olivLaw · European equity research
ZIGUP plc ZIG.L
United Kingdom · London Stock Exchange · ISIN GB00B41H7391 · Vertical: Listed companies from United Kingdom
ZIGUP plc is an integrated mobility solutions provider that rents light commercial vehicles and offers claims, repair and recovery services to corporates, fleets and insurance partners. With new vehicle supply normalising, the company reports stronger steady state cash flow and could benefit from growing demand for outsourcing if the trend holds. EBIT excluding disposal profits grew 9.7% in fiscal 2026.
At the close of 02 Nov 2026, ZIGUP plc (ZIG.L) stock was 4.67 GBP (+1.30% on the day), with market capitalisation 1.1 bn GBP, P/E 14.2 on diluted EPS of 0.33 GBP over the last 12 months, dividend yield 5.64%, beta 0.55, 52-week range 3.33–4.78 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)
- 63.1
- strong (55–70)
- Bollinger (20, 2)
- 4.31 – 4.75
- in the upper half of the band · %B 0.83 · band width 9.7%
- SMA 50 / 200
- 4.43 / 4.29
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.06 / 0.05
- 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 | +4.5% | −1.0% | +5.5 pp | — |
| 3 months | +0.9% | −3.9% | +4.8 pp | — |
| 6 months | +16.9% | +7.2% | +9.7 pp | — |
| Year to date | +21.8% | +6.6% | +15.2 pp | — |
| 1 year | +34.6% | +9.1% | +25.5 pp | +5.3% |
| 3 years | +32.5% | +47.9% | −15.5 pp | +28.8% |
| 5 years | +14.5% | +43.3% | −28.8 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 7.1, median 9.0, max 12.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 1.8 bn | 1.8 bn | 1.9 bn |
| Revenue YoY | unavailable | −1.1% | +2.6% |
| Net income | 125.0 m | 79.8 m | 76.2 m |
| Net income YoY | unavailable | −36.1% | −4.6% |
| Diluted EPS | 0.54 | 0.35 | 0.33 |
| Diluted EPS YoY | unavailable | −35.4% | −5.7% |
| net % | 6.8% | 4.4% | 4.1% |
| Free cash flow | 94.5 m | 5.3 m | -27.5 m |
Balance sheet & financial health
Fiscal year 2026 · 30 Apr 2026
- Cash
- 507.0 k GBP
- Financial debt
- 867.3 m GBP
- Net debt
- 866.8 m GBP
- Equity
- 1.1 bn GBP
- Total assets
- 2.5 bn GBP
- Debt / equity
- 0.80x
- Current ratio
- 0.92x
- ROE
- 7.1%
- ROA
- 3.1%
- FCF margin
- -1.5%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.8 bn | 1.8 bn | 1.9 bn | esef· 02 Sept 2026verified |
| Cost of revenue | 1.4 bn | 1.4 bn | 1.4 bn | esef· 02 Sept 2026verified |
| Gross profit | 432.9 m | 397.9 m | 421.1 m | esef· 02 Sept 2026verified |
| Operating income | 193.8 m | 136.4 m | 141.8 m | esef· 02 Sept 2026verified |
| Interest expense | 33.6 m | 36.6 m | 41.4 m | esef· 02 Sept 2026verified |
| Pre-tax income | 162.1 m | 101.5 m | 102.0 m | esef· 02 Sept 2026verified |
| Income tax | 37.1 m | 21.6 m | 25.8 m | esef· 02 Sept 2026verified |
| Net income | 125.0 m | 79.8 m | 76.2 m | esef· 02 Sept 2026verified |
| Diluted EPS | 0.54 | 0.35 | 0.33 | esef· 02 Sept 2026verified |
| Dividend per share | 0.25 | 0.26 | 0.26 | esef· 02 Sept 2026derived |
Balance sheet · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | -6.8 m | -3.9 m | 507.0 k | esef· 02 Sept 2026verified |
| Receivables | 421.0 m | 378.1 m | 351.2 m | esef· 02 Sept 2026verified |
| Inventories | 38.3 m | 28.5 m | 27.5 m | esef· 02 Sept 2026verified |
| Current assets | 508.5 m | 444.6 m | 414.7 m | esef· 02 Sept 2026verified |
| Property, plant & equipment, net | 1.5 bn | 1.7 bn | — | esef· 21 Aug 2025verified |
| Goodwill | 115.9 m | 111.9 m | 111.9 m | esef· 02 Sept 2026verified |
| Intangibles (excl. goodwill) | 111.1 m | 94.3 m | 77.3 m | esef· 02 Sept 2026verified |
| Total assets | 2.2 bn | 2.3 bn | 2.5 bn | esef· 02 Sept 2026verified |
| Short-term debt | 57.5 m | 54.4 m | 47.7 m | esef· 02 Sept 2026verified |
| Long-term debt | 560.0 m | 678.1 m | 819.6 m | esef· 02 Sept 2026verified |
| Current liabilities | 448.8 m | 439.3 m | 450.9 m | esef· 02 Sept 2026verified |
| Total liabilities | 1.2 bn | 1.3 bn | 1.4 bn | esef· 02 Sept 2026verified |
| Equity | 1.0 bn | 1.1 bn | 1.1 bn | esef· 02 Sept 2026verified |
| Shares outstanding at year end | 226.5 m | 224.3 m | 226.0 m | esef· 02 Sept 2026derived |
Cash flow · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 110.3 m | 16.5 m | -16.8 m | esef· 02 Sept 2026verified |
| Capex | 15.8 m | 11.1 m | 10.7 m | esef· 02 Sept 2026verified |
| Free cash flow | 94.5 m ≈ | 5.3 m ≈ | -27.5 m ≈ | esef· 02 Sept 2026derived |
| Investing cash flow | -17.8 m | -11.3 m | -8.1 m | esef· 02 Sept 2026verified |
| Financing cash flow | -110.2 m | -2.6 m | 28.5 m | esef· 02 Sept 2026verified |
| Dividends paid | 56.2 m | 59.0 m | 59.5 m | esef· 02 Sept 2026verified |
≈ 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 weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
02 Nov 2026Source: olivLaw, closing series
Market cap: 1.1 bn GBP
Key indicators
Coverage and freshness
Score by group
58% · 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: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.6% | 25 (vs peers) | 18% |
| Net margin · Quality | 4.1% | 37 (vs peers) | 11% |
| FCF conversion · Quality | -36.1% | 0 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.4x | 30 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 0.9x | 10 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 14.2x | 61 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -2.6% | 0 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 5.6% | 81 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet22/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality21/100 · 3/3 factors with a value
- Returns· partial81/100 · 1/2 factors with a value
- Valuation34/100 · 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
ZIGUP PLC (ZIG.L). Latest full fiscal year: 2026; data up to 2026-04-30.
Figures computed from the financial statements: revenue 1.9 bn GBP in 2026; YoY growth 2.6%; net margin 4.1%; ROE 7.1%.
The estimated value range is 3.10–4.46 GBP per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 3.92 GBP, the price of 4.67 GBP leaves a potential of -16.0% (value / price − 1) and a margin of safety of -19.0% (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 (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 5.6%
What contradicts it
- ROIC: 5.6%
- FCF conversion: -36.1%
- Interest coverage: 3.4x
- Current ratio: 0.9x
- FCF yield: -2.6%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
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. | 101.2 bn | 13.1 | 16.5% | 30.3% | −1.0% | +3% / +82% |
| ABF.LAssociated British Foods PLC | 14.1 bn | 13.7 | 9.2% | 5.3% | −3.1% | −9% / −18% |
| 0EV1.LCarnival PLC | 5.7 bn | 4.3 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.2 bn | 25.0 | 34.7% | 4.1% | +7.2% | −9% / +161% |
| AUTO.LAutotrader Group PLC | 4.7 bn | 16.0 | 60.2% | 47.1% | +3.9% | −14% / −25% |
| BBY.LBalfour Beatty PLC | 4.4 bn | 16.8 | 23.2% | 2.8% | +15.2% | +24% / +169% |
| ABDN.LAberdeen Group PLC | 4.0 bn | 10.6 | 8.0% | 28.9% | −2.1% | +8% / +38% |
| BKG.LThe Berkeley Group Holdings PLC | 3.5 bn | 11.0 | 8.8% | 13.4% | −4.2% | −3% / −24% |
| 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 | 23.1 | 49.9% | 33.1% | +18.0% | +10% / +131% |
| ASHM.LAshmore Group PLC | 1.5 bn | 15.2 | 13.1% | 71.6% | −0.1% | +40% / +29% |
| BCG.LBaltic Classifieds Group PLC | 1.1 bn | 21.5 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| ZIG.LZigup PLC | 1.1 bn | 14.2 | 7.1% | 4.1% | +2.6% | +36% / +30% |
| APN.LApplied Nutrition PLC | 751.1 m | 35.6 | 41.2% | 19.7% | +24.2% | +69% / unavailable |
| BAG.LA.G. Barr P.L.C. | 661.9 m | 14.2 | 14.4% | 10.8% | +4.0% | −8% / +24% |
| ASC.LAsos PLC | 498.1 m | — | -81.3% | -12.0% | −14.7% | +72% / +9% |
| ALFA.LAlfa Financial Software Holdings PLC | 492.1 m | 16.4 | 61.5% | 23.8% | +15.3% | −27% / +11% |
| AML.LAston Martin Lagonda Global Holdings PLC | 371.0 m | — | -93.4% | -39.2% | −20.6% | −41% / −83% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 11.2 m | — | — | — | −81.9% | +378% / +962% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 269.5 k | 0.2 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −14% / +144% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +34% / +82% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +30% / +33% |
1- and 3-year price returns: for ZIG.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 | 2.77 Total return -36% · Per year -36% | 4.91 Total return 11% · Per year 11% | 7.40 Total return 66% · Per year 66% |
| 3 years | 2.59 Total return -32% · Per year -12% | 5.16 Total return 29% · Per year 9% | 8.56 Total return 106% · Per year 27% |
| 5 years | 2.41 Total return -27% · Per year -6% | 5.43 Total return 47% · Per year 8% | 9.90 Total return 153% · Per year 20% |
- Exit P/E± 1.29
- Net margin± 0.90
- Annual revenue growth± 0.76
- Annual dilution± 0.08
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
ZIGUP plc is an integrated mobility solutions provider that rents light commercial vehicles and offers claims, repair and recovery services to corporates, fleets and insurance partners. With new vehicle supply normalising, the company reports stronger steady state cash flow and could benefit from growing demand for outsourcing if the trend holds. EBIT excluding disposal profits grew 9.7% in fiscal 2026.
SWOT
Strengths
- The integrated mobility offer, combining rental, claims and repair, is rare in the market and supports long-term contracts with insurers and corporate clients.
- The company has strong relationships with vehicle manufacturers and high purchasing volumes, which give it access to new vehicles and favourable terms.
- Customer satisfaction and service delivery scores are cited as differentiators against competitors.
Weaknesses
- The company depends heavily on used vehicle prices, and disposal profits have declined, which makes results harder to forecast.
- The UK&I business is being reorganised, and the operational simplification could carry execution risks in the period ahead.
- Capital spending on fleet growth is high, which could limit free cash flow if demand slows.
Opportunities
- Outsourcing of fleets and claims services could bring new long-term contracts with corporates and insurers.
- Expansion in electric vehicles and energy transition consultancy could open new revenue streams.
- Artificial intelligence, pursued through a collaboration with Microsoft, could bring operational efficiencies if implemented successfully.
Threats
- An economic slowdown or geopolitical tensions could reduce demand for rental and repair services.
- Inflationary pressures and tariffs could raise supply chain costs and affect the company's customers.
- A shortage of skilled staff, particularly technicians, could limit repair and service capacity.
Risks
- Macroeconomic environmentmedium
Geopolitical uncertainty and inflation could affect customer demand and supplier costs, and the company says it monitors these developments closely.
- UK&I reorganisationmedium
The operational simplification of the UK&I division is under way and could face implementation difficulties or delays in cost savings.
- Vehicle residual valuesmedium
If the used vehicle market becomes volatile again, disposal proceeds could fall, affecting results.
- Skilled workforcelow
A shortage of skilled technicians could limit repair capacity and raise staff costs.
- Reliance on large contractslow
Contracts with insurers and public bodies are important; losing or failing to renew one could affect revenue.
Investment thesis
What would need to be true (bull case)
- If outsourcing continues and customers increasingly choose integrated providers, the company could grow contract volumes and recurring revenue.
- Normalised supply could support cash generation over the medium term, in line with the company's target of more than 200 million GBP of steady state cash in fiscal 2028.
- The Spanish market could keep growing if the macroeconomic backdrop stays favourable and demand for flexible rental holds.
What would break the thesis
- If disposal profits keep declining, profit growth could depend more on the core business, which is harder to forecast.
- The UK&I simplification could take longer or cost more than planned, which could reduce the expected benefits.
- A weak economic cycle could reduce demand for rental and repair services, while fixed costs could weigh on margins.
What to watch
- Development of steady state cash flow from the core business against the long-term target2027
- Implementation progress of Northgate Mobility and FMG in UK&I2027
- Disposal proceeds from used vehicles after the moderation seen in fiscal 2026next annual report
- Effect of the artificial intelligence project and the Microsoft collaboration on efficiency2027
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
ZIGUP operates through two main areas: rental of light commercial vehicles (LCV) to corporates, with a large rental customer base, and an integrated claims, repair and recovery model that includes mobile bodyshop services. The company manages a fleet of over 139,000 vehicles and has relationships with over 40 OEM brands. According to the annual report for the year ended 30 April 2026, it presents itself as one of the largest purchasers of LCVs in the UK and Europe.
The business model rests on an integrated offer: customers can access rental, claims and repair services, as well as fleet management and EV consultancy, from one platform. The company links this integration to contracts with insurance partners and public bodies, such as the extension of its National Highways contract for up to 10 years.
Geographically the group comprises Spain and the UK&I division. For UK&I, the company began an operational simplification on 1 May 2026, launching the Northgate Mobility and FMG brands under which vehicle provision and repair operations are run.
Segments
Spain
Spain delivered the strongest performance in fiscal 2026, with underlying revenue up 16%. The company attributes this to its strong market position and favourable macroeconomic conditions, with competitive offers for both minimum term contracts and flexible rental.
UK&I Rental
Rental in the UK and Ireland won new business and grew in specialist vehicles and additional services. Both rental divisions finished the year with good momentum in vehicles on hire growth.
Claims and integrated services
The claims and services division includes recovery, repair and mobile bodyshop solutions. The company cites contract extensions and new signings with partners such as Howden Insurance and Tesco Insurance, which reflect its position in the claims market.
Market context
The company describes the LCV rental market as growing, driven by outsourcing of non-core activities and the rising cost of new vehicles. The report estimates that the outsourced segment of the 5.2 million LCVs on the road in the UK and Ireland is still modest but expanding.
In claims, the market is more fragmented, with many specialists focused on a single activity. Consolidation of repair bodyshops over the past two to three years could favour national chains, while insurers that outsource may bring new volumes to networks such as ZIGUP's.
Trends
- Outsourcing of mobility servicestailwind
Corporate customers and insurance partners increasingly seek a small number of suppliers able to offer a broad range of services at national scale, which could support demand for the company's integrated model.
- Normalising new vehicle supplytailwind
After the tight supply of 2021-2023, the company says supply has returned to normal, allowing it to continue fleet refreshment and reduce replacement capital spending.
- Lower disposal profitsheadwind
The used vehicle market has stabilised and disposal profits have moderated, which could limit profit growth if the market stays stable.
- Transition to electric vehiclesmixed
Adoption of electric LCVs is rising, but payload and range limits and future regulation, such as the phase-out of new ICE vehicle sales, create both opportunities and uncertainty.
Competitive position
The company positions itself as a top-three participant in its markets. Competition comes from large rental operators, which can offer a broad range of vehicles and analytics, and from specialist claims and repair providers that focus on a single service type.
ZIGUP's stated advantage is nationwide coverage and in-sourced service focused on LCVs, combined with an integrated claims and repair offer. The company also points to its NPS and Trustpilot scores as differentiators against competitors.
- Large vehicle rental operators
The report says larger corporate fleets increasingly favour large rental operators that offer a broad range of vehicle types.
- Specialist claims and repair providers
The report describes the claims market as made up of specialists by vertical, rarely integrated and often organised as consortia.
- Independent repair centre networks
Insurers outsource to networks of independent repair centres that compete for the same claims contracts.
- National bodyshop chains
Consolidation of the repair market has created national chains that compete for insurers' claims volumes.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202602 Sept 2026
- Annual report 202521 Aug 2025
- Annual report 202521 Aug 2025
Sources
- [1] Annual report, fiscal year ended 2026-04-30 (ESEF) · SEC / ZIGUP plc · 30 Apr 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.