容を開く

id: consolidated
数量: 1
価格・単価: 77.424686
営業利益: 21.524062
注記: 2036暦年全体の予測（基準日から10年を超える部分を含む表示参考値）。地域別と10年終了時点までの財務は年次台帳参照。

日付別キャッシュフロー

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year: 0.10677618069815
想定日: 2026-12-15
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 0.16974674880219
想定日: 2027-01-07
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 0.26283367556468
想定日: 2027-02-10
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 0.262833676
想定日: 2027-02-10
金額: 1.404949408
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2027-01-07
ex_date_status: forecast_unconfirmed

内容を開く

year: 0.39698836413415
想定日: 2027-03-31
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 0.51745379876797
想定日: 2027-05-14
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 0.517453799
想定日: 2027-05-14
金額: 1.640357573
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

内容を開く

year: 0.57221081451061
想定日: 2027-06-03
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 0.65982203969884
想定日: 2027-07-05
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 0.65982204
想定日: 2027-07-05
金額: 0.789641165
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2027-06-03
ex_date_status: forecast_unconfirmed

内容を開く

year: 0.89801505817933
想定日: 2027-09-30
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 0.977412731
想定日: 2027-10-29
金額: 1.335418998
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

内容を開く

year: 0.97741273100616
想定日: 2027-10-29
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 1.1663244353183
想定日: 2028-01-06
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 1.2621492128679
想定日: 2028-02-10
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 1.262149213
想定日: 2028-02-10
金額: 1.490979154
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2028-01-06
ex_date_status: forecast_unconfirmed

内容を開く

year: 1.3990417522245
想定日: 2028-03-31
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 1.5222450376454
想定日: 2028-05-15
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

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year: 1.522245038
想定日: 2028-05-15
金額: 1.77058201
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

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year: 1.5687885010267
想定日: 2028-06-01
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

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year: 1.656399726
想定日: 2028-07-03
金額: 0.837957915
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2028-06-01
ex_date_status: forecast_unconfirmed

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year: 1.6563997262149
想定日: 2028-07-03
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

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year: 1.8973305954825
想定日: 2028-09-29
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

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year: 1.9822039698836
想定日: 2028-10-30
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 1.98220397
想定日: 2028-10-30
金額: 1.441092672
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

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year: 2.1629021218344
想定日: 2029-01-04
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

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year: 2.2696783025325
想定日: 2029-02-12
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

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year: 2.269678303
想定日: 2029-02-12
金額: 1.582160298
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2029-01-04
ex_date_status: forecast_unconfirmed

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year: 2.3956194387406
想定日: 2029-03-30
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

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year: 2.5215605749487
想定日: 2029-05-15
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 2.521560575
想定日: 2029-05-15
金額: 1.910257926
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

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year: 2.5845311430527
想定日: 2029-06-07
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 2.6557152635181
想定日: 2029-07-03
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 2.655715264
想定日: 2029-07-03
金額: 0.889163399
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2029-06-07
ex_date_status: forecast_unconfirmed

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year: 2.8939082819986
想定日: 2029-09-28
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 2.981519507
想定日: 2029-10-30
金額: 1.554392468
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

内容を開く

year: 2.9815195071869
想定日: 2029-10-30
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 3.1594798083504
想定日: 2030-01-03
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 3.266255989
想定日: 2030-02-11
金額: 1.678786725
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2030-01-03
ex_date_status: forecast_unconfirmed

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year: 3.2662559890486
想定日: 2030-02-11
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 3.3921971252567
想定日: 2030-03-29
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 3.520876112
想定日: 2030-05-15
金額: 2.059959671
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

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year: 3.5208761122519
想定日: 2030-05-15
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 3.5811088295688
想定日: 2030-06-06
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 3.6550308008214
想定日: 2030-07-03
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 3.655030801
想定日: 2030-07-03
金額: 0.943430012
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2030-06-06
ex_date_status: forecast_unconfirmed

内容を開く

year: 3.8986995208761
想定日: 2030-09-30
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 3.980835044
想定日: 2030-10-30
金額: 1.675776982
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

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year: 3.9808350444901
想定日: 2030-10-30
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 4.1560574948665
想定日: 2031-01-02
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 4.2628336755647
想定日: 2031-02-10
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 4.262833676
想定日: 2031-02-10
金額: 1.781194911
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2031-01-02
ex_date_status: forecast_unconfirmed

内容を開く

year: 4.3969883641342
想定日: 2031-03-31
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 4.5201916495551
想定日: 2031-05-15
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 4.52019165
想定日: 2031-05-15
金額: 2.220283208
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

内容を開く

year: 4.5776865160849
想定日: 2031-06-05
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 4.654346338
想定日: 2031-07-03
金額: 1.000947945
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2031-06-05
ex_date_status: forecast_unconfirmed

内容を開く

year: 4.6543463381246
想定日: 2031-07-03
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 4.8569472963723
想定日: 2031-09-15
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 4.8980150581793
想定日: 2031-09-30
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 4.9801505817933
想定日: 2031-10-30
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 4.980150582
想定日: 2031-10-30
金額: 1.798798265
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

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year: 5.1526351813826
想定日: 2032-01-01
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 5.2621492128679
想定日: 2032-02-10
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 5.262149213
想定日: 2032-02-10
金額: 1.889832436
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2032-01-01
ex_date_status: forecast_unconfirmed

内容を開く

year: 5.3990417522245
想定日: 2032-03-31
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 5.5195071868583
想定日: 2032-05-14
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 5.519507187
想定日: 2032-05-14
金額: 2.382728733
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

内容を開く

year: 5.574264202601
想定日: 2032-06-03
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 5.6618754277892
想定日: 2032-07-05
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 5.661875428
想定日: 2032-07-05
金額: 1.062032546
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2032-06-03
ex_date_status: forecast_unconfirmed

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year: 5.9000684462697
想定日: 2032-09-30
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 5.979466119
想定日: 2032-10-29
金額: 1.937350899
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

内容を開く

year: 5.9794661190965
想定日: 2032-10-29
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 6.1683778234086
想定日: 2033-01-06
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 6.2642026009582
想定日: 2033-02-10
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 6.264202601
想定日: 2033-02-10
金額: 2.005130071
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2033-01-06
ex_date_status: forecast_unconfirmed

内容を開く

year: 6.3983572895277
想定日: 2033-03-31
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 6.516084873
想定日: 2033-05-13
金額: 2.565591949
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

内容を開く

year: 6.5160848733744
想定日: 2033-05-13
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 6.570841889117
想定日: 2033-06-02
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 6.658453114
想定日: 2033-07-04
金額: 1.12680264
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2033-06-02
ex_date_status: forecast_unconfirmed

内容を開く

year: 6.6584531143053
想定日: 2033-07-04
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 6.8993839835729
想定日: 2033-09-30
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 6.9760438056126
想定日: 2033-10-28
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 6.976043806
想定日: 2033-10-28
金額: 2.085444368
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

内容を開く

year: 7.1649555099247
想定日: 2034-01-05
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 7.263518138
想定日: 2034-02-10
金額: 2.127387922
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2034-01-05
ex_date_status: forecast_unconfirmed

内容を開く

year: 7.2635181382615
想定日: 2034-02-10
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 7.3976728268309
想定日: 2034-03-31
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 7.520876112
想定日: 2034-05-15
金額: 2.760968132
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

内容を開く

year: 7.5208761122519
想定日: 2034-05-15
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 7.5674195756331
想定日: 2034-06-01
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 7.6550308008214
想定日: 2034-07-03
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 7.655030801
想定日: 2034-07-03
金額: 1.195505551
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2034-06-01
ex_date_status: forecast_unconfirmed

内容を開く

year: 7.895961670089
想定日: 2034-09-29
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 7.980835044
想定日: 2034-10-30
金額: 2.243602101
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

内容を開く

year: 7.9808350444901
想定日: 2034-10-30
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

内容を開く

year: 8.1615331964408
想定日: 2035-01-04
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

100

内容を開く

year: 8.268309377
想定日: 2035-02-12
金額: 2.257104291
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2035-01-04
ex_date_status: forecast_unconfirmed

101

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year: 8.2683093771389
想定日: 2035-02-12
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

102

内容を開く

year: 8.394250513347
想定日: 2035-03-30
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

103

内容を開く

year: 8.5201916495551
想定日: 2035-05-15
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

104

内容を開く

year: 8.52019165
想定日: 2035-05-15
金額: 2.969534681
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

105

内容を開く

year: 8.5831622176591
想定日: 2035-06-07
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

106

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year: 8.654346338
想定日: 2035-07-03
金額: 1.268400169
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2035-06-07
ex_date_status: forecast_unconfirmed

107

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year: 8.6543463381246
想定日: 2035-07-03
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

108

内容を開く

year: 8.8925393566051
想定日: 2035-09-28
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

109

内容を開く

year: 8.9801505817933
想定日: 2035-10-30
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

110

内容を開く

year: 8.980150582
想定日: 2035-10-30
金額: 2.412361802
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

111

内容を開く

year: 9.1581108829569
想定日: 2036-01-03
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

112

内容を開く

year: 9.264887063655
想定日: 2036-02-11
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

113

内容を開く

year: 9.264887064
想定日: 2036-02-11
金額: 2.394736236
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2036-01-03
ex_date_status: forecast_unconfirmed

114

内容を開く

year: 9.3990417522245
想定日: 2036-03-31
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

115

内容を開く

year: 9.5222450376454
想定日: 2036-05-15
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

116

内容を開く

year: 9.522245038
想定日: 2036-05-15
金額: 2.703596067
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

117

内容を開く

year: 9.5797399041752
想定日: 2036-06-05
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

118

内容を開く

year: 9.656399726
想定日: 2036-07-03
金額: 1.348892154
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2036-06-05
ex_date_status: forecast_unconfirmed

119

内容を開く

year: 9.6563997262149
想定日: 2036-07-03
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

120

内容を開く

year: 9.9000684462697
想定日: 2036-09-30
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

121

内容を開く

year: 9.9822039698836
想定日: 2036-10-30
金額: 0
event_type: forecast_revalidation
注記: 将来イベントの仮定日。会社発表・実行時に権利、株数、資本と評価を再検証。

122

内容を開く

year: 9.98220397
想定日: 2036-10-30
金額: 2.195680298
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

その他の数値・前提

状態

hypothetical_scenario_not_company_guidance

narrative

AI機能とIntacctの浸透で高単価・新規顧客がともに伸び、規模の経済が持続。

assumptions

内容を開く

customer_growth

1: 0.075
2: 0.035

arpu_growth

1: 0.042
2: 0.038

fx_growth

1: 0.004
2: 0

mna_rev_growth

1: 0.012
2: 0.004

margin

1: 0.236
2: 0.278

rd_ratio

1: 0.155
2: 0.135

sbc_ratio

1: 0.02
2: 0.0185

capex_ratio

0.024

da_ratio

0.033

acq_amort_ratio

0.02

mna_spend_ratio

0.038

wc_delta_ratio

0.005

effective_tax

0.25

gross_interest_rate

0.034

cash_interest_rate

0.017

leverage_ceiling

2.15

div_final_2027_p

15.6

div_interim_2027_p

8.9

div_growth

0.09

buyback_2027_oku

buyback_growth

0.09

buyback_execution_price_growth

0.105

annual_awards_2027

8600000

awards_growth

0.03

external_issue_year

2031

external_issue_oku

0.6

terminal_g

0.034

incremental_roe

0.26

terminal_debt_target_ebitda

1.7

normalised_value_retention

1.04

terminal_margin

0.28

annual_ledger_2027_to_2036

内容を開く

calendar_year

2027

date_start

2027-01-01

date_end_exclusive

2028-01-01

balance_as_of

2027-12-31

days_in_scope

365

whole_year_days

365

fraction_of_calendar_year

period_type

full_calendar_year

状態

forecast_after_anchor

operating

内容を開く

売上高

31.8122

revenue_segment_oku

North_America: 14.572374
UKIA: 9.297752
Europe: 7.942075

software_subscription_oku

27.135807

other_recurring_oku

3.785652

non_recurring_oku

0.890742

cloud_native_component_oku

13.043002

cost_of_sales_oku

2.417727

sga_oku

21.886794

of_which_rd_expensed_oku

4.930891

of_which_sbc_expensed_oku

0.636244

of_which_acquired_intangibles_amortization_oku

0.636244

other_sga_ex_rd_sbc_amort_oku

15.683415

statutory_operating_profit_oku

7.507679

finance_income_oku

0.086601

finance_costs_oku

0.7072

income_tax_oku

1.72177

parent_profit_after_sbc_oku

5.16531

depreciation_amortization_noncash_addback_oku

1.049803

sbc_noncash_addback_fcf_only_oku

0.636244

capex_total_cash_oku

0.763493

of_which_capitalised_software_oku

0.320667

working_capital_reinvestment_oku

0.019061

acquisition_cash_spend_oku

1.208864

fcf_pre_ma_and_payout_oku

6.068803

fcf_after_ma_before_payout_oku

4.859939

sbc_net_credit_to_equity_oku

0.610794

non_controlling_interest_oku

capital_and_holder_ledger

内容を開く

opening

内容を開く

発行済株式数: 959080955
自己株式数: 52494874
ebt_shares: 4811459
economic_outstanding_shares: 901774622
old_holder_remaining_shares: 900608595
old_holder_ownership_fraction: 0.998706964056
親会社持分（億）: 4.97648
net_debt_oku: 15.705835
estimated_gross_borrowings_oku: 20.8
estimated_cash_oku: 5.094165
dividend_payable_oku: 0
goodwill_carrying_proxy_oku: 23.418608

closing

内容を開く

発行済株式数: 935120485
自己株式数: 45442874
ebt_shares: 3263459
economic_outstanding_shares: 886414152
old_holder_remaining_shares: 876840246
old_holder_ownership_fraction: 0.989199285708
親会社持分（億）: 5.551533
net_debt_oku: 16.046947
estimated_gross_borrowings_oku: 20.8
estimated_cash_oku: 4.753053
dividend_payable_oku: 0
goodwill_carrying_proxy_oku: 24.20437

capital_bridge_oku

内容を開く

opening_parent_equity: 4.97648
profit_post_sbc: 5.16531
sbc_equity_credit: 0.610794
dividends_recognised_in_equity: 2.201051
repurchases_deducted_from_equity: 3
cash_equity_issue_to_external: 0
closing_parent_equity: 5.551533
rounding_free_bridge_error_oku: -0

net_debt_bridge_oku

内容を開く

opening_net_debt: 15.705835
pre_ma_fcf_reduces_net_debt: 6.068803
ma_cash_outlays: 1.208864
paid_dividends: 2.201051
paid_repurchases: 3
third_party_equity_cash_receipts: 0
closing_net_debt: 16.046947
rounding_free_bridge_error_oku: 0

share_bridge

内容を開く

opening_issued: 959080955
opening_treasury: 52494874
opening_ebt: 4811459
opening_economic_outstanding: 901774622
employee_awards_delivered_shares: 8600000
employee_newly_issued_shares: 0
new_issue_to_third_parties_shares: 0
old_holder_shares_tendered: 23768349
closing_issued: 935120485
closing_treasury: 45442874
closing_ebt: 3263459
closing_economic_outstanding: 886414152
closing_old_holder_remaining_shares: 876840246

gross_declared_dividends_oku

2.201051

gross_paid_dividends_oku

2.201051

gross_buybacks_oku

old_holder_dividend_cash_oku

2.194591

old_holder_tender_cash_oku

2.975777

old_holder_cashflow_total_oku

5.170367

gross_dividend_pence_full_year_forecast

24.5

gross_buyback_budget_oku

shares_event_count

events

内容を開く

event_type: div_ex
想定日: 2027-01-07
time_since_base_years: 0.169746749
状態: explicit_forecast_assumption
shares_before: 901774622
old_holder_shares_before: 900608595
dividend_type: final
dividend_gbp_per_share: 0.156
company_dividend_declared_oku: 1.406768
old_holder_entitlement_oku: 1.404949
shares_after: 901774622
old_holder_shares_after: 900608595
old_holder_equity_fraction_after: 0.998706964056
parent_equity_after_oku: 3.664661
net_debt_after_oku: 15.625946
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2027-01-07

内容を開く

event_type: div_pay
想定日: 2027-02-10
time_since_base_years: 0.262833676
状態: explicit_forecast_assumption
shares_before: 901774622
old_holder_shares_before: 900608595
dividend_type: final
company_dividend_paid_oku: 1.406768
old_holder_cash_received_oku: 1.404949
shares_after: 901774622
old_holder_shares_after: 900608595
old_holder_equity_fraction_after: 0.998706964056
parent_equity_after_oku: 4.20271
net_debt_after_oku: 16.580008
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2027-01-07

内容を開く

event_type: award
想定日: 2027-03-31
time_since_base_years: 0.396988364
状態: explicit_forecast_assumption
shares_before: 901774622
old_holder_shares_before: 900608595
issued_new_employee_shares: 0
released_from_treasury: 3384960
released_from_ebt: 743040
employee_awards_delivered: 4128000
shares_after: 905902622
old_holder_shares_after: 900608595
old_holder_equity_fraction_after: 0.994156074978
parent_equity_after_oku: 4.978132
net_debt_after_oku: 15.927577

内容を開く

event_type: buyback
想定日: 2027-05-14
time_since_base_years: 0.517453799
状態: explicit_forecast_assumption
shares_before: 905902622
old_holder_shares_before: 900608595
shares_repurchased: 13449931
cancelled_shares: 13449931
into_treasury_shares: 0
old_holder_shares_tendered: 13371331
old_holder_cash_oku: 1.640358
company_cash_oku: 1.65
execution_price_gbp_assumed: 12.267721
old_holder_ratio_before: 0.994156
shares_after: 892452691
old_holder_shares_after: 887237264
old_holder_equity_fraction_after: 0.994156074543
parent_equity_after_oku: 4.024429
net_debt_after_oku: 16.991722

内容を開く

event_type: div_ex
想定日: 2027-06-03
time_since_base_years: 0.572210815
状態: explicit_forecast_assumption
shares_before: 892452691
old_holder_shares_before: 887237264
dividend_type: interim
dividend_gbp_per_share: 0.089
company_dividend_declared_oku: 0.794283
old_holder_entitlement_oku: 0.789641
shares_after: 892452691
old_holder_shares_after: 887237264
old_holder_equity_fraction_after: 0.994156074543
parent_equity_after_oku: 3.546645
net_debt_after_oku: 16.725424
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2027-06-03

内容を開く

event_type: div_pay
想定日: 2027-07-05
time_since_base_years: 0.65982204
状態: explicit_forecast_assumption
shares_before: 892452691
old_holder_shares_before: 887237264
dividend_type: interim
company_dividend_paid_oku: 0.794283
old_holder_cash_received_oku: 0.789641
shares_after: 892452691
old_holder_shares_after: 887237264
old_holder_equity_fraction_after: 0.994156074543
parent_equity_after_oku: 4.053043
net_debt_after_oku: 17.09363
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2027-06-03

内容を開く

event_type: award
想定日: 2027-09-30
time_since_base_years: 0.898015058
状態: explicit_forecast_assumption
shares_before: 892452691
old_holder_shares_before: 887237264
issued_new_employee_shares: 0
released_from_treasury: 3667040
released_from_ebt: 804960
employee_awards_delivered: 4472000
shares_after: 896924691
old_holder_shares_after: 887237264
old_holder_equity_fraction_after: 0.989199286075
parent_equity_after_oku: 5.429813
net_debt_after_oku: 15.935233

内容を開く

event_type: buyback
想定日: 2027-10-29
time_since_base_years: 0.977412731
状態: explicit_forecast_assumption
shares_before: 896924691
old_holder_shares_before: 887237264
shares_repurchased: 10510539
cancelled_shares: 10510539
into_treasury_shares: 0
old_holder_shares_tendered: 10397018
old_holder_cash_oku: 1.335419
company_cash_oku: 1.35
execution_price_gbp_assumed: 12.844251
old_holder_ratio_before: 0.989199
shares_after: 886414152
old_holder_shares_after: 876840246
old_holder_equity_fraction_after: 0.989199285708
parent_equity_after_oku: 4.538737
net_debt_after_oku: 16.899101

timed_holder_cashflows_this_period

内容を開く

year: 0.262833676
想定日: 2027-02-10
金額: 1.404949408
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2027-01-07
ex_date_status: forecast_unconfirmed

内容を開く

year: 0.517453799
想定日: 2027-05-14
金額: 1.640357573
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

内容を開く

year: 0.65982204
想定日: 2027-07-05
金額: 0.789641165
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2027-06-03
ex_date_status: forecast_unconfirmed

内容を開く

year: 0.977412731
想定日: 2027-10-29
金額: 1.335418998
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

full_year_financial_reference

内容を開く

year

2027

状態

scenario_assumption

growth_drivers

内容を開く

net_customer_growth_assumed: 0.075
arpu_mix_assumed: 0.042
gbp_fx_translation_assumed: 0.004
ma_contribution_assumed: 0.012

full_year_revenue_oku

31.8122

full_year_operating_expenses_oku

内容を開く

cogs_oku: 2.417727
rd_expense_oku: 4.930891
sbc_expense_oku: 0.636244
acquired_intangibles_amortization_oku: 0.636244
other_sga_expense_oku: 15.683415

full_year_parent_net_income_oku

5.16531

full_year_fcf_before_distributions_and_ma_oku

6.068803

内容を開く

calendar_year

2028

date_start

2028-01-01

date_end_exclusive

2029-01-01

balance_as_of

2028-12-31

days_in_scope

366

whole_year_days

366

fraction_of_calendar_year

period_type

full_calendar_year

状態

forecast_after_anchor

operating

内容を開く

売上高

35.938553

revenue_segment_oku

North_America: 16.680879
UKIA: 10.513464
Europe: 8.744209

software_subscription_oku

30.943094

other_recurring_oku

4.025118

non_recurring_oku

0.970341

cloud_native_component_oku

15.63327

cost_of_sales_oku

2.71935

sga_oku

24.56999

of_which_rd_expensed_oku

5.490612

of_which_sbc_expensed_oku

0.712781

of_which_acquired_intangibles_amortization_oku

0.706792

other_sga_ex_rd_sbc_amort_oku

17.659805

statutory_operating_profit_oku

8.649212

finance_income_oku

0.080802

finance_costs_oku

0.7072

income_tax_oku

2.005703

parent_profit_after_sbc_oku

6.01711

depreciation_amortization_noncash_addback_oku

1.185972

sbc_noncash_addback_fcf_only_oku

0.712781

capex_total_cash_oku

0.862525

of_which_capitalised_software_oku

0.362261

working_capital_reinvestment_oku

0.020632

acquisition_cash_spend_oku

1.365665

fcf_pre_ma_and_payout_oku

7.032707

fcf_after_ma_before_payout_oku

5.667042

sbc_net_credit_to_equity_oku

0.68427

non_controlling_interest_oku

capital_and_holder_ledger

内容を開く

opening

内容を開く

発行済株式数: 935120485
自己株式数: 45442874
ebt_shares: 3263459
economic_outstanding_shares: 886414152
old_holder_remaining_shares: 876840246
old_holder_ownership_fraction: 0.989199285708
親会社持分（億）: 5.551533
net_debt_oku: 16.046947
estimated_gross_borrowings_oku: 20.8
estimated_cash_oku: 4.753053
dividend_payable_oku: 0
goodwill_carrying_proxy_oku: 24.20437

closing

内容を開く

発行済株式数: 911496574
自己株式数: 38179314
ebt_shares: 1669019
economic_outstanding_shares: 871648241
old_holder_remaining_shares: 853636326
old_holder_ownership_fraction: 0.979335798373
親会社持分（億）: 6.624484
net_debt_oku: 16.008335
estimated_gross_borrowings_oku: 20.8
estimated_cash_oku: 4.791665
dividend_payable_oku: 0
goodwill_carrying_proxy_oku: 25.092052

capital_bridge_oku

内容を開く

opening_parent_equity: 5.551533
profit_post_sbc: 6.01711
sbc_equity_credit: 0.68427
dividends_recognised_in_equity: 2.358429
repurchases_deducted_from_equity: 3.27
cash_equity_issue_to_external: 0
closing_parent_equity: 6.624484
rounding_free_bridge_error_oku: -0

net_debt_bridge_oku

内容を開く

opening_net_debt: 16.046947
pre_ma_fcf_reduces_net_debt: 7.032707
ma_cash_outlays: 1.365665
paid_dividends: 2.358429
paid_repurchases: 3.27
third_party_equity_cash_receipts: 0
closing_net_debt: 16.008335
rounding_free_bridge_error_oku: 0

share_bridge

内容を開く

opening_issued: 935120485
opening_treasury: 45442874
opening_ebt: 3263459
opening_economic_outstanding: 886414152
employee_awards_delivered_shares: 8858000
employee_newly_issued_shares: 0
new_issue_to_third_parties_shares: 0
old_holder_shares_tendered: 23203920
closing_issued: 911496574
closing_treasury: 38179314
closing_ebt: 1669019
closing_economic_outstanding: 871648241
closing_old_holder_remaining_shares: 853636326

gross_declared_dividends_oku

2.358429

gross_paid_dividends_oku

2.358429

gross_buybacks_oku

3.27

old_holder_dividend_cash_oku

2.328937

old_holder_tender_cash_oku

3.211675

old_holder_cashflow_total_oku

5.540612

gross_dividend_pence_full_year_forecast

26.705

gross_buyback_budget_oku

3.27

shares_event_count

events

内容を開く

event_type: div_ex
想定日: 2028-01-06
time_since_base_years: 1.166324435
状態: explicit_forecast_assumption
shares_before: 886414152
old_holder_shares_before: 876840246
dividend_type: final
dividend_gbp_per_share: 0.17004
company_dividend_declared_oku: 1.507259
old_holder_entitlement_oku: 1.490979
shares_after: 886414152
old_holder_shares_after: 876840246
old_holder_equity_fraction_after: 0.989199285708
parent_equity_after_oku: 4.135823
net_debt_after_oku: 15.969529
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2028-01-06

内容を開く

event_type: div_pay
想定日: 2028-02-10
time_since_base_years: 1.262149213
状態: explicit_forecast_assumption
shares_before: 886414152
old_holder_shares_before: 876840246
dividend_type: final
company_dividend_paid_oku: 1.507259
old_holder_cash_received_oku: 1.490979
shares_after: 886414152
old_holder_shares_after: 876840246
old_holder_equity_fraction_after: 0.989199285708
parent_equity_after_oku: 4.776666
net_debt_after_oku: 16.934857
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2028-01-06

内容を開く

event_type: award
想定日: 2028-03-31
time_since_base_years: 1.399041752
状態: explicit_forecast_assumption
shares_before: 886414152
old_holder_shares_before: 876840246
issued_new_employee_shares: 0
released_from_treasury: 3486509
released_from_ebt: 765331
employee_awards_delivered: 4251840
shares_after: 890665992
old_holder_shares_after: 876840246
old_holder_equity_fraction_after: 0.984477069828
parent_equity_after_oku: 5.692155
net_debt_after_oku: 16.160671

内容を開く

event_type: buyback
想定日: 2028-05-15
time_since_base_years: 1.522245038
状態: explicit_forecast_assumption
shares_before: 890665992
old_holder_shares_before: 876840246
shares_repurchased: 13261007
cancelled_shares: 13261007
into_treasury_shares: 0
old_holder_shares_tendered: 13055157
old_holder_cash_oku: 1.770582
company_cash_oku: 1.7985
execution_price_gbp_assumed: 13.562318
old_holder_ratio_before: 0.984477
shares_after: 877404985
old_holder_shares_after: 863785089
old_holder_equity_fraction_after: 0.984477070187
parent_equity_after_oku: 4.717595
net_debt_after_oku: 17.262404

内容を開く

event_type: div_ex
想定日: 2028-06-01
time_since_base_years: 1.568788501
状態: explicit_forecast_assumption
shares_before: 877404985
old_holder_shares_before: 863785089
dividend_type: interim
dividend_gbp_per_share: 0.09701
company_dividend_declared_oku: 0.851171
old_holder_entitlement_oku: 0.837958
shares_after: 877404985
old_holder_shares_after: 863785089
old_holder_equity_fraction_after: 0.984477070187
parent_equity_after_oku: 4.177691
net_debt_after_oku: 16.99918
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2028-06-01

内容を開く

event_type: div_pay
想定日: 2028-07-03
time_since_base_years: 1.656399726
状態: explicit_forecast_assumption
shares_before: 877404985
old_holder_shares_before: 863785089
dividend_type: interim
company_dividend_paid_oku: 0.851171
old_holder_cash_received_oku: 0.837958
shares_after: 877404985
old_holder_shares_after: 863785089
old_holder_equity_fraction_after: 0.984477070187
parent_equity_after_oku: 4.763604
net_debt_after_oku: 17.354872
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2028-06-01

内容を開く

event_type: award
想定日: 2028-09-29
time_since_base_years: 1.897330595
状態: explicit_forecast_assumption
shares_before: 877404985
old_holder_shares_before: 863785089
issued_new_employee_shares: 0
released_from_treasury: 3777051
released_from_ebt: 829109
employee_awards_delivered: 4606160
shares_after: 882011145
old_holder_shares_after: 863785089
old_holder_equity_fraction_after: 0.979335798529
parent_equity_after_oku: 6.374865
net_debt_after_oku: 15.992305

内容を開く

event_type: buyback
想定日: 2028-10-30
time_since_base_years: 1.98220397
状態: explicit_forecast_assumption
shares_before: 882011145
old_holder_shares_before: 863785089
shares_repurchased: 10362904
cancelled_shares: 10362904
into_treasury_shares: 0
old_holder_shares_tendered: 10148763
old_holder_cash_oku: 1.441093
company_cash_oku: 1.4715
execution_price_gbp_assumed: 14.199688
old_holder_ratio_before: 0.979336
shares_after: 871648241
old_holder_shares_after: 853636326
old_holder_equity_fraction_after: 0.979335798373
parent_equity_after_oku: 5.470968
net_debt_after_oku: 16.983809

timed_holder_cashflows_this_period

内容を開く

year: 1.262149213
想定日: 2028-02-10
金額: 1.490979154
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2028-01-06
ex_date_status: forecast_unconfirmed

内容を開く

year: 1.522245038
想定日: 2028-05-15
金額: 1.77058201
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

内容を開く

year: 1.656399726
想定日: 2028-07-03
金額: 0.837957915
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2028-06-01
ex_date_status: forecast_unconfirmed

内容を開く

year: 1.98220397
想定日: 2028-10-30
金額: 1.441092672
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

full_year_financial_reference

内容を開く

year

2028

状態

scenario_assumption

growth_drivers

内容を開く

net_customer_growth_assumed: 0.070556
arpu_mix_assumed: 0.041556
gbp_fx_translation_assumed: 0.003556
ma_contribution_assumed: 0.011111

full_year_revenue_oku

35.938553

full_year_operating_expenses_oku

内容を開く

cogs_oku: 2.71935
rd_expense_oku: 5.490612
sbc_expense_oku: 0.712781
acquired_intangibles_amortization_oku: 0.706792
other_sga_expense_oku: 17.659805

full_year_parent_net_income_oku

6.01711

full_year_fcf_before_distributions_and_ma_oku

7.032707

内容を開く

calendar_year

2029

date_start

2029-01-01

date_end_exclusive

2030-01-01

balance_as_of

2029-12-31

days_in_scope

365

whole_year_days

365

fraction_of_calendar_year

period_type

full_calendar_year

状態

forecast_after_anchor

operating

内容を開く

売上高

40.368822

revenue_segment_oku

North_America: 18.982429
UKIA: 11.820395
Europe: 9.565998

software_subscription_oku

35.080507

other_recurring_oku

4.238726

non_recurring_oku

1.049589

cloud_native_component_oku

18.569658

cost_of_sales_oku

3.041118

sga_oku

27.423887

of_which_rd_expensed_oku

6.07775

of_which_sbc_expensed_oku

0.79392

of_which_acquired_intangibles_amortization_oku

0.780464

other_sga_ex_rd_sbc_amort_oku

19.771752

statutory_operating_profit_oku

9.903818

finance_income_oku

0.081458

finance_costs_oku

0.7072

income_tax_oku

2.319519

parent_profit_after_sbc_oku

6.958557

depreciation_amortization_noncash_addback_oku

1.332171

sbc_noncash_addback_fcf_only_oku

0.79392

capex_total_cash_oku

0.968852

of_which_capitalised_software_oku

0.406918

working_capital_reinvestment_oku

0.022151

acquisition_cash_spend_oku

1.534015

fcf_pre_ma_and_payout_oku

8.093645

fcf_after_ma_before_payout_oku

6.55963

sbc_net_credit_to_equity_oku

0.762163

non_controlling_interest_oku

capital_and_holder_ledger

内容を開く

opening

内容を開く

発行済株式数: 911496574
自己株式数: 38179314
ebt_shares: 1669019
economic_outstanding_shares: 871648241
old_holder_remaining_shares: 853636326
old_holder_ownership_fraction: 0.979335798373
親会社持分（億）: 6.624484
net_debt_oku: 16.008335
estimated_gross_borrowings_oku: 20.8
estimated_cash_oku: 4.791665
dividend_payable_oku: 0
goodwill_carrying_proxy_oku: 25.092052

closing

内容を開く

発行済株式数: 888191758
自己株式数: 30697847
ebt_shares: 26746
economic_outstanding_shares: 857467165
old_holder_remaining_shares: 830981651
old_holder_ownership_fraction: 0.969111920455
親会社持分（億）: 8.252874
net_debt_oku: 15.541036
estimated_gross_borrowings_oku: 20.8
estimated_cash_oku: 5.258964
dividend_payable_oku: 0
goodwill_carrying_proxy_oku: 26.089162

capital_bridge_oku

内容を開く

opening_parent_equity: 6.624484
profit_post_sbc: 6.958557
sbc_equity_credit: 0.762163
dividends_recognised_in_equity: 2.528031
repurchases_deducted_from_equity: 3.5643
cash_equity_issue_to_external: 0
closing_parent_equity: 8.252874
rounding_free_bridge_error_oku: 0

net_debt_bridge_oku

内容を開く

opening_net_debt: 16.008335
pre_ma_fcf_reduces_net_debt: 8.093645
ma_cash_outlays: 1.534015
paid_dividends: 2.528031
paid_repurchases: 3.5643
third_party_equity_cash_receipts: 0
closing_net_debt: 15.541036
rounding_free_bridge_error_oku: 0

share_bridge

内容を開く

opening_issued: 911496574
opening_treasury: 38179314
opening_ebt: 1669019
opening_economic_outstanding: 871648241
employee_awards_delivered_shares: 9123740
employee_newly_issued_shares: 0
new_issue_to_third_parties_shares: 0
old_holder_shares_tendered: 22654675
closing_issued: 888191758
closing_treasury: 30697847
closing_ebt: 26746
closing_economic_outstanding: 857467165
closing_old_holder_remaining_shares: 830981651

gross_declared_dividends_oku

2.528031

gross_paid_dividends_oku

2.528031

gross_buybacks_oku

3.5643

old_holder_dividend_cash_oku

2.471324

old_holder_tender_cash_oku

3.46465

old_holder_cashflow_total_oku

5.935974

gross_dividend_pence_full_year_forecast

29.108

gross_buyback_budget_oku

3.5643

shares_event_count

events

内容を開く

event_type: div_ex
想定日: 2029-01-04
time_since_base_years: 2.162902122
状態: explicit_forecast_assumption
shares_before: 871648241
old_holder_shares_before: 853636326
dividend_type: final
dividend_gbp_per_share: 0.185344
company_dividend_declared_oku: 1.615544
old_holder_entitlement_oku: 1.58216
shares_after: 871648241
old_holder_shares_after: 853636326
old_holder_equity_fraction_after: 0.979335798373
parent_equity_after_oku: 5.072398
net_debt_after_oku: 15.95442
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2029-01-04

内容を開く

event_type: div_pay
想定日: 2029-02-12
time_since_base_years: 2.269678303
状態: explicit_forecast_assumption
shares_before: 871648241
old_holder_shares_before: 853636326
dividend_type: final
company_dividend_paid_oku: 1.615544
old_holder_cash_received_oku: 1.58216
shares_after: 871648241
old_holder_shares_after: 853636326
old_holder_equity_fraction_after: 0.979335798373
parent_equity_after_oku: 5.897352
net_debt_after_oku: 16.869072
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2029-01-04

内容を開く

event_type: award
想定日: 2029-03-30
time_since_base_years: 2.395619439
状態: explicit_forecast_assumption
shares_before: 871648241
old_holder_shares_before: 853636326
issued_new_employee_shares: 0
released_from_treasury: 3591104
released_from_ebt: 788291
employee_awards_delivered: 4379395
shares_after: 876027636
old_holder_shares_after: 853636326
old_holder_equity_fraction_after: 0.974439950203
parent_equity_after_oku: 6.870374
net_debt_after_oku: 16.042379

内容を開く

event_type: buyback
想定日: 2029-05-15
time_since_base_years: 2.521560575
状態: explicit_forecast_assumption
shares_before: 876027636
old_holder_shares_before: 853636326
shares_repurchased: 13081887
cancelled_shares: 13081887
into_treasury_shares: 0
old_holder_shares_tendered: 12747513
old_holder_cash_oku: 1.910258
company_cash_oku: 1.960365
execution_price_gbp_assumed: 14.985338
old_holder_ratio_before: 0.97444
shares_after: 862945749
old_holder_shares_after: 840888813
old_holder_equity_fraction_after: 0.97443995057
parent_equity_after_oku: 5.883031
net_debt_after_oku: 17.176051

内容を開く

event_type: div_ex
想定日: 2029-06-07
time_since_base_years: 2.584531143
状態: explicit_forecast_assumption
shares_before: 862945749
old_holder_shares_before: 840888813
dividend_type: interim
dividend_gbp_per_share: 0.105741
company_dividend_declared_oku: 0.912487
old_holder_entitlement_oku: 0.889163
shares_after: 862945749
old_holder_shares_after: 840888813
old_holder_equity_fraction_after: 0.97443995057
parent_equity_after_oku: 5.457056
net_debt_after_oku: 16.762705
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2029-06-07

内容を開く

event_type: div_pay
想定日: 2029-07-03
time_since_base_years: 2.655715264
状態: explicit_forecast_assumption
shares_before: 862945749
old_holder_shares_before: 840888813
dividend_type: interim
company_dividend_paid_oku: 0.912487
old_holder_cash_received_oku: 0.889163
shares_after: 862945749
old_holder_shares_after: 840888813
old_holder_equity_fraction_after: 0.97443995057
parent_equity_after_oku: 6.007025
net_debt_after_oku: 17.20793
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2029-06-07

内容を開く

event_type: award
想定日: 2029-09-28
time_since_base_years: 2.893908282
状態: explicit_forecast_assumption
shares_before: 862945749
old_holder_shares_before: 840888813
issued_new_employee_shares: 0
released_from_treasury: 3890363
released_from_ebt: 853982
employee_awards_delivered: 4744345
shares_after: 867690094
old_holder_shares_after: 840888813
old_holder_equity_fraction_after: 0.969111920045
parent_equity_after_oku: 7.847306
net_debt_after_oku: 15.644402

内容を開く

event_type: buyback
想定日: 2029-10-30
time_since_base_years: 2.981519507
状態: explicit_forecast_assumption
shares_before: 867690094
old_holder_shares_before: 840888813
shares_repurchased: 10222929
cancelled_shares: 10222929
into_treasury_shares: 0
old_holder_shares_tendered: 9907162
old_holder_cash_oku: 1.554392
company_cash_oku: 1.603935
execution_price_gbp_assumed: 15.689583
old_holder_ratio_before: 0.969112
shares_after: 857467165
old_holder_shares_after: 830981651
old_holder_equity_fraction_after: 0.969111920455
parent_equity_after_oku: 6.920256
net_debt_after_oku: 16.673246

timed_holder_cashflows_this_period

内容を開く

year: 2.269678303
想定日: 2029-02-12
金額: 1.582160298
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2029-01-04
ex_date_status: forecast_unconfirmed

内容を開く

year: 2.521560575
想定日: 2029-05-15
金額: 1.910257926
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

内容を開く

year: 2.655715264
想定日: 2029-07-03
金額: 0.889163399
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2029-06-07
ex_date_status: forecast_unconfirmed

内容を開く

year: 2.981519507
想定日: 2029-10-30
金額: 1.554392468
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

full_year_financial_reference

内容を開く

year

2029

状態

scenario_assumption

growth_drivers

内容を開く

net_customer_growth_assumed: 0.066111
arpu_mix_assumed: 0.041111
gbp_fx_translation_assumed: 0.003111
ma_contribution_assumed: 0.010222

full_year_revenue_oku

40.368822

full_year_operating_expenses_oku

内容を開く

cogs_oku: 3.041118
rd_expense_oku: 6.07775
sbc_expense_oku: 0.79392
acquired_intangibles_amortization_oku: 0.780464
other_sga_expense_oku: 19.771752

full_year_parent_net_income_oku

6.958557

full_year_fcf_before_distributions_and_ma_oku

8.093645

内容を開く

calendar_year

2030

date_start

2030-01-01

date_end_exclusive

2031-01-01

balance_as_of

2030-12-31

days_in_scope

365

whole_year_days

365

fraction_of_calendar_year

period_type

full_calendar_year

状態

forecast_after_anchor

operating

内容を開く

売上高

45.08556

revenue_segment_oku

North_America: 21.474252
UKIA: 13.213676
Europe: 10.397632

software_subscription_oku

39.540036

other_recurring_oku

4.418385

non_recurring_oku

1.127139

cloud_native_component_oku

21.866497

cost_of_sales_oku

3.381417

sga_oku

30.432753

of_which_rd_expensed_oku

6.687691

of_which_sbc_expensed_oku

0.879168

of_which_acquired_intangibles_amortization_oku

0.856626

other_sga_ex_rd_sbc_amort_oku

22.009268

statutory_operating_profit_oku

11.27139

finance_income_oku

0.089402

finance_costs_oku

0.7072

income_tax_oku

2.663398

parent_profit_after_sbc_oku

7.990194

depreciation_amortization_noncash_addback_oku

1.487823

sbc_noncash_addback_fcf_only_oku

0.879168

capex_total_cash_oku

1.082053

of_which_capitalised_software_oku

0.454462

working_capital_reinvestment_oku

0.023584

acquisition_cash_spend_oku

1.713251

fcf_pre_ma_and_payout_oku

9.251549

fcf_after_ma_before_payout_oku

7.538298

sbc_net_credit_to_equity_oku

0.844002

non_controlling_interest_oku

capital_and_holder_ledger

内容を開く

opening

内容を開く

発行済株式数: 888191758
自己株式数: 30697847
ebt_shares: 26746
economic_outstanding_shares: 857467165
old_holder_remaining_shares: 830981651
old_holder_ownership_fraction: 0.969111920455
親会社持分（億）: 8.252874
net_debt_oku: 15.541036
estimated_gross_borrowings_oku: 20.8
estimated_cash_oku: 5.258964
dividend_payable_oku: 0
goodwill_carrying_proxy_oku: 26.089162

closing

内容を開く

発行済株式数: 868874584
自己株式数: 25000000
ebt_shares: 0
economic_outstanding_shares: 843874584
old_holder_remaining_shares: 808873962
old_holder_ownership_fraction: 0.958523905491
親会社持分（億）: 10.491068
net_debt_oku: 14.59874
estimated_gross_borrowings_oku: 20.8
estimated_cash_oku: 6.20126
dividend_payable_oku: 0
goodwill_carrying_proxy_oku: 27.202775

capital_bridge_oku

内容を開く

opening_parent_equity: 8.252874
profit_post_sbc: 7.990194
sbc_equity_credit: 0.844002
dividends_recognised_in_equity: 2.710915
repurchases_deducted_from_equity: 3.885087
cash_equity_issue_to_external: 0
closing_parent_equity: 10.491068
rounding_free_bridge_error_oku: -0

net_debt_bridge_oku

内容を開く

opening_net_debt: 15.541036
pre_ma_fcf_reduces_net_debt: 9.251549
ma_cash_outlays: 1.713251
paid_dividends: 2.710915
paid_repurchases: 3.885087
third_party_equity_cash_receipts: 0
closing_net_debt: 14.59874
rounding_free_bridge_error_oku: 0

share_bridge

内容を開く

opening_issued: 888191758
opening_treasury: 30697847
opening_ebt: 26746
opening_economic_outstanding: 857467165
employee_awards_delivered_shares: 9397452
employee_newly_issued_shares: 0
new_issue_to_third_parties_shares: 0
old_holder_shares_tendered: 22107689
closing_issued: 868874584
closing_treasury: 25000000
closing_ebt: 0
closing_economic_outstanding: 843874584
closing_old_holder_remaining_shares: 808873962

gross_declared_dividends_oku

2.710915

gross_paid_dividends_oku

2.710915

gross_buybacks_oku

3.885087

old_holder_dividend_cash_oku

2.622217

old_holder_tender_cash_oku

3.735737

old_holder_cashflow_total_oku

6.357953

gross_dividend_pence_full_year_forecast

31.728

gross_buyback_budget_oku

3.885087

shares_event_count

events

内容を開く

event_type: div_ex
想定日: 2030-01-03
time_since_base_years: 3.159479808
状態: explicit_forecast_assumption
shares_before: 857467165
old_holder_shares_before: 830981651
dividend_type: final
dividend_gbp_per_share: 0.202025
company_dividend_declared_oku: 1.732294
old_holder_entitlement_oku: 1.678787
shares_after: 857467165
old_holder_shares_after: 830981651
old_holder_equity_fraction_after: 0.969111920455
parent_equity_after_oku: 6.568986
net_debt_after_oku: 15.49973
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2030-01-03

内容を開く

event_type: div_pay
想定日: 2030-02-11
time_since_base_years: 3.266255989
状態: explicit_forecast_assumption
shares_before: 857467165
old_holder_shares_before: 830981651
dividend_type: final
company_dividend_paid_oku: 1.732294
old_holder_cash_received_oku: 1.678787
shares_after: 857467165
old_holder_shares_after: 830981651
old_holder_equity_fraction_after: 0.969111920455
parent_equity_after_oku: 7.512914
net_debt_after_oku: 16.426562
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2030-01-03

内容を開く

event_type: award
想定日: 2030-03-29
time_since_base_years: 3.392197125
状態: explicit_forecast_assumption
shares_before: 857467165
old_holder_shares_before: 830981651
issued_new_employee_shares: 0
released_from_treasury: 4484031
released_from_ebt: 26746
employee_awards_delivered: 4510777
shares_after: 861977942
old_holder_shares_after: 830981651
old_holder_equity_fraction_after: 0.964040505575
parent_equity_after_oku: 8.626265
net_debt_after_oku: 15.47653

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event_type: buyback
想定日: 2030-05-15
time_since_base_years: 3.520876112
状態: explicit_forecast_assumption
shares_before: 861977942
old_holder_shares_before: 830981651
shares_repurchased: 12905187
cancelled_shares: 12905187
into_treasury_shares: 0
old_holder_shares_tendered: 12441123
old_holder_cash_oku: 2.05996
company_cash_oku: 2.136798
execution_price_gbp_assumed: 16.557667
old_holder_ratio_before: 0.964041
shares_after: 849072755
old_holder_shares_after: 818540528
old_holder_equity_fraction_after: 0.964040505575
parent_equity_after_oku: 7.627021
net_debt_after_oku: 16.642643

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event_type: div_ex
想定日: 2030-06-06
time_since_base_years: 3.58110883
状態: explicit_forecast_assumption
shares_before: 849072755
old_holder_shares_before: 818540528
dividend_type: interim
dividend_gbp_per_share: 0.115258
company_dividend_declared_oku: 0.978621
old_holder_entitlement_oku: 0.94343
shares_after: 849072755
old_holder_shares_after: 818540528
old_holder_equity_fraction_after: 0.964040505575
parent_equity_after_oku: 7.180872
net_debt_after_oku: 16.18828
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2030-06-06

内容を開く

event_type: div_pay
想定日: 2030-07-03
time_since_base_years: 3.655030801
状態: explicit_forecast_assumption
shares_before: 849072755
old_holder_shares_before: 818540528
dividend_type: interim
company_dividend_paid_oku: 0.978621
old_holder_cash_received_oku: 0.94343
shares_after: 849072755
old_holder_shares_after: 818540528
old_holder_equity_fraction_after: 0.964040505575
parent_equity_after_oku: 7.834361
net_debt_after_oku: 16.609273
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2030-06-06

内容を開く

event_type: award
想定日: 2030-09-30
time_since_base_years: 3.898699521
状態: explicit_forecast_assumption
shares_before: 849072755
old_holder_shares_before: 818540528
issued_new_employee_shares: 0
released_from_treasury: 4886675
released_from_ebt: 0
employee_awards_delivered: 4886675
shares_after: 853959430
old_holder_shares_after: 818540528
old_holder_equity_fraction_after: 0.958523905521
parent_equity_after_oku: 9.988453
net_debt_after_oku: 14.771167

内容を開く

event_type: buyback
想定日: 2030-10-30
time_since_base_years: 3.980835044
状態: explicit_forecast_assumption
shares_before: 853959430
old_holder_shares_before: 818540528
shares_repurchased: 10084846
cancelled_shares: 6411987
into_treasury_shares: 3672859
old_holder_shares_tendered: 9666566
old_holder_cash_oku: 1.675777
company_cash_oku: 1.748289
execution_price_gbp_assumed: 17.335805
old_holder_ratio_before: 0.958524
shares_after: 843874584
old_holder_shares_after: 808873962
old_holder_equity_fraction_after: 0.958523905491
parent_equity_after_oku: 8.966262
net_debt_after_oku: 15.89987

timed_holder_cashflows_this_period

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year: 3.266255989
想定日: 2030-02-11
金額: 1.678786725
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2030-01-03
ex_date_status: forecast_unconfirmed

内容を開く

year: 3.520876112
想定日: 2030-05-15
金額: 2.059959671
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

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year: 3.655030801
想定日: 2030-07-03
金額: 0.943430012
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2030-06-06
ex_date_status: forecast_unconfirmed

内容を開く

year: 3.980835044
想定日: 2030-10-30
金額: 1.675776982
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

full_year_financial_reference

内容を開く

year

2030

状態

scenario_assumption

growth_drivers

内容を開く

net_customer_growth_assumed: 0.061667
arpu_mix_assumed: 0.040667
gbp_fx_translation_assumed: 0.002667
ma_contribution_assumed: 0.009333

full_year_revenue_oku

45.08556

full_year_operating_expenses_oku

内容を開く

cogs_oku: 3.381417
rd_expense_oku: 6.687691
sbc_expense_oku: 0.879168
acquired_intangibles_amortization_oku: 0.856626
other_sga_expense_oku: 22.009268

full_year_parent_net_income_oku

7.990194

full_year_fcf_before_distributions_and_ma_oku

9.251549

内容を開く

calendar_year

2031

date_start

2031-01-01

date_end_exclusive

2032-01-01

balance_as_of

2031-12-31

days_in_scope

365

whole_year_days

365

fraction_of_calendar_year

period_type

full_calendar_year

状態

forecast_after_anchor

operating

内容を開く

売上高

50.063579

revenue_segment_oku

North_America: 24.149419
UKIA: 14.686151
Europe: 11.228009

software_subscription_oku

44.306268

other_recurring_oku

4.555786

non_recurring_oku

1.201526

cloud_native_component_oku

25.532426

cost_of_sales_oku

3.738081

sga_oku

33.575974

of_which_rd_expensed_oku

7.314845

of_which_sbc_expensed_oku

0.967896

of_which_acquired_intangibles_amortization_oku

0.93452

other_sga_ex_rd_sbc_amort_oku

24.358713

statutory_operating_profit_oku

12.749525

finance_income_oku

0.105421

finance_costs_oku

0.7072

income_tax_oku

3.036937

parent_profit_after_sbc_oku

9.11081

depreciation_amortization_noncash_addback_oku

1.652098

sbc_noncash_addback_fcf_only_oku

0.967896

capex_total_cash_oku

1.201526

of_which_capitalised_software_oku

0.504641

working_capital_reinvestment_oku

0.02489

acquisition_cash_spend_oku

1.902416

fcf_pre_ma_and_payout_oku

10.504388

fcf_after_ma_before_payout_oku

8.601972

sbc_net_credit_to_equity_oku

0.92918

non_controlling_interest_oku

capital_and_holder_ledger

内容を開く

opening

内容を開く

発行済株式数: 868874584
自己株式数: 25000000
ebt_shares: 0
economic_outstanding_shares: 843874584
old_holder_remaining_shares: 808873962
old_holder_ownership_fraction: 0.958523905491
親会社持分（億）: 10.491068
net_debt_oku: 14.59874
estimated_gross_borrowings_oku: 20.8
estimated_cash_oku: 6.20126
dividend_payable_oku: 0
goodwill_carrying_proxy_oku: 27.202775

closing

内容を開く

発行済株式数: 859110328
自己株式数: 25000000
ebt_shares: 0
economic_outstanding_shares: 834110328
old_holder_remaining_shares: 787347061
old_holder_ownership_fraction: 0.943936352986
親会社持分（億）: 13.988035
net_debt_oku: 12.53979
estimated_gross_borrowings_oku: 20.8
estimated_cash_oku: 8.26021
dividend_payable_oku: 0
goodwill_carrying_proxy_oku: 28.439346

capital_bridge_oku

内容を開く

opening_parent_equity: 10.491068
profit_post_sbc: 9.11081
sbc_equity_credit: 0.92918
dividends_recognised_in_equity: 2.908278
repurchases_deducted_from_equity: 4.234745
cash_equity_issue_to_external: 0.6
closing_parent_equity: 13.988035
rounding_free_bridge_error_oku: -0

net_debt_bridge_oku

内容を開く

opening_net_debt: 14.59874
pre_ma_fcf_reduces_net_debt: 10.504388
ma_cash_outlays: 1.902416
paid_dividends: 2.908278
paid_repurchases: 4.234745
third_party_equity_cash_receipts: 0.6
closing_net_debt: 12.53979
rounding_free_bridge_error_oku: 0

share_bridge

内容を開く

opening_issued: 868874584
opening_treasury: 25000000
opening_ebt: 0
opening_economic_outstanding: 843874584
employee_awards_delivered_shares: 9679376
employee_newly_issued_shares: 0
new_issue_to_third_parties_shares: 3235869
old_holder_shares_tendered: 21526901
closing_issued: 859110328
closing_treasury: 25000000
closing_ebt: 0
closing_economic_outstanding: 834110328
closing_old_holder_remaining_shares: 787347061

gross_declared_dividends_oku

2.908278

gross_paid_dividends_oku

2.908278

gross_buybacks_oku

4.234745

old_holder_dividend_cash_oku

2.782143

old_holder_tender_cash_oku

4.019081

old_holder_cashflow_total_oku

6.801224

gross_dividend_pence_full_year_forecast

34.584

gross_buyback_budget_oku

4.234745

shares_event_count

events

内容を開く

event_type: div_ex
想定日: 2031-01-02
time_since_base_years: 4.156057495
状態: explicit_forecast_assumption
shares_before: 843874584
old_holder_shares_before: 808873962
dividend_type: final
dividend_gbp_per_share: 0.220207
company_dividend_declared_oku: 1.858269
old_holder_entitlement_oku: 1.781195
shares_after: 843874584
old_holder_shares_after: 808873962
old_holder_equity_fraction_after: 0.958523905491
parent_equity_after_oku: 8.660306
net_debt_after_oku: 14.575172
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2031-01-02

内容を開く

event_type: div_pay
想定日: 2031-02-10
time_since_base_years: 4.262833676
状態: explicit_forecast_assumption
shares_before: 843874584
old_holder_shares_before: 808873962
dividend_type: final
company_dividend_paid_oku: 1.858269
old_holder_cash_received_oku: 1.781195
shares_after: 843874584
old_holder_shares_after: 808873962
old_holder_equity_fraction_after: 0.958523905491
parent_equity_after_oku: 9.733072
net_debt_after_oku: 15.514326
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2031-01-02

内容を開く

event_type: award
想定日: 2031-03-31
time_since_base_years: 4.396988364
状態: explicit_forecast_assumption
shares_before: 843874584
old_holder_shares_before: 808873962
issued_new_employee_shares: 0
released_from_treasury: 4646100
released_from_ebt: 0
employee_awards_delivered: 4646100
shares_after: 848520684
old_holder_shares_after: 808873962
old_holder_equity_fraction_after: 0.953275479611
parent_equity_after_oku: 11.080907
net_debt_after_oku: 14.359541

内容を開く

event_type: buyback
想定日: 2031-05-15
time_since_base_years: 4.52019165
状態: explicit_forecast_assumption
shares_before: 848520684
old_holder_shares_before: 808873962
shares_repurchased: 12730874
cancelled_shares: 8084774
into_treasury_shares: 4646100
old_holder_shares_tendered: 12136030
old_holder_cash_oku: 2.220283
company_cash_oku: 2.32911
execution_price_gbp_assumed: 18.294971
old_holder_ratio_before: 0.953275
shares_after: 835789810
old_holder_shares_after: 796737932
old_holder_equity_fraction_after: 0.953275479633
parent_equity_after_oku: 9.989604
net_debt_after_oku: 15.628134

内容を開く

event_type: div_ex
想定日: 2031-06-05
time_since_base_years: 4.577686516
状態: explicit_forecast_assumption
shares_before: 835789810
old_holder_shares_before: 796737932
dividend_type: interim
dividend_gbp_per_share: 0.125631
company_dividend_declared_oku: 1.050009
old_holder_entitlement_oku: 1.000948
shares_after: 835789810
old_holder_shares_after: 796737932
old_holder_equity_fraction_after: 0.953275479633
parent_equity_after_oku: 9.517238
net_debt_after_oku: 15.133226
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2031-06-05

内容を開く

event_type: div_pay
想定日: 2031-07-03
time_since_base_years: 4.654346338
状態: explicit_forecast_assumption
shares_before: 835789810
old_holder_shares_before: 796737932
dividend_type: interim
company_dividend_paid_oku: 1.050009
old_holder_cash_received_oku: 1.000948
shares_after: 835789810
old_holder_shares_after: 796737932
old_holder_equity_fraction_after: 0.953275479633
parent_equity_after_oku: 10.287429
net_debt_after_oku: 15.523358
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2031-06-05

内容を開く

event_type: new_equity
想定日: 2031-09-15
time_since_base_years: 4.856947296
状態: explicit_forecast_assumption
shares_before: 835789810
old_holder_shares_before: 796737932
issued_third_party_shares: 3235869
gross_subscription_proceeds_oku: 0.6
subscription_price_gbp_assumed: 18.5422
shares_after: 839025679
old_holder_shares_after: 796737932
old_holder_equity_fraction_after: 0.949598983609
parent_equity_after_oku: 12.922934
net_debt_after_oku: 13.179396

内容を開く

event_type: award
想定日: 2031-09-30
time_since_base_years: 4.898015058
状態: explicit_forecast_assumption
shares_before: 839025679
old_holder_shares_before: 796737932
issued_new_employee_shares: 0
released_from_treasury: 5033276
released_from_ebt: 0
employee_awards_delivered: 5033276
shares_after: 844058955
old_holder_shares_after: 796737932
old_holder_equity_fraction_after: 0.943936353356
parent_equity_after_oku: 13.335536
net_debt_after_oku: 12.825891

内容を開く

event_type: buyback
想定日: 2031-10-30
time_since_base_years: 4.980150582
状態: explicit_forecast_assumption
shares_before: 844058955
old_holder_shares_before: 796737932
shares_repurchased: 9948627
cancelled_shares: 4915351
into_treasury_shares: 5033276
old_holder_shares_tendered: 9390871
old_holder_cash_oku: 1.798798
company_cash_oku: 1.905635
execution_price_gbp_assumed: 19.154755
old_holder_ratio_before: 0.943936
shares_after: 834110328
old_holder_shares_after: 787347061
old_holder_equity_fraction_after: 0.943936352986
parent_equity_after_oku: 12.255106
net_debt_after_oku: 14.024514

timed_holder_cashflows_this_period

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year: 4.262833676
想定日: 2031-02-10
金額: 1.781194911
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2031-01-02
ex_date_status: forecast_unconfirmed

内容を開く

year: 4.52019165
想定日: 2031-05-15
金額: 2.220283208
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

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year: 4.654346338
想定日: 2031-07-03
金額: 1.000947945
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2031-06-05
ex_date_status: forecast_unconfirmed

内容を開く

year: 4.980150582
想定日: 2031-10-30
金額: 1.798798265
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

full_year_financial_reference

内容を開く

year

2031

状態

scenario_assumption

growth_drivers

内容を開く

net_customer_growth_assumed: 0.057222
arpu_mix_assumed: 0.040222
gbp_fx_translation_assumed: 0.002222
ma_contribution_assumed: 0.008444

full_year_revenue_oku

50.063579

full_year_operating_expenses_oku

内容を開く

cogs_oku: 3.738081
rd_expense_oku: 7.314845
sbc_expense_oku: 0.967896
acquired_intangibles_amortization_oku: 0.93452
other_sga_expense_oku: 24.358713

full_year_parent_net_income_oku

9.11081

full_year_fcf_before_distributions_and_ma_oku

10.504388

内容を開く

calendar_year

2032

date_start

2032-01-01

date_end_exclusive

2033-01-01

balance_as_of

2032-12-31

days_in_scope

366

whole_year_days

366

fraction_of_calendar_year

period_type

full_calendar_year

状態

forecast_after_anchor

operating

内容を開く

売上高

55.269605

revenue_segment_oku

North_America: 26.996438
UKIA: 16.228261
Europe: 12.044905

software_subscription_oku

49.355757

other_recurring_oku

4.642647

non_recurring_oku

1.271201

cloud_native_component_oku

29.569238

cost_of_sales_oku

4.108374

sga_oku

36.82798

of_which_rd_expensed_oku

7.952682

of_which_sbc_expensed_oku

1.059334

of_which_acquired_intangibles_amortization_oku

1.013276

other_sga_ex_rd_sbc_amort_oku

26.802688

statutory_operating_profit_oku

14.333251

finance_income_oku

0.140424

finance_costs_oku

0.7072

income_tax_oku

3.441619

parent_profit_after_sbc_oku

10.324856

depreciation_amortization_noncash_addback_oku

1.823897

sbc_noncash_addback_fcf_only_oku

1.059334

capex_total_cash_oku

1.326471

of_which_capitalised_software_oku

0.557118

working_capital_reinvestment_oku

0.02603

acquisition_cash_spend_oku

2.100245

fcf_pre_ma_and_payout_oku

11.855586

fcf_after_ma_before_payout_oku

9.755341

sbc_net_credit_to_equity_oku

1.016961

non_controlling_interest_oku

capital_and_holder_ledger

内容を開く

opening

内容を開く

発行済株式数: 859110328
自己株式数: 25000000
ebt_shares: 0
economic_outstanding_shares: 834110328
old_holder_remaining_shares: 787347061
old_holder_ownership_fraction: 0.943936352986
親会社持分（億）: 13.988035
net_debt_oku: 12.53979
estimated_gross_borrowings_oku: 20.8
estimated_cash_oku: 8.26021
dividend_payable_oku: 0
goodwill_carrying_proxy_oku: 28.439346

closing

内容を開く

発行済株式数: 846706922
自己株式数: 25000000
ebt_shares: 0
economic_outstanding_shares: 821706922
old_holder_remaining_shares: 766406120
old_holder_ownership_fraction: 0.932700089875
親会社持分（億）: 17.580338
net_debt_oku: 10.533963
estimated_gross_borrowings_oku: 20.8
estimated_cash_oku: 10.266037
dividend_payable_oku: 0
goodwill_carrying_proxy_oku: 29.804505

capital_bridge_oku

内容を開く

opening_parent_equity: 13.988035
profit_post_sbc: 10.324856
sbc_equity_credit: 1.016961
dividends_recognised_in_equity: 3.133641
repurchases_deducted_from_equity: 4.615872
cash_equity_issue_to_external: 0
closing_parent_equity: 17.580338
rounding_free_bridge_error_oku: 0

net_debt_bridge_oku

内容を開く

opening_net_debt: 12.53979
pre_ma_fcf_reduces_net_debt: 11.855586
ma_cash_outlays: 2.100245
paid_dividends: 3.133641
paid_repurchases: 4.615872
third_party_equity_cash_receipts: 0
closing_net_debt: 10.533963
rounding_free_bridge_error_oku: 0

share_bridge

内容を開く

opening_issued: 859110328
opening_treasury: 25000000
opening_ebt: 0
opening_economic_outstanding: 834110328
employee_awards_delivered_shares: 9969757
employee_newly_issued_shares: 0
new_issue_to_third_parties_shares: 0
old_holder_shares_tendered: 20940941
closing_issued: 846706922
closing_treasury: 25000000
closing_ebt: 0
closing_economic_outstanding: 821706922
closing_old_holder_remaining_shares: 766406120

gross_declared_dividends_oku

3.133641

gross_paid_dividends_oku

3.133641

gross_buybacks_oku

4.615872

old_holder_dividend_cash_oku

2.951865

old_holder_tender_cash_oku

4.32008

old_holder_cashflow_total_oku

7.271945

gross_dividend_pence_full_year_forecast

37.696

gross_buyback_budget_oku

4.615872

shares_event_count

events

内容を開く

event_type: div_ex
想定日: 2032-01-01
time_since_base_years: 5.152635181
状態: explicit_forecast_assumption
shares_before: 834110328
old_holder_shares_before: 787347061
dividend_type: final
dividend_gbp_per_share: 0.240025
company_dividend_declared_oku: 2.002076
old_holder_entitlement_oku: 1.889832
shares_after: 834110328
old_holder_shares_after: 787347061
old_holder_equity_fraction_after: 0.943936352986
parent_equity_after_oku: 11.985959
net_debt_after_oku: 12.53979
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2032-01-01

内容を開く

event_type: div_pay
想定日: 2032-02-10
time_since_base_years: 5.262149213
状態: explicit_forecast_assumption
shares_before: 834110328
old_holder_shares_before: 787347061
dividend_type: final
company_dividend_paid_oku: 2.002076
old_holder_cash_received_oku: 1.889832
shares_after: 834110328
old_holder_shares_after: 787347061
old_holder_equity_fraction_after: 0.943936352986
parent_equity_after_oku: 13.225502
net_debt_after_oku: 13.475709
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2032-01-01

内容を開く

event_type: award
想定日: 2032-03-31
time_since_base_years: 5.399041752
状態: explicit_forecast_assumption
shares_before: 834110328
old_holder_shares_before: 787347061
issued_new_employee_shares: 0
released_from_treasury: 4785483
released_from_ebt: 0
employee_awards_delivered: 4785483
shares_after: 838895811
old_holder_shares_after: 787347061
old_holder_equity_fraction_after: 0.938551665983
parent_equity_after_oku: 14.77493
net_debt_after_oku: 12.143012

内容を開く

event_type: buyback
想定日: 2032-05-14
time_since_base_years: 5.519507187
状態: explicit_forecast_assumption
shares_before: 838895811
old_holder_shares_before: 787347061
shares_repurchased: 12558914
cancelled_shares: 7773431
into_treasury_shares: 4785483
old_holder_shares_tendered: 11787190
old_holder_cash_oku: 2.382729
company_cash_oku: 2.538729
execution_price_gbp_assumed: 20.214562
old_holder_ratio_before: 0.938552
shares_after: 826336897
old_holder_shares_after: 775559871
old_holder_equity_fraction_after: 0.938551665568
parent_equity_after_oku: 13.599698
net_debt_after_oku: 13.508968

内容を開く

event_type: div_ex
想定日: 2032-06-03
time_since_base_years: 5.574264203
状態: explicit_forecast_assumption
shares_before: 826336897
old_holder_shares_before: 775559871
dividend_type: interim
dividend_gbp_per_share: 0.136938
company_dividend_declared_oku: 1.131565
old_holder_entitlement_oku: 1.062033
shares_after: 826336897
old_holder_shares_after: 775559871
old_holder_equity_fraction_after: 0.938551665568
parent_equity_after_oku: 13.087904
net_debt_after_oku: 12.97589
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2032-06-03

内容を開く

event_type: div_pay
想定日: 2032-07-05
time_since_base_years: 5.661875428
状態: explicit_forecast_assumption
shares_before: 826336897
old_holder_shares_before: 775559871
dividend_type: interim
company_dividend_paid_oku: 1.131565
old_holder_cash_received_oku: 1.062033
shares_after: 826336897
old_holder_shares_after: 775559871
old_holder_equity_fraction_after: 0.938551665568
parent_equity_after_oku: 14.079538
net_debt_after_oku: 13.254529
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2032-06-03

内容を開く

event_type: award
想定日: 2032-09-30
time_since_base_years: 5.900068446
状態: explicit_forecast_assumption
shares_before: 826336897
old_holder_shares_before: 775559871
issued_new_employee_shares: 0
released_from_treasury: 5184274
released_from_ebt: 0
employee_awards_delivered: 5184274
shares_after: 831521171
old_holder_shares_after: 775559871
old_holder_equity_fraction_after: 0.932700089966
parent_equity_after_oku: 16.775544
net_debt_after_oku: 10.935636

内容を開く

event_type: buyback
想定日: 2032-10-29
time_since_base_years: 5.979466119
状態: explicit_forecast_assumption
shares_before: 831521171
old_holder_shares_before: 775559871
shares_repurchased: 9814249
cancelled_shares: 4629975
into_treasury_shares: 5184274
old_holder_shares_tendered: 9153751
old_holder_cash_oku: 1.937351
company_cash_oku: 2.077142
execution_price_gbp_assumed: 21.164558
old_holder_ratio_before: 0.9327
shares_after: 821706922
old_holder_shares_after: 766406120
old_holder_equity_fraction_after: 0.932700089875
parent_equity_after_oku: 15.59707
net_debt_after_oku: 12.239815

timed_holder_cashflows_this_period

内容を開く

year: 5.262149213
想定日: 2032-02-10
金額: 1.889832436
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2032-01-01
ex_date_status: forecast_unconfirmed

内容を開く

year: 5.519507187
想定日: 2032-05-14
金額: 2.382728733
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

内容を開く

year: 5.661875428
想定日: 2032-07-05
金額: 1.062032546
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2032-06-03
ex_date_status: forecast_unconfirmed

内容を開く

year: 5.979466119
想定日: 2032-10-29
金額: 1.937350899
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

full_year_financial_reference

内容を開く

year

2032

状態

scenario_assumption

growth_drivers

内容を開く

net_customer_growth_assumed: 0.052778
arpu_mix_assumed: 0.039778
gbp_fx_translation_assumed: 0.001778
ma_contribution_assumed: 0.007556

full_year_revenue_oku

55.269605

full_year_operating_expenses_oku

内容を開く

cogs_oku: 4.108374
rd_expense_oku: 7.952682
sbc_expense_oku: 1.059334
acquired_intangibles_amortization_oku: 1.013276
other_sga_expense_oku: 26.802688

full_year_parent_net_income_oku

10.324856

full_year_fcf_before_distributions_and_ma_oku

11.855586

内容を開く

calendar_year

2033

date_start

2033-01-01

date_end_exclusive

2034-01-01

balance_as_of

2033-12-31

days_in_scope

365

whole_year_days

365

fraction_of_calendar_year

period_type

full_calendar_year

状態

forecast_after_anchor

operating

内容を開く

売上高

60.662137

revenue_segment_oku

North_America: 29.998943
UKIA: 17.827995
Europe: 12.835198

software_subscription_oku

54.656585

other_recurring_oku

4.670985

non_recurring_oku

1.334567

cloud_native_component_oku

33.970797

cost_of_sales_oku

4.488998

sga_oku

40.158335

of_which_rd_expensed_oku

8.593803

of_which_sbc_expensed_oku

1.152581

of_which_acquired_intangibles_amortization_oku

1.091918

other_sga_ex_rd_sbc_amort_oku

29.320033

statutory_operating_profit_oku

16.014804

finance_income_oku

0.174523

finance_costs_oku

0.7072

income_tax_oku

3.870532

parent_profit_after_sbc_oku

11.611595

depreciation_amortization_noncash_addback_oku

2.001851

sbc_noncash_addback_fcf_only_oku

1.152581

capex_total_cash_oku

1.455891

of_which_capitalised_software_oku

0.611474

working_capital_reinvestment_oku

0.026963

acquisition_cash_spend_oku

2.305161

fcf_pre_ma_and_payout_oku

13.283172

fcf_after_ma_before_payout_oku

10.978011

sbc_net_credit_to_equity_oku

1.106477

non_controlling_interest_oku

capital_and_holder_ledger

内容を開く

opening

内容を開く

発行済株式数: 846706922
自己株式数: 25000000
ebt_shares: 0
economic_outstanding_shares: 821706922
old_holder_remaining_shares: 766406120
old_holder_ownership_fraction: 0.932700089875
親会社持分（億）: 17.580338
net_debt_oku: 10.533963
estimated_gross_borrowings_oku: 20.8
estimated_cash_oku: 10.266037
dividend_payable_oku: 0
goodwill_carrying_proxy_oku: 29.804505

closing

内容を開く

発行済株式数: 834898775
自己株式数: 25000000
ebt_shares: 0
economic_outstanding_shares: 809898775
old_holder_remaining_shares: 745996183
old_holder_ownership_fraction: 0.921098050803
親会社持分（億）: 21.901943
net_debt_oku: 7.952419
estimated_gross_borrowings_oku: 20.8
estimated_cash_oku: 12.847581
dividend_payable_oku: 0
goodwill_carrying_proxy_oku: 31.30286

capital_bridge_oku

内容を開く

opening_parent_equity: 17.580338
profit_post_sbc: 11.611595
sbc_equity_credit: 1.106477
dividends_recognised_in_equity: 3.365167
repurchases_deducted_from_equity: 5.0313
cash_equity_issue_to_external: 0
closing_parent_equity: 21.901943
rounding_free_bridge_error_oku: 0

net_debt_bridge_oku

内容を開く

opening_net_debt: 10.533963
pre_ma_fcf_reduces_net_debt: 13.283172
ma_cash_outlays: 2.305161
paid_dividends: 3.365167
paid_repurchases: 5.0313
third_party_equity_cash_receipts: 0
closing_net_debt: 7.952419
rounding_free_bridge_error_oku: 0

share_bridge

内容を開く

opening_issued: 846706922
opening_treasury: 25000000
opening_ebt: 0
opening_economic_outstanding: 821706922
employee_awards_delivered_shares: 10268850
employee_newly_issued_shares: 0
new_issue_to_third_parties_shares: 0
old_holder_shares_tendered: 20409937
closing_issued: 834898775
closing_treasury: 25000000
closing_ebt: 0
closing_economic_outstanding: 809898775
closing_old_holder_remaining_shares: 745996183

gross_declared_dividends_oku

3.365167

gross_paid_dividends_oku

3.365167

gross_buybacks_oku

5.0313

old_holder_dividend_cash_oku

3.131933

old_holder_tender_cash_oku

4.651036

old_holder_cashflow_total_oku

7.782969

gross_dividend_pence_full_year_forecast

41.089

gross_buyback_budget_oku

5.0313

shares_event_count

events

内容を開く

event_type: div_ex
想定日: 2033-01-06
time_since_base_years: 6.168377823
状態: explicit_forecast_assumption
shares_before: 821706922
old_holder_shares_before: 766406120
dividend_type: final
dividend_gbp_per_share: 0.261628
company_dividend_declared_oku: 2.149812
old_holder_entitlement_oku: 2.00513
shares_after: 821706922
old_holder_shares_after: 766406120
old_holder_equity_fraction_after: 0.932700089875
parent_equity_after_oku: 15.604746
net_debt_after_oku: 10.383579
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2033-01-06

内容を開く

event_type: div_pay
想定日: 2033-02-10
time_since_base_years: 6.264202601
状態: explicit_forecast_assumption
shares_before: 821706922
old_holder_shares_before: 766406120
dividend_type: final
company_dividend_paid_oku: 2.149812
old_holder_cash_received_oku: 2.00513
shares_after: 821706922
old_holder_shares_after: 766406120
old_holder_equity_fraction_after: 0.932700089875
parent_equity_after_oku: 16.824288
net_debt_after_oku: 11.480705
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2033-01-06

内容を開く

event_type: award
想定日: 2033-03-31
time_since_base_years: 6.39835729
状態: explicit_forecast_assumption
shares_before: 821706922
old_holder_shares_before: 766406120
issued_new_employee_shares: 0
released_from_treasury: 4929048
released_from_ebt: 0
employee_awards_delivered: 4929048
shares_after: 826635970
old_holder_shares_after: 766406120
old_holder_equity_fraction_after: 0.927138604917
parent_equity_after_oku: 18.531645
net_debt_after_oku: 10.006945

内容を開く

event_type: buyback
想定日: 2033-05-13
time_since_base_years: 6.516084873
状態: explicit_forecast_assumption
shares_before: 826635970
old_holder_shares_before: 766406120
shares_repurchased: 12392665
cancelled_shares: 7463617
into_treasury_shares: 4929048
old_holder_shares_tendered: 11489718
old_holder_cash_oku: 2.565592
company_cash_oku: 2.767215
execution_price_gbp_assumed: 22.329459
old_holder_ratio_before: 0.927139
shares_after: 814243305
old_holder_shares_after: 754916402
old_holder_equity_fraction_after: 0.927138605088
parent_equity_after_oku: 17.262724
net_debt_after_oku: 11.48086

内容を開く

event_type: div_ex
想定日: 2033-06-02
time_since_base_years: 6.570841889
状態: explicit_forecast_assumption
shares_before: 814243305
old_holder_shares_before: 754916402
dividend_type: interim
dividend_gbp_per_share: 0.149262
company_dividend_declared_oku: 1.215355
old_holder_entitlement_oku: 1.126803
shares_after: 814243305
old_holder_shares_after: 754916402
old_holder_equity_fraction_after: 0.927138605088
parent_equity_after_oku: 16.744249
net_debt_after_oku: 10.879325
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2033-06-02

内容を開く

event_type: div_pay
想定日: 2033-07-04
time_since_base_years: 6.658453114
状態: explicit_forecast_assumption
shares_before: 814243305
old_holder_shares_before: 754916402
dividend_type: interim
company_dividend_paid_oku: 1.215355
old_holder_cash_received_oku: 1.126803
shares_after: 814243305
old_holder_shares_after: 754916402
old_holder_equity_fraction_after: 0.927138605088
parent_equity_after_oku: 17.859258
net_debt_after_oku: 11.132224
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2033-06-02

内容を開く

event_type: award
想定日: 2033-09-30
time_since_base_years: 6.899383984
状態: explicit_forecast_assumption
shares_before: 814243305
old_holder_shares_before: 754916402
issued_new_employee_shares: 0
released_from_treasury: 5339802
released_from_ebt: 0
employee_awards_delivered: 5339802
shares_after: 819583107
old_holder_shares_after: 754916402
old_holder_equity_fraction_after: 0.921098050402
parent_equity_after_oku: 20.925533
net_debt_after_oku: 8.485471

内容を開く

event_type: buyback
想定日: 2033-10-28
time_since_base_years: 6.976043806
状態: explicit_forecast_assumption
shares_before: 819583107
old_holder_shares_before: 754916402
shares_repurchased: 9684332
cancelled_shares: 4344530
into_treasury_shares: 5339802
old_holder_shares_tendered: 8920219
old_holder_cash_oku: 2.085444
company_cash_oku: 2.264085
execution_price_gbp_assumed: 23.378846
old_holder_ratio_before: 0.921098
shares_after: 809898775
old_holder_shares_after: 745996183
old_holder_equity_fraction_after: 0.921098050803
parent_equity_after_oku: 19.637081
net_debt_after_oku: 9.907407

timed_holder_cashflows_this_period

内容を開く

year: 6.264202601
想定日: 2033-02-10
金額: 2.005130071
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2033-01-06
ex_date_status: forecast_unconfirmed

内容を開く

year: 6.516084873
想定日: 2033-05-13
金額: 2.565591949
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

内容を開く

year: 6.658453114
想定日: 2033-07-04
金額: 1.12680264
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2033-06-02
ex_date_status: forecast_unconfirmed

内容を開く

year: 6.976043806
想定日: 2033-10-28
金額: 2.085444368
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

full_year_financial_reference

内容を開く

year

2033

状態

scenario_assumption

growth_drivers

内容を開く

net_customer_growth_assumed: 0.048333
arpu_mix_assumed: 0.039333
gbp_fx_translation_assumed: 0.001333
ma_contribution_assumed: 0.006667

full_year_revenue_oku

60.662137

full_year_operating_expenses_oku

内容を開く

cogs_oku: 4.488998
rd_expense_oku: 8.593803
sbc_expense_oku: 1.152581
acquired_intangibles_amortization_oku: 1.091918
other_sga_expense_oku: 29.320033

full_year_parent_net_income_oku

11.611595

full_year_fcf_before_distributions_and_ma_oku

13.283172

内容を開く

calendar_year

2034

date_start

2034-01-01

date_end_exclusive

2035-01-01

balance_as_of

2034-12-31

days_in_scope

365

whole_year_days

365

fraction_of_calendar_year

period_type

full_calendar_year

状態

forecast_after_anchor

operating

内容を開く

売上高

66.191566

revenue_segment_oku

North_America: 33.135498
UKIA: 19.470911
Europe: 13.585157

software_subscription_oku

60.168133

other_recurring_oku

4.63341

non_recurring_oku

1.390023

cloud_native_component_oku

38.722066

cost_of_sales_oku

4.876112

sga_oku

43.531986

of_which_rd_expensed_oku

9.230046

of_which_sbc_expensed_oku

1.246608

of_which_acquired_intangibles_amortization_oku

1.169384

other_sga_ex_rd_sbc_amort_oku

31.885948

statutory_operating_profit_oku

17.783467

finance_income_oku

0.218409

finance_costs_oku

0.7072

income_tax_oku

4.323669

parent_profit_after_sbc_oku

12.971007

depreciation_amortization_noncash_addback_oku

2.184322

sbc_noncash_addback_fcf_only_oku

1.246608

capex_total_cash_oku

1.588598

of_which_capitalised_software_oku

0.667211

working_capital_reinvestment_oku

0.027647

acquisition_cash_spend_oku

2.515279

fcf_pre_ma_and_payout_oku

14.785692

fcf_after_ma_before_payout_oku

12.270412

sbc_net_credit_to_equity_oku

1.196744

non_controlling_interest_oku

capital_and_holder_ledger

内容を開く

opening

内容を開く

発行済株式数: 834898775
自己株式数: 25000000
ebt_shares: 0
economic_outstanding_shares: 809898775
old_holder_remaining_shares: 745996183
old_holder_ownership_fraction: 0.921098050803
親会社持分（億）: 21.901943
net_debt_oku: 7.952419
estimated_gross_borrowings_oku: 20.8
estimated_cash_oku: 12.847581
dividend_payable_oku: 0
goodwill_carrying_proxy_oku: 31.30286

closing

内容を開く

発行済株式数: 823708795
自己株式数: 25000000
ebt_shares: 0
economic_outstanding_shares: 798708795
old_holder_remaining_shares: 726131111
old_holder_ownership_fraction: 0.909131232241
親会社持分（億）: 26.969905
net_debt_oku: 4.781795
estimated_gross_borrowings_oku: 20.8
estimated_cash_oku: 16.018205
dividend_payable_oku: 0
goodwill_carrying_proxy_oku: 32.937791

capital_bridge_oku

内容を開く

opening_parent_equity: 21.901943
profit_post_sbc: 12.971007
sbc_equity_credit: 1.196744
dividends_recognised_in_equity: 3.615671
repurchases_deducted_from_equity: 5.484118
cash_equity_issue_to_external: 0
closing_parent_equity: 26.969905
rounding_free_bridge_error_oku: 0

net_debt_bridge_oku

内容を開く

opening_net_debt: 7.952419
pre_ma_fcf_reduces_net_debt: 14.785692
ma_cash_outlays: 2.515279
paid_dividends: 3.615671
paid_repurchases: 5.484118
third_party_equity_cash_receipts: 0
closing_net_debt: 4.781795
rounding_free_bridge_error_oku: 0

share_bridge

内容を開く

opening_issued: 834898775
opening_treasury: 25000000
opening_ebt: 0
opening_economic_outstanding: 809898775
employee_awards_delivered_shares: 10576915
employee_newly_issued_shares: 0
new_issue_to_third_parties_shares: 0
old_holder_shares_tendered: 19865072
closing_issued: 823708795
closing_treasury: 25000000
closing_ebt: 0
closing_economic_outstanding: 798708795
closing_old_holder_remaining_shares: 726131111

gross_declared_dividends_oku

3.615671

gross_paid_dividends_oku

3.615671

gross_buybacks_oku

5.484118

old_holder_dividend_cash_oku

3.322893

old_holder_tender_cash_oku

5.00457

old_holder_cashflow_total_oku

8.327464

gross_dividend_pence_full_year_forecast

44.787

gross_buyback_budget_oku

5.484117

shares_event_count

events

内容を開く

event_type: div_ex
想定日: 2034-01-05
time_since_base_years: 7.16495551
状態: explicit_forecast_assumption
shares_before: 809898775
old_holder_shares_before: 745996183
dividend_type: final
dividend_gbp_per_share: 0.285174
company_dividend_declared_oku: 2.309622
old_holder_entitlement_oku: 2.127388
shares_after: 809898775
old_holder_shares_after: 745996183
old_holder_equity_fraction_after: 0.921098050803
parent_equity_after_oku: 19.747585
net_debt_after_oku: 7.817949
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2034-01-05

内容を開く

event_type: div_pay
想定日: 2034-02-10
time_since_base_years: 7.263518138
状態: explicit_forecast_assumption
shares_before: 809898775
old_holder_shares_before: 745996183
dividend_type: final
company_dividend_paid_oku: 2.309622
old_holder_cash_received_oku: 2.127388
shares_after: 809898775
old_holder_shares_after: 745996183
old_holder_equity_fraction_after: 0.921098050803
parent_equity_after_oku: 21.144952
net_debt_after_oku: 8.917338
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2034-01-05

内容を開く

event_type: award
想定日: 2034-03-31
time_since_base_years: 7.397672827
状態: explicit_forecast_assumption
shares_before: 809898775
old_holder_shares_before: 745996183
issued_new_employee_shares: 0
released_from_treasury: 5076919
released_from_ebt: 0
employee_awards_delivered: 5076919
shares_after: 814975694
old_holder_shares_after: 745996183
old_holder_equity_fraction_after: 0.915360038946
parent_equity_after_oku: 23.046924
net_debt_after_oku: 7.270077

内容を開く

event_type: buyback
想定日: 2034-05-15
time_since_base_years: 7.520876112
状態: explicit_forecast_assumption
shares_before: 814975694
old_holder_shares_before: 745996183
shares_repurchased: 12218593
cancelled_shares: 7141674
into_treasury_shares: 5076919
old_holder_shares_tendered: 11184412
old_holder_cash_oku: 2.760968
company_cash_oku: 3.016265
execution_price_gbp_assumed: 24.685859
old_holder_ratio_before: 0.91536
shares_after: 802757101
old_holder_shares_after: 734811771
old_holder_equity_fraction_after: 0.915360038653
parent_equity_after_oku: 21.777368
net_debt_after_oku: 8.773551

内容を開く

event_type: div_ex
想定日: 2034-06-01
time_since_base_years: 7.567419576
状態: explicit_forecast_assumption
shares_before: 802757101
old_holder_shares_before: 734811771
dividend_type: interim
dividend_gbp_per_share: 0.162695
company_dividend_declared_oku: 1.30605
old_holder_entitlement_oku: 1.195506
shares_after: 802757101
old_holder_shares_after: 734811771
old_holder_equity_fraction_after: 0.915360038653
parent_equity_after_oku: 21.131187
net_debt_after_oku: 8.202052
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2034-06-01

内容を開く

event_type: div_pay
想定日: 2034-07-03
time_since_base_years: 7.655030801
状態: explicit_forecast_assumption
shares_before: 802757101
old_holder_shares_before: 734811771
dividend_type: interim
company_dividend_paid_oku: 1.30605
old_holder_cash_received_oku: 1.195506
shares_after: 802757101
old_holder_shares_after: 734811771
old_holder_equity_fraction_after: 0.915360038653
parent_equity_after_oku: 22.373291
net_debt_after_oku: 8.43234
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2034-06-01

内容を開く

event_type: award
想定日: 2034-09-29
time_since_base_years: 7.89596167
状態: explicit_forecast_assumption
shares_before: 802757101
old_holder_shares_before: 734811771
issued_new_employee_shares: 0
released_from_treasury: 5499996
released_from_ebt: 0
employee_awards_delivered: 5499996
shares_after: 808257097
old_holder_shares_after: 734811771
old_holder_equity_fraction_after: 0.909131232781
parent_equity_after_oku: 25.789077
net_debt_after_oku: 5.473994

内容を開く

event_type: buyback
想定日: 2034-10-30
time_since_base_years: 7.980835044
状態: explicit_forecast_assumption
shares_before: 808257097
old_holder_shares_before: 734811771
shares_repurchased: 9548302
cancelled_shares: 4048306
into_treasury_shares: 5499996
old_holder_shares_tendered: 8680660
old_holder_cash_oku: 2.243602
company_cash_oku: 2.467853
execution_price_gbp_assumed: 25.845987
old_holder_ratio_before: 0.909131
shares_after: 798708795
old_holder_shares_after: 726131111
old_holder_equity_fraction_after: 0.909131232241
parent_equity_after_oku: 24.524513
net_debt_after_oku: 6.899702

timed_holder_cashflows_this_period

内容を開く

year: 7.263518138
想定日: 2034-02-10
金額: 2.127387922
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2034-01-05
ex_date_status: forecast_unconfirmed

内容を開く

year: 7.520876112
想定日: 2034-05-15
金額: 2.760968132
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

内容を開く

year: 7.655030801
想定日: 2034-07-03
金額: 1.195505551
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2034-06-01
ex_date_status: forecast_unconfirmed

内容を開く

year: 7.980835044
想定日: 2034-10-30
金額: 2.243602101
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

full_year_financial_reference

内容を開く

year

2034

状態

scenario_assumption

growth_drivers

内容を開く

net_customer_growth_assumed: 0.043889
arpu_mix_assumed: 0.038889
gbp_fx_translation_assumed: 0.000889
ma_contribution_assumed: 0.005778

full_year_revenue_oku

66.191566

full_year_operating_expenses_oku

内容を開く

cogs_oku: 4.876112
rd_expense_oku: 9.230046
sbc_expense_oku: 1.246608
acquired_intangibles_amortization_oku: 1.169384
other_sga_expense_oku: 31.885948

full_year_parent_net_income_oku

12.971007

full_year_fcf_before_distributions_and_ma_oku

14.785692

内容を開く

calendar_year

2035

date_start

2035-01-01

date_end_exclusive

2036-01-01

balance_as_of

2035-12-31

days_in_scope

365

whole_year_days

365

fraction_of_calendar_year

period_type

full_calendar_year

状態

forecast_after_anchor

operating

内容を開く

売上高

71.800549

revenue_segment_oku

North_America: 36.379543
UKIA: 21.140236
Europe: 14.28077

software_subscription_oku

65.841104

other_recurring_oku

4.523435

non_recurring_oku

1.436011

cloud_native_component_oku

43.798335

cost_of_sales_oku

5.265374

sga_oku

46.909692

of_which_rd_expensed_oku

9.852631

of_which_sbc_expensed_oku

1.340277

of_which_acquired_intangibles_amortization_oku

1.244543

other_sga_ex_rd_sbc_amort_oku

34.472241

statutory_operating_profit_oku

19.625483

finance_income_oku

0.272309

finance_costs_oku

0.7072

income_tax_oku

4.797648

parent_profit_after_sbc_oku

14.392945

depreciation_amortization_noncash_addback_oku

2.369418

sbc_noncash_addback_fcf_only_oku

1.340277

capex_total_cash_oku

1.723213

of_which_capitalised_software_oku

0.72375

working_capital_reinvestment_oku

0.028045

acquisition_cash_spend_oku

2.728421

fcf_pre_ma_and_payout_oku

16.351382

fcf_after_ma_before_payout_oku

13.622961

sbc_net_credit_to_equity_oku

1.286666

non_controlling_interest_oku

capital_and_holder_ledger

内容を開く

opening

内容を開く

発行済株式数: 823708795
自己株式数: 25000000
ebt_shares: 0
economic_outstanding_shares: 798708795
old_holder_remaining_shares: 726131111
old_holder_ownership_fraction: 0.909131232241
親会社持分（億）: 26.969905
net_debt_oku: 4.781795
estimated_gross_borrowings_oku: 20.8
estimated_cash_oku: 16.018205
dividend_payable_oku: 0
goodwill_carrying_proxy_oku: 32.937791

closing

内容を開く

発行済株式数: 813130134
自己株式数: 25000000
ebt_shares: 0
economic_outstanding_shares: 788130134
old_holder_remaining_shares: 706796851
old_holder_ownership_fraction: 0.896802216422
親会社持分（億）: 32.784811
net_debt_oku: 1.02354
estimated_gross_borrowings_oku: 20.8
estimated_cash_oku: 19.77646
dividend_payable_oku: 0
goodwill_carrying_proxy_oku: 34.711265

capital_bridge_oku

内容を開く

opening_parent_equity: 26.969905
profit_post_sbc: 14.392945
sbc_equity_credit: 1.286666
dividends_recognised_in_equity: 3.887017
repurchases_deducted_from_equity: 5.977688
cash_equity_issue_to_external: 0
closing_parent_equity: 32.784811
rounding_free_bridge_error_oku: 0

net_debt_bridge_oku

内容を開く

opening_net_debt: 4.781795
pre_ma_fcf_reduces_net_debt: 16.351382
ma_cash_outlays: 2.728421
paid_dividends: 3.887017
paid_repurchases: 5.977688
third_party_equity_cash_receipts: 0
closing_net_debt: 1.02354
rounding_free_bridge_error_oku: 0

share_bridge

内容を開く

opening_issued: 823708795
opening_treasury: 25000000
opening_ebt: 0
opening_economic_outstanding: 798708795
employee_awards_delivered_shares: 10894223
employee_newly_issued_shares: 0
new_issue_to_third_parties_shares: 0
old_holder_shares_tendered: 19334260
closing_issued: 813130134
closing_treasury: 25000000
closing_ebt: 0
closing_economic_outstanding: 788130134
closing_old_holder_remaining_shares: 706796851

gross_declared_dividends_oku

3.887017

gross_paid_dividends_oku

3.887017

gross_buybacks_oku

5.977688

old_holder_dividend_cash_oku

3.525504

old_holder_tender_cash_oku

5.381896

old_holder_cashflow_total_oku

8.907401

gross_dividend_pence_full_year_forecast

48.818

gross_buyback_budget_oku

5.977688

shares_event_count

events

内容を開く

event_type: div_ex
想定日: 2035-01-04
time_since_base_years: 8.161533196
状態: explicit_forecast_assumption
shares_before: 798708795
old_holder_shares_before: 726131111
dividend_type: final
dividend_gbp_per_share: 0.31084
company_dividend_declared_oku: 2.482705
old_holder_entitlement_oku: 2.257104
shares_after: 798708795
old_holder_shares_after: 726131111
old_holder_equity_fraction_after: 0.909131232241
parent_equity_after_oku: 24.616074
net_debt_after_oku: 4.669826
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2035-01-04

内容を開く

event_type: div_pay
想定日: 2035-02-12
time_since_base_years: 8.268309377
状態: explicit_forecast_assumption
shares_before: 798708795
old_holder_shares_before: 726131111
dividend_type: final
company_dividend_paid_oku: 2.482705
old_holder_cash_received_oku: 2.257104
shares_after: 798708795
old_holder_shares_after: 726131111
old_holder_equity_fraction_after: 0.909131232241
parent_equity_after_oku: 26.29143
net_debt_after_oku: 5.696926
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2035-01-04

内容を開く

event_type: award
想定日: 2035-03-30
time_since_base_years: 8.394250513
状態: explicit_forecast_assumption
shares_before: 798708795
old_holder_shares_before: 726131111
issued_new_employee_shares: 0
released_from_treasury: 5229227
released_from_ebt: 0
employee_awards_delivered: 5229227
shares_after: 803938022
old_holder_shares_after: 726131111
old_holder_equity_fraction_after: 0.903217774417
parent_equity_after_oku: 28.26749
net_debt_after_oku: 3.98006

内容を開く

event_type: buyback
想定日: 2035-05-15
time_since_base_years: 8.52019165
状態: explicit_forecast_assumption
shares_before: 803938022
old_holder_shares_before: 726131111
shares_repurchased: 12053553
cancelled_shares: 6824326
into_treasury_shares: 5229227
old_holder_shares_tendered: 10886983
old_holder_cash_oku: 2.969535
company_cash_oku: 3.287728
execution_price_gbp_assumed: 27.27601
old_holder_ratio_before: 0.903218
shares_after: 791884469
old_holder_shares_after: 715244128
old_holder_equity_fraction_after: 0.903217774814
parent_equity_after_oku: 26.955823
net_debt_after_oku: 5.550922

内容を開く

event_type: div_ex
想定日: 2035-06-07
time_since_base_years: 8.583162218
状態: explicit_forecast_assumption
shares_before: 791884469
old_holder_shares_before: 715244128
dividend_type: interim
dividend_gbp_per_share: 0.177338
company_dividend_declared_oku: 1.404313
old_holder_entitlement_oku: 1.2684
shares_after: 791884469
old_holder_shares_after: 715244128
old_holder_equity_fraction_after: 0.903217774814
parent_equity_after_oku: 26.53954
net_debt_after_oku: 4.692489
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2035-06-07

内容を開く

event_type: div_pay
想定日: 2035-07-03
time_since_base_years: 8.654346338
状態: explicit_forecast_assumption
shares_before: 791884469
old_holder_shares_before: 715244128
dividend_type: interim
company_dividend_paid_oku: 1.404313
old_holder_cash_received_oku: 1.2684
shares_after: 791884469
old_holder_shares_after: 715244128
old_holder_equity_fraction_after: 0.903217774814
parent_equity_after_oku: 27.656444
net_debt_after_oku: 5.126399
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2035-06-07

内容を開く

event_type: award
想定日: 2035-09-28
time_since_base_years: 8.892539357
状態: explicit_forecast_assumption
shares_before: 791884469
old_holder_shares_before: 715244128
issued_new_employee_shares: 0
released_from_treasury: 5664996
released_from_ebt: 0
employee_awards_delivered: 5664996
shares_after: 797549465
old_holder_shares_after: 715244128
old_holder_equity_fraction_after: 0.896802216525
parent_equity_after_oku: 31.393776
net_debt_after_oku: 1.879282

内容を開く

event_type: buyback
想定日: 2035-10-30
time_since_base_years: 8.980150582
状態: explicit_forecast_assumption
shares_before: 797549465
old_holder_shares_before: 715244128
shares_repurchased: 9419331
cancelled_shares: 3754335
into_treasury_shares: 5664996
old_holder_shares_tendered: 8447277
old_holder_cash_oku: 2.412362
company_cash_oku: 2.68996
execution_price_gbp_assumed: 28.557863
old_holder_ratio_before: 0.896802
shares_after: 788130134
old_holder_shares_after: 706796851
old_holder_equity_fraction_after: 0.896802216422
parent_equity_after_oku: 30.078467
net_debt_after_oku: 3.3749

timed_holder_cashflows_this_period

内容を開く

year: 8.268309377
想定日: 2035-02-12
金額: 2.257104291
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2035-01-04
ex_date_status: forecast_unconfirmed

内容を開く

year: 8.52019165
想定日: 2035-05-15
金額: 2.969534681
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

内容を開く

year: 8.654346338
想定日: 2035-07-03
金額: 1.268400169
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2035-06-07
ex_date_status: forecast_unconfirmed

内容を開く

year: 8.980150582
想定日: 2035-10-30
金額: 2.412361802
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

full_year_financial_reference

内容を開く

year

2035

状態

scenario_assumption

growth_drivers

内容を開く

net_customer_growth_assumed: 0.039444
arpu_mix_assumed: 0.038444
gbp_fx_translation_assumed: 0.000444
ma_contribution_assumed: 0.004889

full_year_revenue_oku

71.800549

full_year_operating_expenses_oku

内容を開く

cogs_oku: 5.265374
rd_expense_oku: 9.852631
sbc_expense_oku: 1.340277
acquired_intangibles_amortization_oku: 1.244543
other_sga_expense_oku: 34.472241

full_year_parent_net_income_oku

14.392945

full_year_fcf_before_distributions_and_ma_oku

16.351382

内容を開く

calendar_year

2036

date_start

2036-01-01

date_end_exclusive

2036-11-06

balance_as_of

2036-11-06

days_in_scope

310

whole_year_days

366

fraction_of_calendar_year

0.846994536

period_type

terminal_2036_partial_year

状態

forecast_after_anchor

operating

内容を開く

売上高

65.578286

revenue_segment_oku

North_America: 33.625266
UKIA: 19.325921
Europe: 12.627099

software_subscription_oku

60.659915

other_recurring_oku

3.672384

non_recurring_oku

1.245987

cloud_native_component_oku

41.642212

cost_of_sales_oku

4.787215

sga_oku

42.560308

of_which_rd_expensed_oku

8.853069

of_which_sbc_expensed_oku

1.213198

of_which_acquired_intangibles_amortization_oku

1.114831

other_sga_ex_rd_sbc_amort_oku

31.37921

statutory_operating_profit_oku

18.230764

finance_income_oku

0.284759

finance_costs_oku

0.598995

income_tax_oku

4.479132

parent_profit_after_sbc_oku

13.437396

depreciation_amortization_noncash_addback_oku

2.164083

sbc_noncash_addback_fcf_only_oku

1.213198

capex_total_cash_oku

1.573879

of_which_capitalised_software_oku

0.661029

working_capital_reinvestment_oku

0.023818

acquisition_cash_spend_oku

2.491975

fcf_pre_ma_and_payout_oku

15.216981

fcf_after_ma_before_payout_oku

12.725006

sbc_net_credit_to_equity_oku

1.16467

non_controlling_interest_oku

capital_and_holder_ledger

内容を開く

opening

内容を開く

発行済株式数: 813130134
自己株式数: 25000000
ebt_shares: 0
economic_outstanding_shares: 788130134
old_holder_remaining_shares: 706796851
old_holder_ownership_fraction: 0.896802216422
親会社持分（億）: 32.784811
net_debt_oku: 1.02354
estimated_gross_borrowings_oku: 20.8
estimated_cash_oku: 19.77646
dividend_payable_oku: 0
goodwill_carrying_proxy_oku: 34.711265

closing

内容を開く

発行済株式数: 806414334
自己株式数: 25000000
ebt_shares: 0
economic_outstanding_shares: 781414334
old_holder_remaining_shares: 690872040
old_holder_ownership_fraction: 0.884130236597
親会社持分（億）: 37.683434
net_debt_oku: -1.998023
estimated_gross_borrowings_oku: 20.8
estimated_cash_oku: 22.798023
dividend_payable_oku: 0
goodwill_carrying_proxy_oku: 36.331049

capital_bridge_oku

内容を開く

opening_parent_equity: 32.784811
profit_post_sbc: 13.437396
sbc_equity_credit: 1.16467
dividends_recognised_in_equity: 4.184698
repurchases_deducted_from_equity: 5.518745
cash_equity_issue_to_external: 0
closing_parent_equity: 37.683434
rounding_free_bridge_error_oku: 0

net_debt_bridge_oku

内容を開く

opening_net_debt: 1.02354
pre_ma_fcf_reduces_net_debt: 15.216981
ma_cash_outlays: 2.491975
paid_dividends: 4.184698
paid_repurchases: 5.518745
third_party_equity_cash_receipts: 0
closing_net_debt: -1.998023
rounding_free_bridge_error_oku: -0

share_bridge

内容を開く

opening_issued: 813130134
opening_treasury: 25000000
opening_ebt: 0
opening_economic_outstanding: 788130134
employee_awards_delivered_shares: 11221049
employee_newly_issued_shares: 0
new_issue_to_third_parties_shares: 0
old_holder_shares_tendered: 15924811
closing_issued: 806414334
closing_treasury: 25000000
closing_ebt: 0
closing_economic_outstanding: 781414334
closing_old_holder_remaining_shares: 690872040

gross_declared_dividends_oku

4.184698

gross_paid_dividends_oku

4.184698

gross_buybacks_oku

5.518745

old_holder_dividend_cash_oku

3.743628

old_holder_tender_cash_oku

4.899276

old_holder_cashflow_total_oku

8.642905

gross_dividend_pence_full_year_forecast

53.211

gross_buyback_budget_oku

5.518745

shares_event_count

events

内容を開く

event_type: div_ex
想定日: 2036-01-03
time_since_base_years: 9.158110883
状態: explicit_forecast_assumption
shares_before: 788130134
old_holder_shares_before: 706796851
dividend_type: final
dividend_gbp_per_share: 0.338815
company_dividend_declared_oku: 2.670306
old_holder_entitlement_oku: 2.394736
shares_after: 788130134
old_holder_shares_after: 706796851
old_holder_equity_fraction_after: 0.896802216422
parent_equity_after_oku: 30.208712
net_debt_after_oku: 0.941443
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2036-01-03

内容を開く

event_type: div_pay
想定日: 2036-02-11
time_since_base_years: 9.264887064
状態: explicit_forecast_assumption
shares_before: 788130134
old_holder_shares_before: 706796851
dividend_type: final
company_dividend_paid_oku: 2.670306
old_holder_cash_received_oku: 2.394736
shares_after: 788130134
old_holder_shares_after: 706796851
old_holder_equity_fraction_after: 0.896802216422
parent_equity_after_oku: 32.045746
net_debt_after_oku: 2.010861
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2036-01-03

内容を開く

event_type: award
想定日: 2036-03-31
time_since_base_years: 9.399041752
状態: explicit_forecast_assumption
shares_before: 788130134
old_holder_shares_before: 706796851
issued_new_employee_shares: 0
released_from_treasury: 5386104
released_from_ebt: 0
employee_awards_delivered: 5386104
shares_after: 793516238
old_holder_shares_after: 706796851
old_holder_equity_fraction_after: 0.890715044195
parent_equity_after_oku: 34.353814
net_debt_after_oku: -0.000511

内容を開く

event_type: buyback
想定日: 2036-05-15
time_since_base_years: 9.522245038
状態: explicit_forecast_assumption
shares_before: 793516238
old_holder_shares_before: 706796851
shares_repurchased: 10068641
cancelled_shares: 4682537
into_treasury_shares: 5386104
old_holder_shares_tendered: 8968290
old_holder_cash_oku: 2.703596
company_cash_oku: 3.03531
execution_price_gbp_assumed: 30.146171
old_holder_ratio_before: 0.890715
shares_after: 783447597
old_holder_shares_after: 697828561
old_holder_equity_fraction_after: 0.890715044212
parent_equity_after_oku: 33.43816
net_debt_after_oku: 1.18762

内容を開く

event_type: div_ex
想定日: 2036-06-05
time_since_base_years: 9.579739904
状態: explicit_forecast_assumption
shares_before: 783447597
old_holder_shares_before: 697828561
dividend_type: interim
dividend_gbp_per_share: 0.193299
company_dividend_declared_oku: 1.514392
old_holder_entitlement_oku: 1.348892
shares_after: 783447597
old_holder_shares_after: 697828561
old_holder_equity_fraction_after: 0.890715044212
parent_equity_after_oku: 32.912939
net_debt_after_oku: 0.325604
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2036-06-05

内容を開く

event_type: div_pay
想定日: 2036-07-03
time_since_base_years: 9.656399726
状態: explicit_forecast_assumption
shares_before: 783447597
old_holder_shares_before: 697828561
dividend_type: interim
company_dividend_paid_oku: 1.514392
old_holder_cash_received_oku: 1.348892
shares_after: 783447597
old_holder_shares_after: 697828561
old_holder_equity_fraction_after: 0.890715044212
parent_equity_after_oku: 34.231836
net_debt_after_oku: 0.690641
ex_date_status: forecast_unconfirmed
ex_date_assumed: 2036-06-05

内容を開く

event_type: award
想定日: 2036-09-30
time_since_base_years: 9.900068446
状態: explicit_forecast_assumption
shares_before: 783447597
old_holder_shares_before: 697828561
issued_new_employee_shares: 0
released_from_treasury: 5834945
released_from_ebt: 0
employee_awards_delivered: 5834945
shares_after: 789282542
old_holder_shares_after: 697828561
old_holder_equity_fraction_after: 0.884130237103
parent_equity_after_oku: 38.424042
net_debt_after_oku: -2.962667

内容を開く

event_type: buyback
想定日: 2036-10-30
time_since_base_years: 9.98220397
状態: explicit_forecast_assumption
shares_before: 789282542
old_holder_shares_before: 697828561
shares_repurchased: 7868208
cancelled_shares: 2033263
into_treasury_shares: 5834945
old_holder_shares_tendered: 6956521
old_holder_cash_oku: 2.19568
company_cash_oku: 2.483435
execution_price_gbp_assumed: 31.562909
old_holder_ratio_before: 0.88413
shares_after: 781414334
old_holder_shares_after: 690872040
old_holder_equity_fraction_after: 0.884130236597
parent_equity_after_oku: 37.35371
net_debt_after_oku: -1.710684

timed_holder_cashflows_this_period

内容を開く

year: 9.264887064
想定日: 2036-02-11
金額: 2.394736236
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2036-01-03
ex_date_status: forecast_unconfirmed

内容を開く

year: 9.522245038
想定日: 2036-05-15
金額: 2.703596067
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

内容を開く

year: 9.656399726
想定日: 2036-07-03
金額: 1.348892154
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2036-06-05
ex_date_status: forecast_unconfirmed

内容を開く

year: 9.98220397
想定日: 2036-10-30
金額: 2.195680298
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

full_year_financial_reference

内容を開く

year

2036

状態

scenario_assumption

growth_drivers

内容を開く

net_customer_growth_assumed: 0.035
arpu_mix_assumed: 0.038
gbp_fx_translation_assumed: 0
ma_contribution_assumed: 0.004

full_year_revenue_oku

77.424686

full_year_operating_expenses_oku

内容を開く

cogs_oku: 5.652002
rd_expense_oku: 10.452333
sbc_expense_oku: 1.432357
acquired_intangibles_amortization_oku: 1.31622
other_sga_expense_oku: 37.047712

full_year_parent_net_income_oku

15.864797

full_year_fcf_before_distributions_and_ma_oku

17.965855

initial_2026_post_basis_stub

内容を開く

calendar_year

2026

date_start

2026-11-06

date_end_exclusive

2027-01-01

balance_as_of

2026-12-31

days_in_scope

whole_year_days

365

fraction_of_calendar_year

0.153424658

period_type

initial_2026_stub

状態

forecast_after_anchor

operating

内容を開く

売上高

4.29589

revenue_segment_oku

North_America: 1.941742
UKIA: 1.2544
Europe: 1.099748

software_subscription_oku

3.630027

other_recurring_oku

0.541282

non_recurring_oku

0.124581

cloud_native_component_oku

1.653918

cost_of_sales_oku

0.326488

sga_oku

3.032899

of_which_rd_expensed_oku

0.657271

of_which_sbc_expensed_oku

0.085059

of_which_acquired_intangibles_amortization_oku

0.090214

other_sga_ex_rd_sbc_amort_oku

2.200355

statutory_operating_profit_oku

0.936504

finance_income_oku

0.011763

finance_costs_oku

0.108502

income_tax_oku

0.209941

parent_profit_after_sbc_oku

0.629824

depreciation_amortization_noncash_addback_oku

0.141764

sbc_noncash_addback_fcf_only_oku

0.085059

capex_total_cash_oku

0.103101

of_which_capitalised_software_oku

0.043303

working_capital_reinvestment_oku

0.006137

acquisition_cash_spend_oku

0.163244

fcf_pre_ma_and_payout_oku

0.747409

fcf_after_ma_before_payout_oku

0.584165

sbc_net_credit_to_equity_oku

0.081656

non_controlling_interest_oku

capital_and_holder_ledger

内容を開く

opening

内容を開く

発行済株式数: 959080955
自己株式数: 53451016
ebt_shares: 5021344
economic_outstanding_shares: 900608595
old_holder_remaining_shares: 900608595
old_holder_ownership_fraction: 1
親会社持分（億）: 4.265
net_debt_oku: 16.29
estimated_gross_borrowings_oku: 20.8
estimated_cash_oku: 4.51
dividend_payable_oku: 0
goodwill_carrying_proxy_oku: 23.3125

closing

内容を開く

発行済株式数: 959080955
自己株式数: 52494874
ebt_shares: 4811459
economic_outstanding_shares: 901774622
old_holder_remaining_shares: 900608595
old_holder_ownership_fraction: 0.998706964056
親会社持分（億）: 4.97648
net_debt_oku: 15.705835
estimated_gross_borrowings_oku: 20.8
estimated_cash_oku: 5.094165
dividend_payable_oku: 0
goodwill_carrying_proxy_oku: 23.418608

capital_bridge_oku

内容を開く

opening_parent_equity: 4.265
profit_post_sbc: 0.629824
sbc_equity_credit: 0.081656
dividends_recognised_in_equity: 0
repurchases_deducted_from_equity: 0
cash_equity_issue_to_external: 0
closing_parent_equity: 4.97648
rounding_free_bridge_error_oku: 0

net_debt_bridge_oku

内容を開く

opening_net_debt: 16.29
pre_ma_fcf_reduces_net_debt: 0.747409
ma_cash_outlays: 0.163244
paid_dividends: 0
paid_repurchases: 0
third_party_equity_cash_receipts: 0
closing_net_debt: 15.705835
rounding_free_bridge_error_oku: 0

share_bridge

内容を開く

opening_issued: 959080955
opening_treasury: 53451016
opening_ebt: 5021344
opening_economic_outstanding: 900608595
employee_awards_delivered_shares: 1166027
employee_newly_issued_shares: 0
new_issue_to_third_parties_shares: 0
old_holder_shares_tendered: 0
closing_issued: 959080955
closing_treasury: 52494874
closing_ebt: 4811459
closing_economic_outstanding: 901774622
closing_old_holder_remaining_shares: 900608595

gross_declared_dividends_oku

gross_paid_dividends_oku

gross_buybacks_oku

old_holder_dividend_cash_oku

old_holder_tender_cash_oku

old_holder_cashflow_total_oku

gross_dividend_pence_full_year_forecast

未確認

gross_buyback_budget_oku

shares_event_count

events

内容を開く

event_type: award
想定日: 2026-12-15
time_since_base_years: 0.106776181
状態: explicit_forecast_assumption
shares_before: 900608595
old_holder_shares_before: 900608595
issued_new_employee_shares: 0
released_from_treasury: 956142
released_from_ebt: 209885
employee_awards_delivered: 1166027
shares_after: 901774622
old_holder_shares_after: 900608595
old_holder_equity_fraction_after: 0.998706964056
parent_equity_after_oku: 4.760495
net_debt_after_oku: 15.883171

timed_holder_cashflows_this_period

記載なし

full_year_financial_reference

内容を開く

year

2026

状態

estimate

growth_drivers

内容を開く

net_customer_growth_assumed: 0.05
arpu_mix_assumed: 0.035
gbp_fx_translation_assumed: -0.004
ma_contribution_assumed: 0.009

full_year_revenue_oku

full_year_operating_expenses_oku

内容を開く

cogs_oku: 2.128
rd_expense_oku: 4.284
sbc_expense_oku: 0.5544
acquired_intangibles_amortization_oku: 0.588
other_sga_expense_oku: 14.3416

full_year_parent_net_income_oku

4.105103

full_year_fcf_before_distributions_and_ma_oku

4.871503

terminal_2036_partial_year

内容を開く

calendar_year

2036

date_start

2036-01-01

date_end_exclusive

2036-11-06

balance_as_of

2036-11-06

days_in_scope

310

whole_year_days

366

fraction_of_calendar_year

0.846994536

period_type

terminal_2036_partial_year

状態

forecast_after_anchor

operating

内容を開く

売上高

65.578286

revenue_segment_oku

North_America: 33.625266
UKIA: 19.325921
Europe: 12.627099

software_subscription_oku

60.659915

other_recurring_oku

3.672384

non_recurring_oku

1.245987

cloud_native_component_oku

41.642212

cost_of_sales_oku

4.787215

sga_oku

42.560308

of_which_rd_expensed_oku

8.853069

of_which_sbc_expensed_oku

1.213198

of_which_acquired_intangibles_amortization_oku

1.114831

other_sga_ex_rd_sbc_amort_oku

31.37921

statutory_operating_profit_oku

18.230764

finance_income_oku

0.284759

finance_costs_oku

0.598995

income_tax_oku

4.479132

parent_profit_after_sbc_oku

13.437396

depreciation_amortization_noncash_addback_oku

2.164083

sbc_noncash_addback_fcf_only_oku

1.213198

capex_total_cash_oku

1.573879

of_which_capitalised_software_oku

0.661029

working_capital_reinvestment_oku

0.023818

acquisition_cash_spend_oku

2.491975

fcf_pre_ma_and_payout_oku

15.216981

fcf_after_ma_before_payout_oku

12.725006

sbc_net_credit_to_equity_oku

1.16467

non_controlling_interest_oku

capital_and_holder_ledger

内容を開く

opening

内容を開く

発行済株式数: 813130134
自己株式数: 25000000
ebt_shares: 0
economic_outstanding_shares: 788130134
old_holder_remaining_shares: 706796851
old_holder_ownership_fraction: 0.896802216422
親会社持分（億）: 32.784811
net_debt_oku: 1.02354
estimated_gross_borrowings_oku: 20.8
estimated_cash_oku: 19.77646
dividend_payable_oku: 0
goodwill_carrying_proxy_oku: 34.711265

closing

内容を開く

発行済株式数: 806414334
自己株式数: 25000000
ebt_shares: 0
economic_outstanding_shares: 781414334
old_holder_remaining_shares: 690872040
old_holder_ownership_fraction: 0.884130236597
親会社持分（億）: 37.683434
net_debt_oku: -1.998023
estimated_gross_borrowings_oku: 20.8
estimated_cash_oku: 22.798023
dividend_payable_oku: 0
goodwill_carrying_proxy_oku: 36.331049

capital_bridge_oku

内容を開く

opening_parent_equity: 32.784811
profit_post_sbc: 13.437396
sbc_equity_credit: 1.16467
dividends_recognised_in_equity: 4.184698
repurchases_deducted_from_equity: 5.518745
cash_equity_issue_to_external: 0
closing_parent_equity: 37.683434
rounding_free_bridge_error_oku: 0

net_debt_bridge_oku

内容を開く

opening_net_debt: 1.02354
pre_ma_fcf_reduces_net_debt: 15.216981
ma_cash_outlays: 2.491975
paid_dividends: 4.184698
paid_repurchases: 5.518745
third_party_equity_cash_receipts: 0
closing_net_debt: -1.998023
rounding_free_bridge_error_oku: -0

share_bridge

内容を開く

opening_issued: 813130134
opening_treasury: 25000000
opening_ebt: 0
opening_economic_outstanding: 788130134
employee_awards_delivered_shares: 11221049
employee_newly_issued_shares: 0
new_issue_to_third_parties_shares: 0
old_holder_shares_tendered: 15924811
closing_issued: 806414334
closing_treasury: 25000000
closing_ebt: 0
closing_economic_outstanding: 781414334
closing_old_holder_remaining_shares: 690872040

gross_declared_dividends_oku

4.184698

gross_paid_dividends_oku

4.184698

gross_buybacks_oku

5.518745

old_holder_dividend_cash_oku

3.743628

old_holder_tender_cash_oku

4.899276

old_holder_cashflow_total_oku

8.642905

gross_dividend_pence_full_year_forecast

53.211

gross_buyback_budget_oku

5.518745

shares_event_count

events

内容を開く

event_type: div_ex
想定日: 2036-01-03
time_since_base_years: 9.158110883
状態: explicit_forecast_assumption
shares_before: 788130134
old_holder_shares_before: 706796851
dividend_type: final
ex_date: 2036-01-03
dividend_gbp_per_share: 0.338815
company_dividend_declared_oku: 2.670306
old_holder_entitlement_oku: 2.394736
shares_after: 788130134
old_holder_shares_after: 706796851
old_holder_equity_fraction_after: 0.896802216422
parent_equity_after_oku: 30.208712
net_debt_after_oku: 0.941443
ex_date_status: forecast_unconfirmed

内容を開く

event_type: div_pay
想定日: 2036-02-11
time_since_base_years: 9.264887064
状態: explicit_forecast_assumption
shares_before: 788130134
old_holder_shares_before: 706796851
dividend_type: final
ex_date: 2036-01-03
company_dividend_paid_oku: 2.670306
old_holder_cash_received_oku: 2.394736
shares_after: 788130134
old_holder_shares_after: 706796851
old_holder_equity_fraction_after: 0.896802216422
parent_equity_after_oku: 32.045746
net_debt_after_oku: 2.010861
ex_date_status: forecast_unconfirmed

内容を開く

event_type: award
想定日: 2036-03-31
time_since_base_years: 9.399041752
状態: explicit_forecast_assumption
shares_before: 788130134
old_holder_shares_before: 706796851
issued_new_employee_shares: 0
released_from_treasury: 5386104
released_from_ebt: 0
employee_awards_delivered: 5386104
shares_after: 793516238
old_holder_shares_after: 706796851
old_holder_equity_fraction_after: 0.890715044195
parent_equity_after_oku: 34.353814
net_debt_after_oku: -0.000511

内容を開く

event_type: buyback
想定日: 2036-05-15
time_since_base_years: 9.522245038
状態: explicit_forecast_assumption
shares_before: 793516238
old_holder_shares_before: 706796851
shares_repurchased: 10068641
cancelled_shares: 4682537
into_treasury_shares: 5386104
old_holder_shares_tendered: 8968290
old_holder_cash_oku: 2.703596
company_cash_oku: 3.03531
execution_price_gbp_assumed: 30.146171
old_holder_ratio_before: 0.890715
shares_after: 783447597
old_holder_shares_after: 697828561
old_holder_equity_fraction_after: 0.890715044212
parent_equity_after_oku: 33.43816
net_debt_after_oku: 1.18762

内容を開く

event_type: div_ex
想定日: 2036-06-05
time_since_base_years: 9.579739904
状態: explicit_forecast_assumption
shares_before: 783447597
old_holder_shares_before: 697828561
dividend_type: interim
ex_date: 2036-06-05
dividend_gbp_per_share: 0.193299
company_dividend_declared_oku: 1.514392
old_holder_entitlement_oku: 1.348892
shares_after: 783447597
old_holder_shares_after: 697828561
old_holder_equity_fraction_after: 0.890715044212
parent_equity_after_oku: 32.912939
net_debt_after_oku: 0.325604
ex_date_status: forecast_unconfirmed

内容を開く

event_type: div_pay
想定日: 2036-07-03
time_since_base_years: 9.656399726
状態: explicit_forecast_assumption
shares_before: 783447597
old_holder_shares_before: 697828561
dividend_type: interim
ex_date: 2036-06-05
company_dividend_paid_oku: 1.514392
old_holder_cash_received_oku: 1.348892
shares_after: 783447597
old_holder_shares_after: 697828561
old_holder_equity_fraction_after: 0.890715044212
parent_equity_after_oku: 34.231836
net_debt_after_oku: 0.690641
ex_date_status: forecast_unconfirmed

内容を開く

event_type: award
想定日: 2036-09-30
time_since_base_years: 9.900068446
状態: explicit_forecast_assumption
shares_before: 783447597
old_holder_shares_before: 697828561
issued_new_employee_shares: 0
released_from_treasury: 5834945
released_from_ebt: 0
employee_awards_delivered: 5834945
shares_after: 789282542
old_holder_shares_after: 697828561
old_holder_equity_fraction_after: 0.884130237103
parent_equity_after_oku: 38.424042
net_debt_after_oku: -2.962667

内容を開く

event_type: buyback
想定日: 2036-10-30
time_since_base_years: 9.98220397
状態: explicit_forecast_assumption
shares_before: 789282542
old_holder_shares_before: 697828561
shares_repurchased: 7868208
cancelled_shares: 2033263
into_treasury_shares: 5834945
old_holder_shares_tendered: 6956521
old_holder_cash_oku: 2.19568
company_cash_oku: 2.483435
execution_price_gbp_assumed: 31.562909
old_holder_ratio_before: 0.88413
shares_after: 781414334
old_holder_shares_after: 690872040
old_holder_equity_fraction_after: 0.884130236597
parent_equity_after_oku: 37.35371
net_debt_after_oku: -1.710684

timed_holder_cashflows_this_period

内容を開く

year: 9.264887064
想定日: 2036-02-11
金額: 2.394736236
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2036-01-03
ex_date_status: forecast_unconfirmed

内容を開く

year: 9.522245038
想定日: 2036-05-15
金額: 2.703596067
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

内容を開く

year: 9.656399726
想定日: 2036-07-03
金額: 1.348892154
date_status: forecast_unconfirmed
cashflow_type: dividend
ex_date: 2036-06-05
ex_date_status: forecast_unconfirmed

内容を開く

year: 9.98220397
想定日: 2036-10-30
金額: 2.195680298
date_status: forecast_unconfirmed
cashflow_type: pro_rata_tender_buyback

full_year_financial_reference

内容を開く

year

2036

状態

scenario_assumption

growth_drivers

内容を開く

net_customer_growth_assumed: 0.035
arpu_mix_assumed: 0.038
gbp_fx_translation_assumed: 0
ma_contribution_assumed: 0.004

full_year_revenue_oku

77.424686

full_year_operating_expenses_oku

内容を開く

cogs_oku: 5.652002
rd_expense_oku: 10.452333
sbc_expense_oku: 1.432357
acquired_intangibles_amortization_oku: 1.31622
other_sga_expense_oku: 37.047712

full_year_parent_net_income_oku

15.864797

full_year_fcf_before_distributions_and_ma_oku

17.965855

old_holder_economics

内容を開く

holder_method: pro_rata_tender_cohort: 2026-11-06の既存社外株900608595株が買戻しに比例応札。従業員への交付・第三者増資で希薄化。旧株主は新株予約権へ追加出資しない。
basis_old_holder_shares: 900608595
remaining_old_holder_shares: 690872040
company_economic_outstanding_shares_at_horizon: 781414334
holder_fraction_terminal: 0.884130236597
gross_company_dividends_oku: 30.892899
gross_company_buybacks_oku: 44.581855
old_holder_dividends_received_oku: 29.075035
old_holder_tender_receipts_oku: 41.663779
old_holder_tendered_shares: 209736555
noncash_award_shares_delivered_to_employees: 99755389
new_shares_issued_to_third_parties: 3235869
cash_receipts_exclude_sbc_and_external_issuance: はい

期間内株主受取

70.738814

終価

196.68714946

terminal

内容を開く

日付

2036-11-06

terminal_year_since_asof

10.001368925394

final_partial_2036_year_days

310

full_year_2036_parent_ifrs_profit_reference_oku

15.864797

forward_2037_revenue_reference_oku

83.489362

forward_2037_parent_ifrs_profit_reference_oku

17.293041

next_12_month_parent_profit_oku

17.067263

long_run_nominal_profit_growth_g

0.034

incremental_return_on_reinvested_equity_assumed

0.26

required_reinvestment_fraction

0.130769231

growth_return_convention

IFRS親会社利益にはSBCを費用として残し、成長用再投資g/限界ROEを控除。SBC非現金加算と株式交付を相殺する想定市場買付現金は別々に1度だけ計上。

forward_12month_distributable_equity_fcf_oku

12.457984032

perpetuity_value_pre_debt_repair_oku

222.464000572

one_time_leverage_repair_oku

company_intrinsic_equity_value_terminal_oku

222.464000572

old_holder_fraction_terminal

0.884130236597

old_holder_terminal_equity_value_oku

196.68714946

計算式

equity = max(0, ([next12 IFRS ordinary profit after SBC]*(1-g/incrementalROE) + forecast noncash SBC addback - market cash cost to replace all delivered award shares)/(k-g) - one-off leverage cure); old holder terminal=equity * old_cohort_remaining/economic_shares. Dilution alternatives: replace (k-g) with ((k-g)+(1+k)*annual net dilution fraction).

future_sbc_treatment

IFRS2費用控除後利益＋非現金加算−2037交付株の日時点予測市場価格で同数を買う現金。SBC expenseと市場補填費用が一致するとは仮定しない。補填がなければ株主希薄化をGordon希薄化割引に反映する。

sbc_market_repurchase_reconciliation

内容を開く

2036_awards_and_general_buybacks

内容を開く

period

2036-01-01_to_2036-11-06

状態

scenario_forecast_not_reported_actual

full_2036_awards_planned_shares

11221049

awards_delivered_before_horizon_shares

11221049

awards_detail

内容を開く

想定日: 2036-03-31
状態: forecast
delivered_shares: 5386104
new_employee_issued_shares: 0
released_treasury_shares: 5386104
released_ebt_shares: 0
required_market_repurchase_shares_for_neutrality: 5386104
assumed_market_price_gbp_per_share: 29.777607
required_market_purchase_cash_oku: 1.603852856

内容を開く

想定日: 2036-09-30
状態: forecast
delivered_shares: 5834945
new_employee_issued_shares: 0
released_treasury_shares: 5834945
released_ebt_shares: 0
required_market_repurchase_shares_for_neutrality: 5834945
assumed_market_price_gbp_per_share: 31.305125
required_market_purchase_cash_oku: 1.826636841

hypothetical_market_repurchase_shares_to_neutralise_2036_awards

11221049

weighted_market_purchase_price_gbp_per_share

30.571916

hypothetical_gross_repurchase_cash_needed_oku

3.430489697

full_calendar_2036_ifrs_sbc_expense_oku

1.432357

hypothetical_cost_minus_2036_full_year_sbc_expense_oku

1.998132697

company_discretionary_buybacks_already_in_2036_period_shares

17936849

company_discretionary_buybacks_already_in_2036_period_cash_oku

5.518745

company_net_repurchase_shares_minus_sbc_awards_2036

6715800

warning_no_double_deduction

2036年交付株数を相殺する仮想買付費用は感応度用参考値であり、2036年の既存一般買戻し支出へ追加計上しない。両者の株数比較も記載。

2036_11_06_to_2037_11_06_forward_valuation_year

内容を開く

period_start

2036-11-06

period_end_exclusive

2037-11-06

days

365

状態

forward_12m_valuation_assumption_outside_10year_oldholder_cashflow

2036_nov_to_dec_days

2037_jan_to_nov_days

309

IFRS_ordinary_profit_after_sbc_oku

17.067263

sbc_noncash_from_2036_tail_oku

0.219158448

sbc_noncash_from_2037_part_oku

1.307580652

sbc_noncash_addback_once_oku

1.5267391

required_growth_reinvestment_deduction_oku

2.231872854

fcfe_before_sbc_share_replenishment_oku

16.362129246

annual_2037_employee_shares_expected_to_vest

11557681

full_neutrality_market_shares_to_rebuy

11557681

vesting_repurchase_events_assumed

内容を開く

vesting_date_assumed: 2037-03-31
状態: forecast
employee_delivery_shares_assumed: 5547687
shares_to_rebuy_for_full_neutrality: 5547687
market_repurchase_price_gbp_assumed: 32.902006598
cash_repurchase_required_oku: 1.825300343

内容を開く

vesting_date_assumed: 2037-09-30
状態: forecast
employee_delivery_shares_assumed: 6009994
shares_to_rebuy_for_full_neutrality: 6009994
market_repurchase_price_gbp_assumed: 34.589799443
cash_repurchase_required_oku: 2.078844871

weighted_mean_future_market_repurchase_price_gbp

33.77965886

gross_market_purchase_cost_oku

3.904145214

required_additional_cash_above_noncash_sbc_addback_oku

2.377406114

net_new_economic_shares_under_full_neutrality

terminal_economic_outstanding_shares_before_new_awards

781414334

terminal_old_holder_remaining_shares

690872040

terminal_old_holder_fraction

0.884130236597

perpetual_normalisation

株数中立の主ケースは2037年交付株数を固定し以後買付株価・費用を長期gで増やす。希薄化感応度は2037年の純増株比率を恒常化し交付数が流通株に比例すると置く近似。いずれも2027-2036の高株価成長率を永続外挿しない。

ifrs2_fair_value_not_equivalent_to_market_buyback

はい

tax_difference_between_sbc_book_expense_and_cash_deduction

not separately forecast; tax timing/pricing may change cash FCFE

prohibition_on_adding_to_10year_cashflows

all post-horizon repurchase cash is a terminal FCFE normalization assumption only; not a 2026-2036 old-holder positive or negative timed_cashflow

sensitivity_cases

内容を開く

full_market_repurchase_share_neutrality

内容を開く

名称: full_market_repurchase_share_neutrality
状態: sensitivity_hypothesis_not_company_guidance
method_explanation: 同数の交付株を2037年3月/9月の市場価格で買い戻す。純株数中立、SBC費用と現金買戻し費用を別物として計上。
forward_sbc_noncash_addback_oku: 1.5267391
forward_cash_spent_on_award_market_repurchase_oku: 3.904145214
cash_cost_minus_sbc_noncash_addback_oku: 2.377406114
forward_awards_shares: 11557681
market_shares_rebought_for_awards: 11557681
net_future_award_shares_unneutralised: 0
recurring_future_share_dilution_fraction_per_year: 0
perpetuity_denominator: 0.056
dilution_discount_method: constant annual fraction residual_shares/economic_shares; exact discrete Gordon denominator=(1+k)*(1+d)-(1+g). Simplifying normalized long-term dilution scenario.
company_value_interpretation: value of shareholders owning the entire economic equity at the 2036 cutoff under future award dilution; not a future post-grant market cap
purchase_price_multiplier: 1
sustainable_fcfe_after_growth_reinvestment_and_award_replacement_oku: 12.457984032
pre_leverage_repair_intrinsic_company_equity_value_oku: 222.464000572
one_time_leverage_repair_oku: 0
company_intrinsic_equity_value_as_of_terminal_oku: 222.464000572
old_holder_share_fraction_at_2036_11_06: 0.884130236597
old_holder_terminal_remaining_equity_value_oku: 196.68714946
pv_old_holder_terminal_oku: 83.072976743
pv_all_10year_existing_holder_cashflows_oku: 44.997333964
pv_total_oku: 128.070310707
implied_irr_using_identical_prehorizon_cashflows: 0.117177379017

limited_budget_and_dilution

内容を開く

名称: limited_market_repurchase_at_sbc_addback_cash_budget
状態: sensitivity_hypothesis_not_company_guidance
method_explanation: SBC加算相当額を上限に買い、残りの交付株は毎年希薄化。現金支出と希薄化を両方追跡。
forward_sbc_noncash_addback_oku: 1.5267391
forward_cash_spent_on_award_market_repurchase_oku: 1.526739241
cash_cost_minus_sbc_noncash_addback_oku: 1.42E-7
forward_awards_shares: 11557681
market_shares_rebought_for_awards: 4519700
net_future_award_shares_unneutralised: 7037981
recurring_future_share_dilution_fraction_per_year: 0.009006721139
perpetuity_denominator: 0.065817326041
dilution_discount_method: constant annual fraction residual_shares/economic_shares; exact discrete Gordon denominator=(1+k)*(1+d)-(1+g). Simplifying normalized long-term dilution scenario.
company_value_interpretation: value of shareholders owning the entire economic equity at the 2036 cutoff under future award dilution; not a future post-grant market cap
purchase_price_multiplier: 1
sustainable_fcfe_after_growth_reinvestment_and_award_replacement_oku: 14.835390004
pre_leverage_repair_intrinsic_company_equity_value_oku: 225.402502606
one_time_leverage_repair_oku: 0
company_intrinsic_equity_value_as_of_terminal_oku: 225.402502606
old_holder_share_fraction_at_2036_11_06: 0.884130236597
old_holder_terminal_remaining_equity_value_oku: 199.285167958
pv_old_holder_terminal_oku: 84.170278376
pv_all_10year_existing_holder_cashflows_oku: 44.997333964
pv_total_oku: 129.167612339
implied_irr_using_identical_prehorizon_cashflows: 0.118316252195

no_market_repurchase_and_dilution

内容を開く

名称: no_repurchase_all_employee_awards_dilute
状態: sensitivity_hypothesis_not_company_guidance
method_explanation: 将来SBC交付株を市場で買戻さない。加算した非現金SBC分はFCFEに残すが、交付株が旧株主を希薄化させる。
forward_sbc_noncash_addback_oku: 1.5267391
forward_cash_spent_on_award_market_repurchase_oku: 0
cash_cost_minus_sbc_noncash_addback_oku: -1.5267391
forward_awards_shares: 11557681
market_shares_rebought_for_awards: 0
net_future_award_shares_unneutralised: 11557681
recurring_future_share_dilution_fraction_per_year: 0.014790720489
perpetuity_denominator: 0.072121885333
dilution_discount_method: constant annual fraction residual_shares/economic_shares; exact discrete Gordon denominator=(1+k)*(1+d)-(1+g). Simplifying normalized long-term dilution scenario.
company_value_interpretation: value of shareholders owning the entire economic equity at the 2036 cutoff under future award dilution; not a future post-grant market cap
purchase_price_multiplier: 1
sustainable_fcfe_after_growth_reinvestment_and_award_replacement_oku: 16.362129246
pre_leverage_repair_intrinsic_company_equity_value_oku: 226.867741608
one_time_leverage_repair_oku: 0
company_intrinsic_equity_value_as_of_terminal_oku: 226.867741608
old_holder_share_fraction_at_2036_11_06: 0.884130236597
old_holder_terminal_remaining_equity_value_oku: 200.580630065
pv_old_holder_terminal_oku: 84.717431017
pv_all_10year_existing_holder_cashflows_oku: 44.997333964
pv_total_oku: 129.714764981
implied_irr_using_identical_prehorizon_cashflows: 0.118879914696

market_repurchase_price_20pct_below_assumption

内容を開く

名称: full_neutrality_with_purchase_price_minus_20pct
状態: sensitivity_hypothesis_not_company_guidance
method_explanation: 買い戻す株数一定・想定株価のみ20%低下。
forward_sbc_noncash_addback_oku: 1.5267391
forward_cash_spent_on_award_market_repurchase_oku: 3.123316171
cash_cost_minus_sbc_noncash_addback_oku: 1.596577071
forward_awards_shares: 11557681
market_shares_rebought_for_awards: 11557681
net_future_award_shares_unneutralised: 0
recurring_future_share_dilution_fraction_per_year: 0
perpetuity_denominator: 0.056
dilution_discount_method: constant annual fraction residual_shares/economic_shares; exact discrete Gordon denominator=(1+k)*(1+d)-(1+g). Simplifying normalized long-term dilution scenario.
company_value_interpretation: value of shareholders owning the entire economic equity at the 2036 cutoff under future award dilution; not a future post-grant market cap
purchase_price_multiplier: 0.8
sustainable_fcfe_after_growth_reinvestment_and_award_replacement_oku: 13.238813075
pre_leverage_repair_intrinsic_company_equity_value_oku: 236.407376336
one_time_leverage_repair_oku: 0
company_intrinsic_equity_value_as_of_terminal_oku: 236.407376336
old_holder_share_fraction_at_2036_11_06: 0.884130236597
old_holder_terminal_remaining_equity_value_oku: 209.014909574
pv_old_holder_terminal_oku: 88.279741557
pv_all_10year_existing_holder_cashflows_oku: 44.997333964
pv_total_oku: 133.277075521
implied_irr_using_identical_prehorizon_cashflows: 0.122483317667

market_repurchase_price_20pct_above_assumption

内容を開く

名称: full_neutrality_with_purchase_price_plus_20pct
状態: sensitivity_hypothesis_not_company_guidance
method_explanation: 買い戻す株数一定・想定株価のみ20%上昇。
forward_sbc_noncash_addback_oku: 1.5267391
forward_cash_spent_on_award_market_repurchase_oku: 4.684974257
cash_cost_minus_sbc_noncash_addback_oku: 3.158235157
forward_awards_shares: 11557681
market_shares_rebought_for_awards: 11557681
net_future_award_shares_unneutralised: 0
recurring_future_share_dilution_fraction_per_year: 0
perpetuity_denominator: 0.056
dilution_discount_method: constant annual fraction residual_shares/economic_shares; exact discrete Gordon denominator=(1+k)*(1+d)-(1+g). Simplifying normalized long-term dilution scenario.
company_value_interpretation: value of shareholders owning the entire economic equity at the 2036 cutoff under future award dilution; not a future post-grant market cap
purchase_price_multiplier: 1.2
sustainable_fcfe_after_growth_reinvestment_and_award_replacement_oku: 11.677154989
pre_leverage_repair_intrinsic_company_equity_value_oku: 208.520624808
one_time_leverage_repair_oku: 0
company_intrinsic_equity_value_as_of_terminal_oku: 208.520624808
old_holder_share_fraction_at_2036_11_06: 0.884130236597
old_holder_terminal_remaining_equity_value_oku: 184.359389347
pv_old_holder_terminal_oku: 77.866211929
pv_all_10year_existing_holder_cashflows_oku: 44.997333964
pv_total_oku: 122.863545893
implied_irr_using_identical_prehorizon_cashflows: 0.111612261768

old_terminal_value_before_correction_oku

234.221726

company_terminal_value_before_correction_oku

264.917674

old_terminal_value_change_oku

-37.53457654

cashflow_without_repurchase_no_dilution_is_invalid

はい

all_forecast_ex_dates_and_delivery_dates_unconfirmed

はい

accounting_references

1: S17
2: S18

pv_detail

内容を開く

pv_holder_cashflows_oku: 44.997334
pv_old_holder_terminal_oku: 83.072977
pv_total_oku: 128.070311
initial_old_holder_market_cap_oku: 104.920901
pv_vs_purchase_oku: 23.149409
pv_to_price_ratio: 1.22063678
implied_old_holder_irr: 0.117177379

internal_checks

内容を開く

ten_year_annual_ledger_count: 10
initial_2026_stub_count: 1
terminal_2036_partial_count: 1
all_cashflow_dates_inside_start_end: はい
positive_cash_receipts_only: はい
terminal_holder_value_is_fraction_of_company_value: はい
payout_equals_sum_exact_cashflows: はい
pv_equals_timed_cashflow_plus_terminal: はい
equity_and_debt_bridge_all_periods_ok: はい
all_stock_identities_hold: はい
numerical_rounding_currency_oku: 9
terminal_sbc_market_purchase_cash_reconciles_to_awards_and_vesting_prices: はい
terminal_full_award_share_neutrality: はい
terminal_ifrs_sbc_addback_and_market_repurchase_are_separate: はい
old_holder_terminal_recalc_after_market_repurchase_matches_share_fraction: はい
no_new_post_2036_cashflow_added_to_timed_cashflows: はい

terminal_sbc_sensitivity_digest

内容を開く

full_market_repurchase_share_neutrality

内容を開く

old_holder_terminal_oku: 196.68714946
pv_total_oku: 128.070310707
holder_irr: 0.117177379017
new_dilutive_shares_per_year: 0

limited_budget_and_dilution

内容を開く

old_holder_terminal_oku: 199.285167958
pv_total_oku: 129.167612339
holder_irr: 0.118316252195
new_dilutive_shares_per_year: 7037981

no_market_repurchase_and_dilution

内容を開く

old_holder_terminal_oku: 200.580630065
pv_total_oku: 129.714764981
holder_irr: 0.118879914696
new_dilutive_shares_per_year: 11557681

market_repurchase_price_20pct_below_assumption

内容を開く

old_holder_terminal_oku: 209.014909574
pv_total_oku: 133.277075521
holder_irr: 0.122483317667
new_dilutive_shares_per_year: 0

market_repurchase_price_20pct_above_assumption

内容を開く

old_holder_terminal_oku: 184.359389347
pv_total_oku: 122.863545893
holder_irr: 0.111612261768
new_dilutive_shares_per_year: 0

売上高

77.424686

営業利益

21.524062

純利益

15.864797

equity_oku

37.683434

期間内の親会社利益合計（億）

98.609604

multiple

kind

fcfe_gordon_sbc_neutral

why

SBC費用控除後利益に非現金加算を戻し、将来の交付を中立化する時価買戻し額と必要再投資を差し引く。

detail

内容を開く

日付

2036-11-06

terminal_year_since_asof

10.001368925394

final_partial_2036_year_days

310

full_year_2036_parent_ifrs_profit_reference_oku

15.864797

forward_2037_revenue_reference_oku

83.489362

forward_2037_parent_ifrs_profit_reference_oku

17.293041

next_12_month_parent_profit_oku

17.067263

long_run_nominal_profit_growth_g

0.034

incremental_return_on_reinvested_equity_assumed

0.26

required_reinvestment_fraction

0.130769231

growth_return_convention

IFRS親会社利益にはSBCを費用として残し、成長用再投資g/限界ROEを控除。SBC非現金加算と株式交付を相殺する想定市場買付現金は別々に1度だけ計上。

forward_12month_distributable_equity_fcf_oku

12.457984032

perpetuity_value_pre_debt_repair_oku

222.464000572

one_time_leverage_repair_oku

company_intrinsic_equity_value_terminal_oku

222.464000572

old_holder_fraction_terminal

0.884130236597

old_holder_terminal_equity_value_oku

196.68714946

計算式

future_sbc_treatment

sbc_market_repurchase_reconciliation

内容を開く

2036_awards_and_general_buybacks

内容を開く

period

2036-01-01_to_2036-11-06

状態

scenario_forecast_not_reported_actual

full_2036_awards_planned_shares

11221049

awards_delivered_before_horizon_shares

11221049

awards_detail

内容を開く

想定日: 2036-03-31
状態: forecast
delivered_shares: 5386104
new_employee_issued_shares: 0
released_treasury_shares: 5386104
released_ebt_shares: 0
required_market_repurchase_shares_for_neutrality: 5386104
assumed_market_price_gbp_per_share: 29.777607
required_market_purchase_cash_oku: 1.603852856

内容を開く

想定日: 2036-09-30
状態: forecast
delivered_shares: 5834945
new_employee_issued_shares: 0
released_treasury_shares: 5834945
released_ebt_shares: 0
required_market_repurchase_shares_for_neutrality: 5834945
assumed_market_price_gbp_per_share: 31.305125
required_market_purchase_cash_oku: 1.826636841

hypothetical_market_repurchase_shares_to_neutralise_2036_awards

11221049

weighted_market_purchase_price_gbp_per_share

30.571916

hypothetical_gross_repurchase_cash_needed_oku

3.430489697

full_calendar_2036_ifrs_sbc_expense_oku

1.432357

hypothetical_cost_minus_2036_full_year_sbc_expense_oku

1.998132697

company_discretionary_buybacks_already_in_2036_period_shares

17936849

company_discretionary_buybacks_already_in_2036_period_cash_oku

5.518745

company_net_repurchase_shares_minus_sbc_awards_2036

6715800

warning_no_double_deduction

2036年交付株数を相殺する仮想買付費用は感応度用参考値であり、2036年の既存一般買戻し支出へ追加計上しない。両者の株数比較も記載。

2036_11_06_to_2037_11_06_forward_valuation_year

内容を開く

period_start

2036-11-06

period_end_exclusive

2037-11-06

days

365

状態

forward_12m_valuation_assumption_outside_10year_oldholder_cashflow

2036_nov_to_dec_days

2037_jan_to_nov_days

309

IFRS_ordinary_profit_after_sbc_oku

17.067263

sbc_noncash_from_2036_tail_oku

0.219158448

sbc_noncash_from_2037_part_oku

1.307580652

sbc_noncash_addback_once_oku

1.5267391

required_growth_reinvestment_deduction_oku

2.231872854

fcfe_before_sbc_share_replenishment_oku

16.362129246

annual_2037_employee_shares_expected_to_vest

11557681

full_neutrality_market_shares_to_rebuy

11557681

vesting_repurchase_events_assumed

内容を開く

vesting_date_assumed: 2037-03-31
状態: forecast
employee_delivery_shares_assumed: 5547687
shares_to_rebuy_for_full_neutrality: 5547687
market_repurchase_price_gbp_assumed: 32.902006598
cash_repurchase_required_oku: 1.825300343

内容を開く

vesting_date_assumed: 2037-09-30
状態: forecast
employee_delivery_shares_assumed: 6009994
shares_to_rebuy_for_full_neutrality: 6009994
market_repurchase_price_gbp_assumed: 34.589799443
cash_repurchase_required_oku: 2.078844871

weighted_mean_future_market_repurchase_price_gbp

33.77965886

gross_market_purchase_cost_oku

3.904145214

required_additional_cash_above_noncash_sbc_addback_oku

2.377406114

net_new_economic_shares_under_full_neutrality

terminal_economic_outstanding_shares_before_new_awards

781414334

terminal_old_holder_remaining_shares

690872040

terminal_old_holder_fraction

0.884130236597

perpetual_normalisation

ifrs2_fair_value_not_equivalent_to_market_buyback

はい

tax_difference_between_sbc_book_expense_and_cash_deduction

not separately forecast; tax timing/pricing may change cash FCFE

prohibition_on_adding_to_10year_cashflows

all post-horizon repurchase cash is a terminal FCFE normalization assumption only; not a 2026-2036 old-holder positive or negative timed_cashflow

sensitivity_cases

内容を開く

full_market_repurchase_share_neutrality

内容を開く

名称: full_market_repurchase_share_neutrality
状態: sensitivity_hypothesis_not_company_guidance
method_explanation: 同数の交付株を2037年3月/9月の市場価格で買い戻す。純株数中立、SBC費用と現金買戻し費用を別物として計上。
forward_sbc_noncash_addback_oku: 1.5267391
forward_cash_spent_on_award_market_repurchase_oku: 3.904145214
cash_cost_minus_sbc_noncash_addback_oku: 2.377406114
forward_awards_shares: 11557681
market_shares_rebought_for_awards: 11557681
net_future_award_shares_unneutralised: 0
recurring_future_share_dilution_fraction_per_year: 0
perpetuity_denominator: 0.056
dilution_discount_method: constant annual fraction residual_shares/economic_shares; exact discrete Gordon denominator=(1+k)*(1+d)-(1+g). Simplifying normalized long-term dilution scenario.
company_value_interpretation: value of shareholders owning the entire economic equity at the 2036 cutoff under future award dilution; not a future post-grant market cap
purchase_price_multiplier: 1
sustainable_fcfe_after_growth_reinvestment_and_award_replacement_oku: 12.457984032
pre_leverage_repair_intrinsic_company_equity_value_oku: 222.464000572
one_time_leverage_repair_oku: 0
company_intrinsic_equity_value_as_of_terminal_oku: 222.464000572
old_holder_share_fraction_at_2036_11_06: 0.884130236597
old_holder_terminal_remaining_equity_value_oku: 196.68714946
pv_old_holder_terminal_oku: 83.072976743
pv_all_10year_existing_holder_cashflows_oku: 44.997333964
pv_total_oku: 128.070310707
implied_irr_using_identical_prehorizon_cashflows: 0.117177379017

limited_budget_and_dilution

内容を開く

名称: limited_market_repurchase_at_sbc_addback_cash_budget
状態: sensitivity_hypothesis_not_company_guidance
method_explanation: SBC加算相当額を上限に買い、残りの交付株は毎年希薄化。現金支出と希薄化を両方追跡。
forward_sbc_noncash_addback_oku: 1.5267391
forward_cash_spent_on_award_market_repurchase_oku: 1.526739241
cash_cost_minus_sbc_noncash_addback_oku: 1.42E-7
forward_awards_shares: 11557681
market_shares_rebought_for_awards: 4519700
net_future_award_shares_unneutralised: 7037981
recurring_future_share_dilution_fraction_per_year: 0.009006721139
perpetuity_denominator: 0.065817326041
dilution_discount_method: constant annual fraction residual_shares/economic_shares; exact discrete Gordon denominator=(1+k)*(1+d)-(1+g). Simplifying normalized long-term dilution scenario.
company_value_interpretation: value of shareholders owning the entire economic equity at the 2036 cutoff under future award dilution; not a future post-grant market cap
purchase_price_multiplier: 1
sustainable_fcfe_after_growth_reinvestment_and_award_replacement_oku: 14.835390004
pre_leverage_repair_intrinsic_company_equity_value_oku: 225.402502606
one_time_leverage_repair_oku: 0
company_intrinsic_equity_value_as_of_terminal_oku: 225.402502606
old_holder_share_fraction_at_2036_11_06: 0.884130236597
old_holder_terminal_remaining_equity_value_oku: 199.285167958
pv_old_holder_terminal_oku: 84.170278376
pv_all_10year_existing_holder_cashflows_oku: 44.997333964
pv_total_oku: 129.167612339
implied_irr_using_identical_prehorizon_cashflows: 0.118316252195

no_market_repurchase_and_dilution

内容を開く

名称: no_repurchase_all_employee_awards_dilute
状態: sensitivity_hypothesis_not_company_guidance
method_explanation: 将来SBC交付株を市場で買戻さない。加算した非現金SBC分はFCFEに残すが、交付株が旧株主を希薄化させる。
forward_sbc_noncash_addback_oku: 1.5267391
forward_cash_spent_on_award_market_repurchase_oku: 0
cash_cost_minus_sbc_noncash_addback_oku: -1.5267391
forward_awards_shares: 11557681
market_shares_rebought_for_awards: 0
net_future_award_shares_unneutralised: 11557681
recurring_future_share_dilution_fraction_per_year: 0.014790720489
perpetuity_denominator: 0.072121885333
dilution_discount_method: constant annual fraction residual_shares/economic_shares; exact discrete Gordon denominator=(1+k)*(1+d)-(1+g). Simplifying normalized long-term dilution scenario.
company_value_interpretation: value of shareholders owning the entire economic equity at the 2036 cutoff under future award dilution; not a future post-grant market cap
purchase_price_multiplier: 1
sustainable_fcfe_after_growth_reinvestment_and_award_replacement_oku: 16.362129246
pre_leverage_repair_intrinsic_company_equity_value_oku: 226.867741608
one_time_leverage_repair_oku: 0
company_intrinsic_equity_value_as_of_terminal_oku: 226.867741608
old_holder_share_fraction_at_2036_11_06: 0.884130236597
old_holder_terminal_remaining_equity_value_oku: 200.580630065
pv_old_holder_terminal_oku: 84.717431017
pv_all_10year_existing_holder_cashflows_oku: 44.997333964
pv_total_oku: 129.714764981
implied_irr_using_identical_prehorizon_cashflows: 0.118879914696

market_repurchase_price_20pct_below_assumption

内容を開く

名称: full_neutrality_with_purchase_price_minus_20pct
状態: sensitivity_hypothesis_not_company_guidance
method_explanation: 買い戻す株数一定・想定株価のみ20%低下。
forward_sbc_noncash_addback_oku: 1.5267391
forward_cash_spent_on_award_market_repurchase_oku: 3.123316171
cash_cost_minus_sbc_noncash_addback_oku: 1.596577071
forward_awards_shares: 11557681
market_shares_rebought_for_awards: 11557681
net_future_award_shares_unneutralised: 0
recurring_future_share_dilution_fraction_per_year: 0
perpetuity_denominator: 0.056
dilution_discount_method: constant annual fraction residual_shares/economic_shares; exact discrete Gordon denominator=(1+k)*(1+d)-(1+g). Simplifying normalized long-term dilution scenario.
company_value_interpretation: value of shareholders owning the entire economic equity at the 2036 cutoff under future award dilution; not a future post-grant market cap
purchase_price_multiplier: 0.8
sustainable_fcfe_after_growth_reinvestment_and_award_replacement_oku: 13.238813075
pre_leverage_repair_intrinsic_company_equity_value_oku: 236.407376336
one_time_leverage_repair_oku: 0
company_intrinsic_equity_value_as_of_terminal_oku: 236.407376336
old_holder_share_fraction_at_2036_11_06: 0.884130236597
old_holder_terminal_remaining_equity_value_oku: 209.014909574
pv_old_holder_terminal_oku: 88.279741557
pv_all_10year_existing_holder_cashflows_oku: 44.997333964
pv_total_oku: 133.277075521
implied_irr_using_identical_prehorizon_cashflows: 0.122483317667

market_repurchase_price_20pct_above_assumption

内容を開く

名称: full_neutrality_with_purchase_price_plus_20pct
状態: sensitivity_hypothesis_not_company_guidance
method_explanation: 買い戻す株数一定・想定株価のみ20%上昇。
forward_sbc_noncash_addback_oku: 1.5267391
forward_cash_spent_on_award_market_repurchase_oku: 4.684974257
cash_cost_minus_sbc_noncash_addback_oku: 3.158235157
forward_awards_shares: 11557681
market_shares_rebought_for_awards: 11557681
net_future_award_shares_unneutralised: 0
recurring_future_share_dilution_fraction_per_year: 0
perpetuity_denominator: 0.056
dilution_discount_method: constant annual fraction residual_shares/economic_shares; exact discrete Gordon denominator=(1+k)*(1+d)-(1+g). Simplifying normalized long-term dilution scenario.
company_value_interpretation: value of shareholders owning the entire economic equity at the 2036 cutoff under future award dilution; not a future post-grant market cap
purchase_price_multiplier: 1.2
sustainable_fcfe_after_growth_reinvestment_and_award_replacement_oku: 11.677154989
pre_leverage_repair_intrinsic_company_equity_value_oku: 208.520624808
one_time_leverage_repair_oku: 0
company_intrinsic_equity_value_as_of_terminal_oku: 208.520624808
old_holder_share_fraction_at_2036_11_06: 0.884130236597
old_holder_terminal_remaining_equity_value_oku: 184.359389347
pv_old_holder_terminal_oku: 77.866211929
pv_all_10year_existing_holder_cashflows_oku: 44.997333964
pv_total_oku: 122.863545893
implied_irr_using_identical_prehorizon_cashflows: 0.111612261768

old_terminal_value_before_correction_oku

234.221726

company_terminal_value_before_correction_oku

264.917674

old_terminal_value_change_oku

-37.53457654

cashflow_without_repurchase_no_dilution_is_invalid

はい

all_forecast_ex_dates_and_delivery_dates_unconfirmed

はい

accounting_references

1: S17
2: S18

やや強気（確率 20.0%）

更新維持率と単価上昇が続き、米国・UKIAのクラウド化が利益率を押し上げる。

確率の根拠

顧客・単価・買収・競争の将来展開に対する分析上の確率仮定。

このシナリオの数値・キャッシュフローを開く →

中立（確率 40.0%）

課金と顧客増の双方が持続するが成熟に伴い成長率鈍化。R&DとM&Aを控除した利益を評価。

確率の根拠

顧客・単価・買収・競争の将来展開に対する分析上の確率仮定。

このシナリオの数値・キャッシュフローを開く →

やや弱気（確率 20.0%）

AIの競合圧力で単価と更新が弱まり、開発費・販管費の固定費効果が悪化。

確率の根拠

顧客・単価・買収・競争の将来展開に対する分析上の確率仮定。

このシナリオの数値・キャッシュフローを開く →

弱気（確率 10.0%）

AIによる低価格化・解約増・為替逆風、収益性低迷。買戻し停止と防御的第三者増資を仮定。

確率の根拠

顧客・単価・買収・競争の将来展開に対する分析上の確率仮定。

このシナリオの数値・キャッシュフローを開く →

不確実性

内容を開く

item: 2026-11-06 ordinary shares
known_latest: 2026-10-30 959080955 issued, 53451016 treasury, 5021344 EBT
unconfirmed: 2026-10-31 through 11-06 small award settlement/own-stock transfers
treatment: explicit proxy / not backdated as directly verified

内容を開く

item: 2026 FY results
known_latest: FY2025 audited, H1 2026 IFRS, Q3 sales
unconfirmed: 2026 FY profit, balance, total acquisition consideration
treatment: null actual; independent estimates based on reported periods

内容を開く

item: H1 forward buyback liability
known_latest: £257m as-of March 31 liability, £602m equity charge
unconfirmed: precise accounting of £8m gross-tax difference, exact later cash settlement split
treatment: settlement reduces cash only as already prebooked in March equity

内容を開く

item: 2026 acquisition values
known_latest: Criterion initial £33m plus £16m contingent recognised at fair value; Doyen AI 17 April £11m fixed initial; names/dates of other 2026 announced deals
unconfirmed: Bangert, Paperless, WholeHelp, MoovinCloud individual considerations, post-June price allocations, goodwill and acquired revenue
treatment: aggregate post-March spend £85m as proxy; no undisclosed consideration labelled actual

内容を開く

item: customers and pricing
known_latest: 102% net renewal by value H1 2026, ARR £2727m
unconfirmed: gross logo churn, precise paid-seat count, average revenue per paid logo
treatment: model as customer growth and ARPU assumptions not confirmed KPIs

内容を開く

item: market execution price for future buyback
known_latest: £11.65 per share Nov 6
unconfirmed: future cash paid/share/market prices
treatment: scenario-specific assumed price path, not terminal market PER

内容を開く

item: terminal after 2036 SBC
known_latest: IFRS expensed £51m in FY25, £27m H1 FY26
unconfirmed: long-run award release and employee repurchase price
treatment: 2036年交付予測株数と2037年市場価格による補填現金を別建てで終価へ反映。予測株数・株価・税務差異を感応度とともに表示。

内容を開く

item: 2026 November 6 debt and book equity
known_latest: 31 March 2026 net debt £1504m / book equity £220m
unconfirmed: full fiscal 2026 equity & October debt and cash
treatment: £1629m/£426.5m November proxies with bridges

内容を開く

item: future dividends
known_latest: 2026-06-04 ex-date 8.05p; 2026-01-08 ex-date 14.4p
unconfirmed: FY26 final at Nov6; all 2027-2036 amounts and ex/payment dates
treatment: assumptions only; no pre-anchored dividends or future announced claim

内容を開く

item: IFRS book equity forecasts
known_latest: IFRS equity may be depressed by buybacks; future negative equity can appear without instant insolvency
unconfirmed: future OCI, impairment, tax/share-based payment effects
treatment: zero forecast OCI; book capital excludes undisclosed FX/noncash remeasurement

内容を開く

item: 2037市場買付単価によるSBC中立化
known_latest: 2026-11-06時点の会社H1のSBC費用£27mと株式報酬注記
unconfirmed: 2036/2037付与・交付株数、市場価格、権利落ち日と補填買戻し実施可否、法人税効果の差
treatment: 5シナリオそれぞれに2036年権利交付イベントと翌年買戻し必要額、希薄化/追加現金±20%を表示。全件forecasts。

分析基準とデータ

価格・単価

11.65

株価基準日

2026-11-06

株数

900608595

株価の出所

https://markets.ft.markitdigital.com/data/equities/tearsheet/historical?s=SGE%3ALSE

株数の出所

https://www.investegate.co.uk/announcement/rns/sage-group--sge/total-voting-rights/9851189

detail

内容を開く

価格・単価

内容を開く

値

11.65

単位

GBP_per_share

original_quote

1165

quote_unit

GBX_pence

日付

2026-11-06

状態

verified_primary_exchange

出典番号

1: S5

株数

内容を開く

発行済み

959080955

自己株式

53451016

employee_benefit_trust

5021344

net_of_treasury_including_ebt

905629939

net_of_treasury_and_ebt

900608595

market_cap_basis

ordinary shares excluding own treasury and consolidated EBT (old external economic cohort)

exercisable_voting_rights_on_2026_10_30

905629939

voting_rights_vs_economic_denominator

RNS voting rights = issued minus treasury; EBT is included in DTR voting figure, but excluded for EPS/economic-share purposes under issuer interim accounts

exchange_displayed_market_cap_m_GBP

10899.26

model_economic_market_cap_m_GBP

10492.090132

exchange_market_cap_difference_m_GBP

407.169868

market_cap_discrepancy_explanation

LSE screen quote indicated £10,899.26m, not matching same-day price times October 30 EBT and treasury-excluded shares; source values have different share-count denominators/date and must not be blended.

old_holder_cohort_shares

900608595

時価総額（億）

104.920901317

share_date

2026-10-30

valuation_share_date

2026-11-06 (October 30 official share count carried forward as proxy)

状態

verified_2026-10-30_not_2026-11-06

出典番号

1: S4
2: S2

nov1_to_nov6_unknown_delta

未確認

ebt_excluded_from_economic_eps_denominator

はい

lseg_total_voting_rights_includes_ebt

はい

as_of_balance_sheet_estimate

内容を開く

日付

2026-11-06

状態

unpublished_estimate

親会社持分（億）

4.265

net_debt_oku

16.29

gross_borrowings_oku

20.8

現金（億）

4.51

非支配持分（億）

方法

31 March 2026 IFRS H1 equity £220m + assumed Apr1-Nov6 parent profit £246m + SBC equity credit £32.7m + option proceeds £2m - 2026 interim cash dividend £74.2m + OCI proxy £0 = £426.5m; cash net debt £1504m minus cash FCF £301m plus pre-booked buyback obligation settlement £257m, dividend £74m, acquisitions £85m, leases £10m = £1629m

出典番号

1: S2
2: S3
3: S4

bridge_from_verified_2026_03_31

内容を開く

start_equity_oku: 2.2
estimated_2026_04_01_to_11_06_profit_oku: 2.46
estimated_sbc_equity_credit_oku: 0.327
estimated_option_cash_proceeds_oku: 0.02
interim_dividend_after_march_oku: 0.742
assumed_other_comprehensive_income_oku: 0
net_book_equity_oku: 4.265
start_net_debt_oku: 15.04
forecast_cash_flow_after_march_oku: 3.01
settlement_of_prebooked_2026_buyback_liability_oku: 2.57
interim_dividend_cash_oku: 0.74
cash_acquisitions_not_disclosed_in_aggregate_oku: 0.85
new_leases_oku: 0.1
estimated_net_debt_oku: 16.29
buyback_accounting_note: £257m at 2026-03-31 was already a repurchase liability and an equity reduction in H1; paid later does NOT reduce equity again. Treasury/cancellation reflected in October 30 verified share count. No payout from this pre-asof buyback is credited to basis-date old cohort.

verified_financial_statements

FY2025_09_30_audited_ifrs

内容を開く

売上高

25.13

cost_of_sales_oku

1.83

sga_oku

営業利益（億）

5.3

finance_income_oku

0.12

finance_cost_oku

0.58

profit_before_tax_oku

4.84

income_tax_oku

1.15

parent_profit_after_sbc_oku

3.69

非支配持分（億）

親会社持分（億）

7.2

gross_borrowings_oku

15.79

現金（億）

3.9

net_debt_oku

11.89

share_based_compensation_expense_oku

0.51

cash_capex_oku

0.59

cash_acquisitions_net_oku

0.82

operating_cash_flow_oku

5.28

cash_dividends_paid_oku

2.07

出典番号

1: S1
2: S6

H1_2026_03_31_unaudited_ias34

内容を開く

売上高

13.63

cost_of_sales_oku

1.03

sga_oku

9.67

営業利益（億）

2.93

finance_income_oku

0.04

finance_cost_oku

0.35

profit_before_tax_oku

2.62

income_tax_oku

0.66

parent_profit_after_sbc_oku

1.96

非支配持分（億）

親会社持分（億）

2.2

gross_borrowings_oku

20.22

現金（億）

5.18

net_debt_oku

15.04

employee_equity_settled_sbc_expense_oku

0.27

employee_equity_services_credit_with_tax_oku

0.26

vesting_share_awards_treasury_shares

4784153

vesting_share_awards_ebt_shares

1292492

発行済株式数

987929800

自己株式数

55085354

ebt_shares

6772356

economic_shares

926072090

buybacks_deducted_in_equity_oku

6.02

buybacks_cash_paid_oku

3.53

prebooked_remaining_buyback_cash_liability_oku

2.57

gross_of_tax_buyback_recognition_note_oku

6.1

dividends_paid_oku

1.36

net_cash_generated_operations_oku

2.52

capitalised_intangible_cash_capex_oku

0.12

property_plant_cash_capex_oku

0.15

rd_spend_oku

2.08

cash_ma_and_equity_investments_oku

0.53

出典番号

1: S2
2: S15

Q3_2026_06_30_nine_months_company_underlying

内容を開く

売上高

20.62

North_America_oku

9.32

UKIA_oku

6.02

Europe_oku

5.28

recurring_revenue_oku

20.02

software_subscription_oku

17.43

Sage_Business_Cloud_oku

17.62

cloud_native_oku

7.94

third_quarter_revenue_oku

6.99

organic_revenue_growth

0.1

subscription_penetration

0.84

parent_profit_oku

未確認

IFRS_capital_oku

未確認

状態

trading_update_underlying_revenue_only

出典番号

1: S3

検証上の留意点

1: full monetary arrays are in 100m GBP (not GBP millions)
2: all source dates <= 2026-11-06 or undated historical
3: forecast calendars 2027-2035 full, 2036 through Nov06 only; 2036 full-year numbers are operating reference, not equity/CF flows after horizon
4: annual periods 2026+2027-2036 are 55 modeled rows (5 cases x 11 chronological segments)
5: economic holders exclude consolidated employee trust on top of treasury
6: share counts are integers, value fields rounded at output, reconciliations checked before rounding
7: 修正版: SBC中立化には数量×想定買付単価で現金額を置き、IFRS2費用との同額仮定を排除。2036年までのCF・年次簿価・株数は変更せず終価/期待IRRのみ改定。

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分析に使用した資料

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