olivLaw · European equity research
Pollen Street plc POLN.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Pollen Street plc is a British private markets manager with private equity and private credit strategies that also invests its own balance sheet. In 2023 it reached total AuM of £4.2 billion, and management has raised the AuM target to £10 billion within 4 to 5 years.
At the close of 05 Nov 2026, Pollen Street plc (POLN.L) stock was 9.42 GBP (+0.43% on the day), with market capitalisation 605.1 m GBP, P/E 15.0 on diluted EPS of 0.63 GBP over the last 12 months, dividend yield 5.23%, beta 0.34, 52-week range 7.02–9.64 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 65.0
- strong (55–70)
- Bollinger (20, 2)
- 8.86 – 9.39
- above the upper band · %B 1.06 · band width 5.8%
- SMA 50 / 200
- 8.82 / 8.54
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.13 / 0.12
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +6.1% | −0.6% | +6.7 pp | — |
| 3 months | +11.5% | −4.2% | +15.6 pp | — |
| 6 months | +11.0% | +4.3% | +6.6 pp | — |
| Year to date | 0.0% | +7.5% | −7.5 pp | — |
| 1 year | +3.7% | +9.9% | −6.2 pp | +5.8% |
| 3 years | +58.6% | +49.8% | +8.7 pp | +26.3% |
| 5 years | −3.9% | +42.8% | −46.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 8.2, median 10.0, max 11.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 57.0 m | 63.7 m | 103.2 m |
| Revenue YoY | unavailable | +11.7% | +62.0% |
| Net income | 30.3 m | 26.4 m | 40.4 m |
| Net income YoY | unavailable | −13.1% | +53.3% |
| Diluted EPS | 0.86 | 0.62 | 0.63 |
| Diluted EPS YoY | unavailable | −27.8% | +1.3% |
| net % | 53.2% | 41.4% | 39.2% |
| Free cash flow | -2.7 m | 69.4 m | 102.7 m |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 19.7 m GBP
- Financial debt
- 210.8 m GBP
- Net debt
- 191.0 m GBP
- Equity
- 585.8 m GBP
- Total assets
- 823.7 m GBP
- Debt / equity
- 0.36x
- Current ratio
- 1.82x
- ROE
- 6.9%
- ROA
- 4.8%
- FCF margin
- 99.5%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 57.0 m | 63.7 m | 103.2 m | esef· 04 Apr 2024verified |
| Operating income | 30.3 m | 27.3 m | 44.5 m | esef· 04 Apr 2024verified |
| Interest expense | 12.9 m | 14.5 m | 20.6 m | esef· 04 Apr 2024verified |
| Pre-tax income | 30.3 m | 26.8 m | 43.1 m | esef· 04 Apr 2024verified |
| Income tax | 0 | 435.0 k | 2.7 m | esef· 04 Apr 2024verified |
| Net income | 30.3 m | 26.4 m | 40.4 m | esef· 04 Apr 2024verified |
| Diluted EPS | 0.86 | 0.62 | 0.63 | esef· 04 Apr 2024verified |
| Dividend per share | 0.80 | 0.68 | 0.49 | esef· 04 Apr 2024derived |
Balance sheet · GBP
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 12.9 m | 23.3 m | 19.7 m | esef· 04 Apr 2024verified |
| Receivables | 6.6 m | 12.9 m | 17.9 m | esef· 04 Apr 2024verified |
| Current assets | 19.5 m | 36.2 m | 291.0 m | esef· 04 Apr 2024verified |
| Property, plant & equipment, net | 0 | 1.4 m | 0 | esef· 04 Apr 2024verified |
| Total assets | 634.3 m | 868.8 m | 823.7 m | esef· 04 Apr 2024verified |
| Accounts payable | 7.2 m | 19.2 m | 19.1 m | esef· 04 Apr 2024verified |
| Short-term debt | 49.3 m | 60.6 m | 132.7 m | esef· 04 Apr 2024verified |
| Long-term debt | 218.3 m | 203.0 m | 78.0 m | esef· 04 Apr 2024verified |
| Current liabilities | 56.6 m | 84.1 m | 159.8 m | esef· 04 Apr 2024verified |
| Equity | 359.3 m | 577.5 m | 585.8 m | esef· 04 Apr 2024verified |
| Shares outstanding at year end | 35.3 m | 42.4 m | 64.2 m | esef· 04 Apr 2024derived |
Cash flow · GBP
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -2.7 m | 69.7 m | 102.8 m | esef· 04 Apr 2024verified |
| Capex | 0 | 269.0 k | 137.0 k | esef· 04 Apr 2024verified |
| Free cash flow | -2.7 m ≈ | 69.4 m ≈ | 102.7 m ≈ | esef· 04 Apr 2024derived |
| Investing cash flow | 0 | 2.4 m | -137.0 k | esef· 04 Apr 2024verified |
| Financing cash flow | -46.9 m | -61.7 m | -106.2 m | esef· 04 Apr 2024verified |
| Dividends paid | 28.2 m | 28.9 m | 31.7 m | esef· 04 Apr 2024verified |
| Share repurchases | 0 | 4.8 m | 0 | esef· 04 Apr 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 66 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 605.1 m GBP
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality64
- Returns85
- Balance sheet40
- Valuation72
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Neutral profile · Score 66/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.2% | 25 (vs peers) | 17% |
| Net margin · Quality | 39.2% | 91 (vs peers) | 10% |
| FCF conversion · Quality | 254.1% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.2x | 10 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.8x | 85 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 15.0x | 50 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 17.0% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 5.2% | 75 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 30.8% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality64/100 · 3/3 factors with a value
- Returns85/100 · 2/2 factors with a value
- Valuation72/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
POLLEN STREET PLC (POLN.L). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 103.2 m GBP in 2023; YoY growth 62.0%; net margin 39.2%; ROE 6.9%.
The estimated value range is 7.10–10.95 GBP per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 9.07 GBP, the price of 9.42 GBP leaves a potential of -3.7% (value / price − 1) and a margin of safety of -3.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 66/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 39.2%
- FCF conversion: 254.1%
- Current ratio: 1.8x
- FCF yield: 17.0%
- Shareholder yield (distributions): 5.2%
- Payout ratio (FCF): 30.8%
What contradicts it
- ROIC: 5.2%
- Interest coverage: 2.2x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| POLN.LPollen Street PLC | 605.1 m | 15.0 | 6.9% | 39.2% | +62.0% | −2% / +63% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for POLN.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 6.16 Total return -30% · Per year -30% | 10.83 Total return 21% · Per year 21% | 16.25 Total return 80% · Per year 80% |
| 3 years | 7.30 Total return -8% · Per year -3% | 14.33 Total return 73% · Per year 20% | 23.40 Total return 175% · Per year 40% |
| 5 years | 8.66 Total return 19% · Per year 4% | 18.95 Total return 142% · Per year 19% | 33.69 Total return 311% · Per year 33% |
- Exit P/E± 3.58
- Net margin± 2.51
- Annual revenue growth± 1.87
- Annual dilution± 0.21
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Pollen Street plc is a British private markets manager with private equity and private credit strategies that also invests its own balance sheet. In 2023 it reached total AuM of £4.2 billion 1, and management has raised the AuM target to £10 billion within 4 to 5 years 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Dependence on fundraisinghigh
Fund management income depends on attracting new funds; if fundraising slows, growth could be affected 1.
- Interest rate exposurehigh
Investment profit rose with rates, and a change in the rate regime could reduce income from credit assets 1.
- Borrower credit riskmedium
The credit asset portfolio is exposed to borrower defaults, though the company cites downside protection 1.
- Performance fee volatilitymedium
Performance fees have exceeded the medium-term range, and weaker portfolio performance could reduce income 1.
- Climate and compliance riskslow
Transition risks were judged most material, and reporting requirements could add cost 1.
Investment thesis
What would need to be true (bull case)
- Growth in fund management income, margin and investment returns could support the high AuM target, if fundraising continues 1.
- A cost base described as well invested could let profit grow faster than revenue as assets rise 1.
- The buyback programme and targeted dividend could support returns for shareholders 1.
What would break the thesis
What to watch
- Closes of Private Equity Fund V and Private Credit Fund IV2024
- Crossing the £4 billion fee-paying AuM threshold2024
- Semi-annual dividend declared by Pollen Street Group Limited2024
- Progress of return on net investment assets against the 2 to 3 year low double digit targetnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Pollen Street plc (POLN.L) operates in two main areas: fund management (Asset Manager), earning management and performance fees, and the Investment Company, which invests its own capital in credit and equity assets. On 14 February 2024 the company distributed Pollen Street Capital Holdings Limited to its new parent, Pollen Street Group Limited, so asset management activities moved out of the reporting entity 1. The company is no longer classified as an investment trust and will pay corporation tax from the year ended 2024 1.
Fund Management Income grew 32% to £49.2 million in 2023, and Fund Management EBITDA was £15.2 million 1. The Fund Management EBITDA margin reached 31% in 2023, against 26% statutory in 2022 1.
Segments
Asset Manager
The segment manages private equity and private credit funds. The average management fee rate was 1.17% of average fee-paying AuM in 2023, a ratio management expects could stabilise within 1.25% to 1.5% over the medium term 1. Performance fees and carried interest made up 30% of Fund Management Income in 2023 1.
Investment Company
The Investment Company holds a portfolio of credit and equity assets, and it has committed over £120 million into Pollen Street managed funds to date 1. Management upgraded its return on net investment assets guidance to low double digits within 2 to 3 years, which depends on leverage normalising and a larger share of equity assets 1.
Market context
Guidance for 2024 includes higher fund management income as Private Equity Fund V and Private Credit Fund IV raise capital, plus a buyback programme expected to be about 2 to 5% of share capital per year 1.
Trends
- Interest rate risesmixed
Management links the higher investment income to rising interest rates and says credit assets are positioned to benefit from this environment 1. If rates fell, net investment income could be lower.
- Private equity fundraisingtailwind
Fund management income rises directly with new fund commitments, and management expects catch-up fees from closes in 2024 1. A harder fundraising environment could slow growth.
- Climate reporting requirementsheadwind
The company expanded its TCFD climate risk analysis with scenario work, and transition risks were judged most material 1. Compliance costs could rise.
- ESG-linked pricingtailwind
ESG margin ratchets now apply to eight credit facilities, which could attract impact-focused investors 1.
Competitive position
In private markets Pollen Street competes with private equity and private credit managers, but the sources received do not name specific competitors. The company's position rests on fundraising momentum and a high fund management margin 1.
Differentiation depends on raising capital for new funds and on portfolio performance, which drives performance fees 1.
- US-listed private markets managers
The sources received do not name specific competitors; a direct comparison would need additional sources.
- Private credit managers
Private credit funds compete for the same institutional investors, as the context in the report describes 1.
- European private equity managers
Competition for fundraising in private equity funds across European and British markets.
- Diversified alternative asset managers
Firms with multiple alternative asset strategies compete for the same investment capital.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202304 Apr 2024
- Annual report 202304 Apr 2024
- Annual report 202228 Mar 2023
- Annual report 202228 Mar 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Pollen Street plc · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.