olivLaw · European equity research
Secure Trust Bank PLC STB.L
United Kingdom · London Stock Exchange · ISIN GB00B6TKHP66 · Vertical: Listed companies from United Kingdom
Secure Trust Bank PLC is a UK bank operating exclusively in the United Kingdom, funding lending to consumers and businesses mainly through deposits. Amid intense competition for savings and macroeconomic uncertainty, it aims to strengthen its savings franchise, with total deposits reaching 3509.6 million GBP at the end of 2025.
At the close of 05 Nov 2026, Secure Trust Bank PLC (STB.L) stock was 13.58 GBP (−2.16% on the day), with market capitalisation 253.7 m GBP, P/E 15.3 on diluted EPS of 0.89 GBP over the last 12 months, dividend yield 2.52%, beta 0.68, 52-week range 9.64–16.14 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)
- 38.7
- weak (30–45)
- Bollinger (20, 2)
- 13.14 – 15.20
- in the lower half of the band · %B 0.21 · band width 14.5%
- SMA 50 / 200
- 14.75 / 14.25
- mixed trend
- MACD (12, 26, 9)
- -0.39 / -0.35
- MACD below 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 | −10.8% | −0.6% | −10.1 pp | — |
| 3 months | −12.7% | −4.2% | −8.6 pp | — |
| 6 months | +1.8% | +4.3% | −2.5 pp | — |
| Year to date | +9.1% | +7.5% | +1.6 pp | — |
| 1 year | +39.7% | +9.9% | +29.8 pp | +6.7% |
| 3 years | +123.4% | +49.8% | +73.5 pp | +24.8% |
| 5 years | +13.6% | +42.8% | −29.2 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 3.6, median 5.5, max 14.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 24.3 m | 19.7 m | 17.6 m |
| Net income YoY | unavailable | −18.9% | −10.7% |
| Diluted EPS | 1.26 | 1.01 | 0.89 |
| Diluted EPS YoY | unavailable | −19.6% | −12.2% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 559.8 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 374.3 m GBP
- Total assets
- 4.3 bn GBP
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 4.8%
- ROA
- 0.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 184.7 m | 203.9 m | 213.5 m | esef· 12 May 2026verified |
| Pre-tax income | — | 29.2 m | 27.5 m | esef· 12 May 2026verified |
| Income tax | 9.7 m | 9.5 m | 9.9 m | esef· 12 May 2026verified |
| Net income | 24.3 m | 19.7 m | 17.6 m | esef· 12 May 2026verified |
| Diluted EPS | 1.26 | 1.01 | 0.89 | esef· 12 May 2026verified |
| Dividend per share | 0.45 | 0.27 | 0.34 | esef· 12 May 2026derived |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 400.3 m | 469.0 m | 559.8 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 10.8 m | 9.9 m | 7.4 m | esef· 12 May 2026verified |
| Total assets | 3.8 bn | 4.1 bn | 4.3 bn | esef· 12 May 2026verified |
| Total liabilities | 3.4 bn | 3.8 bn | 3.9 bn | esef· 12 May 2026verified |
| Equity | 344.5 m | 360.5 m | 374.3 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 18.8 m | 19.1 m | 18.7 m | esef· 12 May 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -45.4 m | 111.7 m | 257.0 m | esef· 12 May 2026verified |
| Investing cash flow | -2.7 m | -1.0 m | -1.8 m | esef· 12 May 2026verified |
| Financing cash flow | 31.5 m | -42.0 m | -164.4 m | esef· 12 May 2026verified |
| Dividends paid | 8.4 m | 5.2 m | 6.4 m | esef· 12 May 2026verified |
| Share repurchases | 1.2 m | 1.4 m | 200.0 k | esef· 12 May 2026verified |
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
- indicators available: 2 of at least 6
- score weight coverage: 16.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 253.7 m GBP
Key indicators
Coverage and freshness
Score by group
17% · Insufficient data
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
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 16.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 15.3x | 53 (vs peers) | 63% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.6% | 37 (on a fixed band) | 38% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial37/100 · 1/2 factors with a value
- Valuation· partial53/100 · 1/3 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
SECURE TRUST BANK PUBLIC LIMITED COMPANY (STB.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 4.8%.
The estimated value range is 6.95–11.62 GBP per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 8.68 GBP, the price of 13.58 GBP leaves a potential of -36.1% (value / price − 1) and a margin of safety of -56.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 16.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 40 companies
Multiples and returns vs the median
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% |
| 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% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| 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 STB.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
Scenarios are not available. input data missing
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
Secure Trust Bank PLC is a UK bank operating exclusively in the United Kingdom, funding lending to consumers and businesses mainly through deposits. Amid intense competition for savings and macroeconomic uncertainty, it aims to strengthen its savings franchise, with total deposits reaching 3509.6 million GBP at the end of 2025 1.
SWOT
Strengths
- The bank has a growing deposit base and extended FSCS protection, which supports customer confidence 1.
- The bank's activities focus exclusively on the UK market, allowing detailed knowledge of its target segments 1.
- Risk management is organised around a three lines of defence model with independent oversight 1.
Weaknesses
Opportunities
Risks
- Credit riskhigh
Failure of customers to honour their obligations could affect results, particularly in an environment of rising unemployment 1.
- Dependence on the UK economyhigh
Demand for products and margins depend on UK conditions, which remain uncertain 1.
- Conduct and regulatory riskmedium
Rules on conduct and motor finance commission redress could create additional financial obligations 1.
- Climate risklow
The internal assessment rated climate risk as low, but physical or transition impacts could evolve 1.
- Basel 3.1 implementationmedium
Regulatory changes due in 2027 could require additional resources for capital preparation 1.
Investment thesis
What would need to be true (bull case)
- If deposit growth and enhanced depositor protection are sustained, the bank could consolidate its savings franchise over the medium term 1.
- If demand for property and business lending keeps growing, the lending book could benefit from a durable boost 1.
- Investment in technology and digital services could improve efficiency and customer experience 1.
What would break the thesis
- If inflation and geopolitical uncertainty push rates higher, funding costs could rise faster than income 1.
- If unemployment keeps rising, loan quality could deteriorate and impairment provisions could increase 1.
- Intense competition for deposits could limit margins and the ability to raise profitability 1.
What to watch
- Development of deposits and total funds raisedQ1 2027
- Impact of Basel 3.1 and the SDDT regime2027
- Quality of the credit portfolio amid rising unemploymentnext 10-K
- Outcome of the FCA consultation on motor finance redress2026
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
The Group operates exclusively within the UK, and its revenue is derived almost entirely from customers operating in the UK 1. The bank attracts funds through deposits, which totalled 3509.6 million GBP at year-end 2025, and directs them to consumer and business lending 1. Its activities are subject to regulation by the Financial Conduct Authority and the Prudential Regulation Authority 1.
Total funds raised during 2025 reached 1797.9 million GBP, up from the prior year, indicating continued funding momentum 1. The bank re-launched its Savings app at the end of 2025 to improve customer experience and strengthen its digital offering 1.
Deposits protected by the Financial Services Compensation Scheme covered 97.6% of total deposits at year-end 2025, up from the previous year, which supports customer confidence 1.
Segments
Trends
- Competitive pressure on savings ratesheadwind
Competition in the savings market has forced banks to raise rates following Base Rate reductions, which could compress margins if rates later fall 1.
- Higher deposit protectiontailwind
Raising the FSCS limit from 85000 to 120000 GBP from 1 December 2025 could strengthen customer confidence and support deposit gathering 1.
- Macroeconomic and geopolitical uncertaintyheadwind
Tensions in the Middle East and rising unemployment could affect demand and loan quality if economic uncertainty persists 1.
- Demand for property and SME lendingmixed
Growth in Buy-to-Let and SME lending points to positive momentum in business finance, subject to how interest rates evolve 1.
Competitive position
The bank operates in the UK market, where competition for deposits is intense and large banks benefit from structural hedges that support net interest income 1. The source does not explicitly name banking competitors but describes competitive pressure in the savings sector 1.
Product differentiation and digital channels appear as central elements of the strategy, particularly as larger banks may consolidate structural advantages 1.
- Large UK banks
The source notes that large banks benefit from structural hedges and rising net interest income, which can support their competitive position 1.
- Banks offering savings accounts
Competition in the savings segment has pushed rates on deposits higher, indicating direct rivalry for funds 1.
- Digital credit providers
The source refers to the growing role of digital and omnichannel journeys without naming specific competitors 1.
- Motor and retail finance providers
The source indicates a wind-down of certain vehicle finance activities, suggesting a reorientation of competition in these areas 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202512 May 2026
- Annual report 202429 Apr 2025
- Annual report 202429 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Secure Trust Bank PLC · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.