olivLaw · European equity research
3i Group plc III.L
United Kingdom · London Stock Exchange · ISIN GB00B1YW4409 · Vertical: Listed companies from United Kingdom
3i Group is an investment company specialising in private equity and infrastructure, investing in mid-market companies in Europe and North America. The group's portfolio is now heavily concentrated in Action, so overall performance depends largely on a single asset, a point relevant to investors tracking net asset value. NAV per share reached 3,030 pence at 31 March 2026, and the Action investment formed 75% of total portfolio value.
At the close of 05 Nov 2026, 3i Group plc (III.L) stock was 25.73 GBP (−2.24% on the day), with dividend yield 3.07%, beta 0.85, 52-week range 20.82–43.02 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)
- 58.0
- strong (55–70)
- Bollinger (20, 2)
- 22.58 – 25.99
- in the upper half of the band · %B 0.92 · band width 14.0%
- SMA 50 / 200
- 25.62 / 26.91
- mixed trend
- MACD (12, 26, 9)
- 0.03 / -0.35
- 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 | +7.7% | −0.6% | +8.4 pp | — |
| 3 months | −10.4% | −4.2% | −6.2 pp | — |
| 6 months | −1.7% | +4.3% | −6.1 pp | — |
| Year to date | −21.1% | +7.5% | −28.7 pp | — |
| 1 year | −41.0% | +9.9% | −50.9 pp | +5.8% |
| 3 years | +29.9% | +49.8% | −20.0 pp | +26.3% |
| 5 years | +87.5% | +42.8% | +44.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 3.9 bn | 5.1 bn | 5.5 bn |
| Revenue YoY | unavailable | +30.6% | +8.6% |
| Net income | 3.8 bn | 5.0 bn | 5.3 bn |
| Net income YoY | unavailable | +31.3% | +5.1% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 98.9% | 99.5% | 96.3% |
| Free cash flow | 363.0 m | 747.0 m | 997.0 m |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 635.0 m GBP
- Financial debt
- 1.2 bn GBP
- Net debt
- 576.0 m GBP
- Equity
- 30.9 bn GBP
- Total assets
- 32.3 bn GBP
- Debt / equity
- 0.04x
- Current ratio
- 6.56x
- ROE
- 19.1%
- ROA
- 18.1%
- FCF margin
- 18.1%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 3.9 bn | 5.1 bn | 5.5 bn | esef· 27 May 2026verified |
| Pre-tax income | 3.8 bn | 5.0 bn | 5.3 bn | esef· 27 May 2026verified |
| Income tax | 2.0 m | 1.0 m | -1.0 m | esef· 27 May 2026verified |
| Net income | 3.8 bn | 5.0 bn | 5.3 bn | esef· 27 May 2026verified |
| Dividend per share | 0.56 | 0.65 | 0.79 | esef· 27 May 2026verified |
Balance sheet · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 358.0 m | 412.0 m | 635.0 m | esef· 27 May 2026verified |
| Current assets | 533.0 m | 587.0 m | 761.0 m | esef· 27 May 2026verified |
| Property, plant & equipment, net | 4.0 m | 18.0 m | 17.0 m | esef· 27 May 2026verified |
| Intangibles (excl. goodwill) | 4.0 m | 2.0 m | — | esef· 27 May 2025verified |
| Total assets | 21.6 bn | 26.1 bn | 32.3 bn | esef· 27 May 2026verified |
| Accounts payable | 134.0 m | 135.0 m | 107.0 m | esef· 27 May 2026verified |
| Long-term debt | 1.2 bn | 1.2 bn | 1.2 bn | esef· 27 May 2026verified |
| Current liabilities | 165.0 m | 150.0 m | 116.0 m | esef· 27 May 2026verified |
| Total liabilities | 1.5 bn | 1.4 bn | 1.5 bn | esef· 27 May 2026verified |
| Equity | 20.2 bn | 24.6 bn | 30.9 bn | esef· 27 May 2026verified |
Cash flow · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 366.0 m | 763.0 m | 998.0 m | esef· 27 May 2026verified |
| Capex | 3.0 m | 16.0 m | 1.0 m | esef· 27 May 2026verified |
| Free cash flow | 363.0 m ≈ | 747.0 m ≈ | 997.0 m ≈ | esef· 27 May 2026derived |
| Investing cash flow | -3.0 m | -16.0 m | 64.0 m | esef· 27 May 2026verified |
| Financing cash flow | -164.0 m | -690.0 m | -850.0 m | esef· 27 May 2026verified |
| Dividends paid | 541.0 m | 625.0 m | 765.0 m | esef· 27 May 2026verified |
| Share repurchases | — | 0 | 15.0 m | esef· 27 May 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
- indicators available: 4 of at least 6
- score weight coverage: 20.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
21% · 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: 4 of at least 6; score weight coverage: 20.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 96.3% | 100 (vs peers) | 30% |
| FCF conversion · Quality | 18.8% | 0 (on a fixed band) | 30% |
| 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 | 6.6x | 100 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 76.7% | 62 (on a fixed band) | 20% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality50/100 · 2/3 factors with a value
- Returns· partial62/100 · 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
3I GROUP PLC (III.L). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 5.5 bn GBP in 2026; YoY growth 8.6%; net margin 96.3%; ROE 19.1%.
The estimated value range is 7.75–9.57 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 8.57 GBP, the price of 25.73 GBP leaves a potential of -66.7% (value / price − 1) and a margin of safety of -200.4% (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: 4 of at least 6; score weight coverage: 20.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 96.3%
- Current ratio: 6.6x
What contradicts it
- FCF conversion: 18.8%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
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% |
| 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% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for III.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
3i Group is an investment company specialising in private equity and infrastructure, investing in mid-market companies in Europe and North America. The group's portfolio is now heavily concentrated in Action, so overall performance depends largely on a single asset, a point relevant to investors tracking net asset value. NAV per share reached 3,030 pence at 31 March 2026, and the Action investment formed 75% of total portfolio value.
SWOT
Strengths
- Action delivers sustained growth in sales and profitability, with a low-price model that attracts customers over the long term.
- The company has a long history in mid-market investing and strong local networks across several regions.
- A solid balance sheet allows dividend distributions and further investment in the portfolio.
Weaknesses
- The very high concentration of portfolio value in one asset increases exposure to a single company's performance.
- The share price fell significantly in the second half of the year, and shareholders had a negative total shareholder return.
- Dividend cash income declined compared with the prior year because of the timing of Action distributions.
Opportunities
- Action's expansion into new countries and across Europe remains an important source of growth, with estimated further store potential.
- The buy-and-build strategy at portfolio companies such as Royal Sanders could generate additional value.
- New investment opportunities and bolt-on acquisitions have been described as plentiful, which could support growth.
Threats
- A tense geopolitical context and weak economic growth in Europe could affect consumption and valuations.
- More difficult market conditions could delay exits and refinancings, affecting realised cash.
- The advance of artificial intelligence could put pressure on some companies in the services and software sectors.
Risks
- Concentration on Actionhigh
If Action's performance weakens, the impact on net asset value could be significant given its weight in the portfolio.
- Sensitivity of the Action valuationhigh
The valuation multiple applied to Action directly influences net asset value, and a change in it could have material effects on reported results.
- Currency riskmedium
Revenues and portfolio values are denominated in several currencies, and exchange rate movements can influence results reported in sterling.
- Timing of realisationsmedium
Exits from investments depend on market conditions and company performance, and delays could affect cash receipts.
- Market risk on the share pricelow
The share price has moved down relative to net asset value, and a persistent gap could shape how investors perceive the company.
Investment thesis
What would need to be true (bull case)
- If Action continues its expansion and profitability growth, net asset value per share could keep rising.
- A portfolio that generates returns above the company's stated target, especially on exits, could support dividend distributions.
- If markets become more supportive, asset realisations and refinancings could accelerate, improving cash income.
What would break the thesis
- If Action slows, the group's dependence on a single asset could magnify the impact on results.
- A weak macroeconomic backdrop in Europe could weigh on portfolio valuations and delay exits.
- If the discount to net asset value persists, shareholders could continue to see negative returns.
What to watch
- Sales and profitability trends at ActionQ1 2027
- Pace of new store openings and entry into new countries2027
- Portfolio realisations and refinancingsnext 10-K
- Development of net asset value per sharenext 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
3i Group invests proprietary capital in mid-market companies and aims to compound value over time through a diversified portfolio. The model combines holding assets over medium to long horizons with active asset management, majority or significant stakes in core holdings and board representation. Exits are reviewed periodically and may take the form of a trade sale, an IPO or an acquisition by another investment firm.
Segments
Private Equity
The private equity division invests proprietary capital in mid-market companies in Europe and North America across consumer and private label, healthcare, industrial and services and software. The gross investment return in FY2026 was 23%, and portfolio value reached £29,707 million at 31 March 2026 1. The main asset, Action, generated a gross investment return of £4,510 million 1.
Infrastructure
The infrastructure division manages assets for third-party investors and the group's proprietary capital across communications, energy, transport and logistics, utilities and social infrastructure. The aim is attractive capital returns, plus fund management fees and portfolio income for the group. The division's gross investment return was 7% in FY2026, reflecting mainly the rise in the 3iN share price 1.
Scandlines
Scandlines is an infrastructure holding that generated a gross investment return of 10% in FY2026, reflecting resilient performance and cash distributions in the year 1. Its contribution to group cash income is smaller than Action's but is regarded as stable.
Market context
3i operates in the market for equity investment in mid-market companies in Europe and North America, where competition for deals and exits depends on access to local networks and sector expertise. The company describes a subdued macroeconomic backdrop across Europe and North America with elevated geopolitical tensions. Exits depend on market conditions, and increasing stakes depends on the opportunities available.
Trends
- Action's international expansionmixed
Action opened a record number of stores in 2025 and entered two new countries in a single year, Switzerland and Romania, with plans to enter the US in late 2027 or early 2028 1. If the expansion pace holds, the asset value could continue to grow, although risks in new markets remain real.
- Exits and refinancings from the portfoliomixed
Proceeds from Action following a capital restructuring supported most of the FY2026 realisations, and future realisations depend on supportive market conditions and portfolio company performance 1. A more difficult market could delay exits.
- Macroeconomic and geopolitical pressureheadwind
The company refers to geopolitical uncertainty and a subdued macroeconomic backdrop in Europe, factors that can affect consumer demand and the valuations of portfolio companies 1.
- Artificial intelligence and pressure on servicesheadwind
Services and software assets have remained resilient, although the market is feeling pressure from the advancement of artificial intelligence 1. The effect on portfolio companies is still uncertain.
Competitive position
3i competes with other private equity and infrastructure funds for mid-market deals and for companies with growth potential. The company's stated advantage lies in its local networks in the UK, continental Europe and the US, and in its reputation as a responsible investor built over more than 80 years. The competitor list below is derived from business type and does not reflect a market share analysis.
- KKR & Co.KKR
Global private equity and infrastructure fund competing for similar deals in Europe and North America.
- BlackstoneBX
Global alternative asset manager active in both private equity and infrastructure.
- Apollo Global ManagementAPO
Alternative investor active in private equity and credit, present in European markets.
- Brookfield Asset Management
Asset manager focused on infrastructure and alternative investments on a global scale.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202627 May 2026
- Annual report 202527 May 2025
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / 3i Group plc · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.