olivLaw · European equity research
OSB Group PLC OSB.L
United Kingdom · London Stock Exchange · ISIN GB00BLDRH360 · Vertical: Listed companies from United Kingdom
OSB Group is a UK specialist lender focused on mortgages, particularly for buy-to-let landlords, through the Kent Reliance, Charter Savings Bank, Precise and Rely brands, funded largely by retail savings. In 2025 it continued a transformation programme, and its performance depends on retail funding costs and evolving rules on rental property. Key figures: a net loan book of about GBP 25.9 bn and a return on tangible equity of 13.7%.
At the close of 05 Nov 2026, OSB Group PLC (OSB.L) stock was 5.10 GBP (+2.57% on the day), with market capitalisation 1.9 bn GBP, P/E 6.9 on diluted EPS of 0.74 GBP over the last 12 months, dividend yield 6.92%, beta 0.74, 52-week range 4.74–6.44 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)
- 61.0
- strong (55–70)
- Bollinger (20, 2)
- 4.74 – 5.04
- above the upper band · %B 1.19 · band width 6.2%
- SMA 50 / 200
- 5.00 / 5.34
- mixed trend
- MACD (12, 26, 9)
- -0.01 / -0.04
- 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 | +3.2% | −0.6% | +3.9 pp | — |
| 3 months | +0.6% | −4.2% | +4.8 pp | — |
| 6 months | −1.2% | +4.3% | −5.5 pp | — |
| Year to date | −20.0% | +7.5% | −27.5 pp | — |
| 1 year | −3.0% | +9.9% | −13.0 pp | +5.8% |
| 3 years | +50.2% | +49.8% | +0.3 pp | +26.3% |
| 5 years | +3.2% | +42.8% | −39.6 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 33 percentile of its own 3-quarter history (min 5.3, median 7.1, max 8.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 658.1 m | 667.2 m | unavailable |
| Revenue YoY | unavailable | +1.4% | unavailable |
| Net income | 282.6 m | 308.1 m | 285.7 m |
| Net income YoY | unavailable | +9.0% | −7.3% |
| Diluted EPS | 0.65 | 0.76 | 0.74 |
| Diluted EPS YoY | unavailable | +16.5% | −2.8% |
| net % | 42.9% | 46.2% | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.8 bn GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 2.3 bn GBP
- Total assets
- 31.1 bn GBP
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 12.6%
- ROA
- 0.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 658.1 m | 667.2 m | — | esef· 15 Apr 2025verified |
| Pre-tax income | 374.3 m | 418.1 m | 382.5 m | esef· 07 Apr 2026verified |
| Income tax | 91.7 m | 110.0 m | 96.8 m | esef· 07 Apr 2026verified |
| Net income | 282.6 m | 308.1 m | 285.7 m | esef· 07 Apr 2026verified |
| Diluted EPS | 0.65 | 0.76 | 0.74 | esef· 07 Apr 2026verified |
| Dividend per share | 0.32 | 0.34 | 0.35 | esef· 07 Apr 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.5 bn | 3.2 bn | 2.8 bn | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 43.8 m | 54.6 m | — | esef· 15 Apr 2025verified |
| Intangibles (excl. goodwill) | 26.1 m | 48.8 m | 66.9 m | esef· 07 Apr 2026verified |
| Total assets | 29.6 bn | 30.2 bn | 31.1 bn | esef· 07 Apr 2026verified |
| Total liabilities | 27.4 bn | 28.0 bn | 28.8 bn | esef· 07 Apr 2026verified |
| Equity | 2.1 bn | 2.2 bn | 2.3 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 427.5 m | 397.0 m | 377.9 m | esef· 07 Apr 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 425.2 m | 2.2 bn | 243.6 m | esef· 07 Apr 2026verified |
| Investing cash flow | -301.2 m | -29.3 m | -332.4 m | esef· 07 Apr 2026verified |
| Financing cash flow | -654.1 m | -1.5 bn | -343.9 m | esef· 07 Apr 2026verified |
| Dividends paid | 185.0 m | 126.4 m | 125.5 m | esef· 07 Apr 2026verified |
| Share repurchases | 152.4 m | 90.6 m | 89.4 m | esef· 07 Apr 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: 3 of at least 6
- score weight coverage: 22.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.9 bn GBP
Key indicators
Coverage and freshness
Score by group
23% · 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: 3 of at least 6; score weight coverage: 22.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 42.8% | 91 (vs peers) | 27% |
| 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 | 6.9x | 89 (vs peers) | 45% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 11.2% | 100 (on a fixed band) | 27% |
| 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· partial91/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial89/100 · 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
OSB GROUP PLC (OSB.L). Latest full fiscal year: 2024; data up to 2025-12-31.
Figures computed from the financial statements: revenue 667.2 m GBP in 2024; YoY growth 1.4%; net margin 42.8%; ROE 12.6%.
The estimated value range is 5.89–8.55 GBP per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 7.22 GBP, the price of 5.10 GBP leaves a potential of 41.6% (value / price − 1) and a margin of safety of 29.4% (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: 3 of at least 6; score weight coverage: 22.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 42.8%
- P/E (TTM): 6.9x
- Shareholder yield (distributions): 11.2%
- The price is below the estimated value range
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, 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 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% |
| OSB.LOsb Group PLC | 1.9 bn | 6.9 | 12.6% | 42.8% | +1.4% | −11% / +36% |
| 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% |
1- and 3-year price returns: for OSB.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 | 3.00 Total return -36% · Per year -36% | 5.31 Total return 11% · Per year 11% | 8.01 Total return 66% · Per year 66% |
| 3 years | 2.73 Total return -31% · Per year -12% | 5.46 Total return 29% · Per year 9% | 9.07 Total return 106% · Per year 27% |
| 5 years | 2.49 Total return -26% · Per year -6% | 5.61 Total return 47% · Per year 8% | 10.26 Total return 151% · Per year 20% |
- Exit P/E± 1.36
- Net margin± 0.96
- Annual revenue growth± 0.81
- 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
OSB Group is a UK specialist lender focused on mortgages, particularly for buy-to-let landlords, through the Kent Reliance, Charter Savings Bank, Precise and Rely brands, funded largely by retail savings. In 2025 it continued a transformation programme, and its performance depends on retail funding costs and evolving rules on rental property 1. Key figures: a net loan book of about GBP 25.9 bn and a return on tangible equity of 13.7% 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Buy-to-let regulationhigh
Possible legislative changes to rental property could directly affect the core lending segment 1.
- Funding costhigh
High costs on new deposits could limit the net interest margin if they do not normalise 1.
- Credit qualitymedium
Rising provisions for accounts in arrears could continue to weigh on the loan loss ratio 1.
- Climate transition riskmedium
Energy performance policies could create additional costs for the mortgage portfolio, flagged as a risk with possible financial impact 1.
- Transformation executionlow
Delays in migrating customers to new platforms could postpone the expected benefits 1.
Investment thesis
What would need to be true (bull case)
- If deposit costs normalise and origination growth continues, the net interest margin could recover toward earlier levels 1.
- The new lending and savings platforms could reduce operating costs and support medium-term growth 1.
- Strong capital and the share repurchase programme could support shareholder returns if strategy execution stays on track 1.
What would break the thesis
- If deposit costs stay high, the net interest margin could keep compressing, putting pressure on profit 1.
- Changes to buy-to-let rules could reduce demand in an important segment and raise compliance costs 1.
- Higher administrative costs and larger provisions could continue to weigh on return on tangible equity 1.
What to watch
- Net interest margin against the guided level of about 225 basis points2026
- Return on tangible equity against the guided low-teens range2026
- Changes to buy-to-let and energy efficiency regulationnext 10-K
- Progress migrating customers to the new savings and lending platforms2026
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 lender in the UK, with a focus on residential mortgages, buy-to-let mortgages and commercial finance. It runs two arms: lending through intermediaries (brokers) and collecting savings deposits through the Kent Reliance and Charter Savings Bank brands 1. Net loans reached GBP 25.9 bn at 31 December 2025, and originations reached GBP 4.7 bn in 2025 1.
The operating model rests on centres of excellence in Chatham, Wolverhampton, Bangalore and Hyderabad, which support cost efficiency and scalability 1. In 2025 the company launched a new lending platform and a new savings platform, intended to shorten processing times and speed product launches 1. The cost to income ratio rose to 40.4% because of transformation investment 1.
The medium-term strategy emphasises return on tangible equity, diversification of the loan book into higher-yielding sub-segments and capital optimisation, including share repurchases 1. Management indicated low-teens return on tangible equity in 2026 and higher levels in later years, conditional on executing the strategy 1.
Segments
Mortgage and buy-to-let lending
The main lending segment includes mortgages for rental property owners, served under the Rely brand launched in 2025, which consolidates the buy-to-let offer for first-time and professional landlords 1.
Retail savings
Deposits gathered through Kent Reliance and Charter Savings Bank provide the group's main funding; retail deposits reached GBP 24.3 bn at year-end 2025 1. The new savings platform allows digital onboarding and real-time payments 1.
Specialist and commercial lending
The group increased exposure to higher-yielding sub-segments including commercial, asset finance, bridging and residential development, which contributed to a significant rise in originations 1.
Market context
The UK mortgage market is dominated by large banks, while specialist lenders operate in niche segments. The company relies on intermediaries, and demand depends on macroeconomic conditions and the cost of funding 1. The net interest margin was 228 basis points in 2025, below 2024, amid higher deposit costs 1.
Energy performance rules for properties and government policy on buy-to-let could affect demand and costs, and the group monitors these risks 1. Physical climate risks are considered limited for its portfolio 1.
Trends
- Deposit costsmixed
A gradual normalisation of retail funding costs could support the margin, if current elevated levels ease 1.
- Property regulationheadwind
Changes to energy efficiency standards and buy-to-let policy could pressure demand and compliance costs 1.
- Digital lendingtailwind
The new lending platform, offering fast broker decisions, could accelerate loan volume growth 1.
- Competitive pressureheadwind
Competitive pressures and new specialist entrants could compress margins and raise customer acquisition costs 1.
Competitive position
The group competes with other specialist lenders and large banks in mortgages and retail savings. Its advantage lies in underwriting expertise and broker relationships, but price competition for deposits remains intense 1.
Market changes, including new specialist lenders entering, could affect market share and margins, a risk the company names as key 1.
- UK specialist mortgage lenders
Direct competitors in buy-to-let and specialist mortgages, cited as sources of competitive pressure in the annual report 1.
- Large UK banks
Competitors in the general mortgage market and retail savings, with different funding bases and costs 1.
- Online savings providers
Compete on deposit pricing, which influences the group's funding cost 1.
- New specialist lenders
Their market entry could intensify margin pressure, as explicitly noted in the annual report 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / OSB Group 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.