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Studio margin implied if UK spread generalises (D-4 tension), year to March 2024-year to March 2026

Year to March 2024-year to March 2026

EstimateOur model or estimate. Treat it as an order of magnitude.

The values

  • D4 assumed m s: 0.5 to 0.65
  • Q27 solve m s: 0.61

Some detail is too fine to show here; it is kept in the trainer’s notes.

Where it comes from

Our calculation from other figures in the trainer’s notes.

Show the working
  1. m_s = (GM x (1 - o) - p x m_d)/st
  2. FY3/26 (p 0.7191, st 0.25, o 0.03, GM 0.4246): m_d 0.2652 -> 0.884
  3. 0.3044 -> 0.772
  4. FY3/25 (0.6316, 0.33, 0.04, 0.4471): 0.2615 -> 0.800
  5. 0.3007 -> 0.725
  6. FY3/24 (0.644, 0.301, 0.055, 0.4113): 0.2448 -> 0.768
  7. 0.2840 -> 0.684