olivLaw · European equity research
Close Brothers Group plc CBG.L
United Kingdom · London Stock Exchange · ISIN GB0007668071 · Vertical: Listed companies from United Kingdom
Close Brothers Group plc is a British banking group specialising in lending to consumers and businesses, with a focus on motor finance, asset finance and commercial lending. In fiscal 2025 the group concentrated on rebuilding capital after a provision for motor finance commissions, and its CET1 ratio reached 13.8%.
At the close of 05 Nov 2026, Close Brothers Group plc (CBG.L) stock was 4.00 GBP (+0.10% on the day), with market capitalisation 599.7 m GBP, dividend yield 0.00%, beta 1.10, 52-week range 3.45–5.35 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)
- 55.7
- strong (55–70)
- Bollinger (20, 2)
- 3.64 – 4.04
- in the upper half of the band · %B 0.91 · band width 10.5%
- SMA 50 / 200
- 3.95 / 4.31
- mixed trend
- MACD (12, 26, 9)
- 0.00 / -0.03
- 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 | +1.3% | −0.6% | +2.0 pp | — |
| 3 months | −7.4% | −4.2% | −3.3 pp | — |
| 6 months | −16.2% | +4.3% | −20.5 pp | — |
| Year to date | −23.4% | +7.5% | −30.9 pp | — |
| 1 year | −4.9% | +9.9% | −14.8 pp | +6.7% |
| 3 years | −49.0% | +49.8% | −98.8 pp | +24.8% |
| 5 years | −72.2% | +42.8% | −115.0 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 81.1 m | 89.3 m | -100.2 m |
| Net income YoY | unavailable | +10.1% | −212.2% |
| Diluted EPS | 0.54 | 0.60 | -0.67 |
| Diluted EPS YoY | unavailable | +9.8% | −212.4% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Jul 2025
- Cash
- 2.1 bn GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 1.7 bn GBP
- Total assets
- 14.1 bn GBP
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- -5.6%
- ROA
- -0.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Pre-tax income | 112.0 m | 132.7 m | -122.4 m | esef· 03 Dec 2025verified |
| Income tax | 30.9 m | 37.4 m | 4.7 m | esef· 03 Dec 2025verified |
| Net income | 81.1 m | 89.3 m | -100.2 m | esef· 03 Dec 2025verified |
| Diluted EPS | 0.54 | 0.60 | -0.67 | esef· 03 Dec 2025verified |
| Dividend per share | 0.66 | 0.45 | 0.00 | esef· 03 Dec 2025derived |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.2 bn | 1.8 bn | 2.1 bn | esef· 03 Dec 2025verified |
| Property, plant & equipment, net | 357.1 m | 349.6 m | — | esef· 03 Dec 2024verified |
| Total assets | 13.6 bn | 14.1 bn | 14.1 bn | esef· 03 Dec 2025verified |
| Total liabilities | 11.9 bn | 12.2 bn | 12.3 bn | esef· 03 Dec 2025verified |
| Equity | 1.6 bn | 1.8 bn | 1.7 bn | esef· 03 Dec 2025verified |
| Shares outstanding at year end | 149.4 m | 149.6 m | 149.8 m | esef· 03 Dec 2025derived |
Cash flow · GBP
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: 1 of at least 6
- score weight coverage: 6.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 599.7 m GBP
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
6% · 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: 1 of at least 6; score weight coverage: 6.2% of at least 60%; valuation methods computed: 0 of at least 1
| 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 | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.3% | 4 (on a fixed band) | 100% |
| 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· partial4/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 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
CLOSE BROTHERS GROUP PLC (CBG.L). Latest full fiscal year: 2025; data up to 2025-07-31.
Figures computed from the financial statements: ROE -5.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 6.2% of at least 60%; valuation methods computed: 0 of at least 1).
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
- Shareholder yield (distributions): 0.3%
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, P/E (TTM), 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 CBG.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
Close Brothers Group plc is a British banking group specialising in lending to consumers and businesses, with a focus on motor finance, asset finance and commercial lending. In fiscal 2025 the group concentrated on rebuilding capital after a provision for motor finance commissions, and its CET1 ratio reached 13.8% 1.
SWOT
Strengths
- The CET1 ratio improved materially in fiscal 2025, giving a margin of safety above regulatory requirements 1.
- The company has a strong position in battery electric vehicles and green finance, where it expanded its offer during the year 1.
- The personal service model and broker relationships support customer loyalty and rapid adaptation to market needs 1.
Weaknesses
- The motor finance commissions provision significantly affected capital and delayed the resumption of dividends 1.
- The Vehicle Hire division recorded operating losses after tax in the year under review 1.
- Concentration of exposure in motor finance makes the group sensitive to regulatory changes in that segment 1.
Opportunities
- Demand for renewable energy and battery electric vehicle financing could open new lending lines 1.
- If completed, the Winterflood sale could further strengthen capital and focus the business on priority divisions 1.
- A commitment to financial inclusion and support for smaller businesses could strengthen the market position 1.
Threats
- The FCA's review of historical commissions and the outcome of the Supreme Court appeal could generate additional provisions 1.
- Application of Basel 3.1 could increase risk-weighted assets, even if the impact appears smaller than previously expected 1.
- Uncertainty in the electric vehicle market may slow fleet transition and weigh on financing demand 1.
Risks
- Motor finance commissions provisionhigh
The outcome of the FCA review and the Supreme Court appeal remains uncertain and could generate further capital costs 1.
- Resumption of dividendsmedium
The decision to reinstate dividends depends on clarity over the financial impact of the review and could be postponed 1.
- Basel 3.1 implementationmedium
Changes to risk-weighted asset calculations could reduce the capital margin, although the company expects a more limited impact 1.
- Motor finance exposuremedium
Concentration in this segment makes the company sensitive to regulation, vehicle prices and customer behaviour 1.
- Losses in the Vehicle Hire divisionlow
The Vehicle Hire division recorded losses after tax, and continued losses could weigh on group results 1.
Investment thesis
What would need to be true (bull case)
- If the commission review concludes with a smaller impact than the current provision, capital could return to target levels quickly and allow dividends to resume 1.
- Asset sales and organic capital generation could significantly strengthen the capital position, providing flexibility for growth 1.
- Positioning in electric vehicle and green energy finance could open growth opportunities as the economic transition advances 1.
What would break the thesis
- If the final impact of the commission review exceeds current estimates, capital could come under pressure again and dividend resumption could be delayed 1.
- Concentration in motor finance could leave the group vulnerable to further regulatory changes or weaker demand in that segment 1.
- Losses in the Vehicle Hire division and transition costs could continue to erode profitability if they do not improve quickly 1.
What to watch
- Outcome of the FCA motor finance commission review and the Supreme Court appealnext 10-K
- Completion of the Winterflood sale and its effect on the CET1 ratio2026
- Board decision on reinstating dividends2026
- Application of Basel 3.1 and its effect on risk-weighted assets2027
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 as a specialist bank and financial services provider with divisions for motor finance, asset finance and leasing, commercial lending and premium finance. Its stated purpose is to help people and businesses thrive over the long term, through a model management describes as proven and resilient 1. Activity depends on broker and customer relationships, which the company treats as a basis for its personal service advantage 1.
In fiscal 2025 the group sold CBAM, and risk-weighted assets fell to £9.8 billion from £10.7 billion 1. Capital was strengthened through suspending dividends, loan book moderation and organic capital generation, and management announced the sale of Winterflood, which could add about 55 basis points to the CET1 ratio 1.
Reinstating dividends depends on clarity over the financial impact of the FCA's review of motor finance commissions, a decision the Board will revisit later 1. The company remains focused on capital headroom and credit risk management, given a more sensitive risk profile in motor finance 1.
Segments
Motor Finance
The motor finance division is the main source of the group's key risk, and it is the source of the commissions provision. The company has reduced its appetite for high-emitting vehicles and expanded its offer for battery electric vehicles, which make up 61.6% of its car fleet 1.
Asset Finance and Leasing
The division launched a green asset fund and supports fleet customers in the transition to electric vehicles 1.
Premium Finance
The division developed a new commission disclosure solution for brokers, built in a short timeframe in collaboration with brokers and customers 1.
Market context
The group operates mainly in the United Kingdom, lending to individuals and small and medium-sized businesses. The sector is shaped by FCA regulation, PRA capital requirements and the transition to Basel 3.1, whose application was delayed to 1 January 2027, with an estimated increase of up to 10% in standardised risk-weighted assets 1.
The motor finance and electric vehicle market is changing, and the pace of EV adoption in the UK has shaped the pace of the company's fleet transition 1. For the group this means both green financing opportunities and pressure on the motor finance business model 1.
Trends
- Motor finance commission reviewheadwind
The FCA's historical commission review and the Supreme Court appeal have generated a significant provision and limited the ability to resume dividends. If the final impact is smaller than estimated, capital could return to target levels sooner 1.
- Shift to electric vehiclestailwind
Rising battery electric share in the fleet and renewable energy financing represent growth opportunities in green lending, but the pace depends on customer demand 1.
- Basel 3.1mixed
Application of Basel 3.1 has been delayed, and the company expects a smaller impact on its capital position than it initially estimated, because of the offset in Pillar 2a requirements 1.
- Capital strengthening through asset salesmixed
The CBAM sale and the announced Winterflood sale have strengthened capital but also reduce the size of the business, which may change the group's income profile 1.
Competitive position
The company competes with British retail banks and specialist providers of motor finance, leasing and lending to small and medium-sized businesses. The source text does not name competitors, so the list below reflects only general categories of firms in the sector rather than comparative data from the texts provided.
The group's stated advantage is personal service and specialist expertise in finance niches, but a risk profile concentrated in motor finance may make the company more exposed to regulatory change than more diversified peers 1.
- UK retail banks
Compete in commercial lending and small business finance, though they typically have a broader deposit base.
- Specialist motor finance providers
Direct competition in motor finance and electric vehicle products, where market share depends on lending conditions.
- Asset leasing companies
Compete in fleet leasing and equipment finance, including green asset projects.
- Premium finance providers
Compete in the Premium Finance division, where broker relationships and commission transparency are key factors.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202503 Dec 2025
- Annual report 202403 Dec 2024
Sources
- [1] Annual report, fiscal year ended 2025-07-31 (ESEF) · SEC / Close Brothers Group plc · 31 Jul 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.