olivLaw · European equity research
Personal Group Holdings Plc PGH.L
United Kingdom · London Stock Exchange · ISIN GB0002760279 · Vertical: Listed companies from United Kingdom
Personal Group is a UK provider of insurance and employee benefits, selling affordable products through face-to-face sales and digital benefits platforms. In 2025 the company reported double-digit growth as sickness absence and household financial pressure rose. It has set a five-year strategic plan toward 2030.
At the close of 05 Nov 2026, Personal Group Holdings Plc (PGH.L) stock was 4.43 GBP (−2.21% on the day), with market capitalisation 138.4 m GBP, P/E 20.0 on diluted EPS of 0.22 GBP over the last 12 months, dividend yield 4.11%, beta 0.27, 52-week range 2.89–4.55 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)
- 4.18 – 4.44
- in the upper half of the band · %B 0.95 · band width 6.0%
- SMA 50 / 200
- 4.25 / 3.73
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.03 / 0.02
- 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 | +3.5% | −0.6% | +4.2 pp | — |
| 3 months | +12.3% | −4.2% | +16.5 pp | — |
| 6 months | +19.1% | +4.3% | +14.8 pp | — |
| Year to date | +41.4% | +7.5% | +33.9 pp | — |
| 1 year | +30.9% | +9.9% | +21.0 pp | +5.8% |
| 3 years | +164.2% | +49.8% | +114.3 pp | +26.3% |
| 5 years | +18.6% | +42.8% | −24.2 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 9.3, median 13.7, max 14.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 38.6 m | 43.8 m | 48.4 m |
| Revenue YoY | unavailable | +13.5% | +10.5% |
| Net income | 4.3 m | 6.5 m | 7.3 m |
| Net income YoY | unavailable | +50.2% | +12.2% |
| Diluted EPS | 0.14 | 0.20 | 0.22 |
| Diluted EPS YoY | unavailable | +48.9% | +10.0% |
| net % | 11.2% | 14.8% | 15.1% |
| Free cash flow | 6.5 m | 11.3 m | 9.5 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 25.0 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 36.8 m GBP
- Total assets
- 57.4 m GBP
- Debt / equity
- unavailable
- Current ratio
- 2.35x
- ROE
- 20.3%
- ROA
- 13.4%
- FCF margin
- 19.6%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 38.6 m | 43.8 m | 48.4 m | esef· 27 May 2026verified |
| Operating income | 5.2 m | 6.9 m | 8.5 m | esef· 27 May 2026verified |
| Interest expense | 76.0 k | 106.0 k | 77.0 k | esef· 27 May 2026verified |
| Income tax | 899.0 k | 1.3 m | 1.1 m | esef· 27 May 2026verified |
| Net income | 4.3 m | 6.5 m | 7.3 m | esef· 27 May 2026verified |
| Diluted EPS | 0.14 | 0.20 | 0.22 | esef· 27 May 2026verified |
| Dividend per share | 0.11 | 0.12 | 0.18 | esef· 27 May 2026derived |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 14.6 m | 19.1 m | 25.0 m | esef· 27 May 2026verified |
| Receivables | 16.0 m | 10.0 m | 13.9 m | esef· 27 May 2026verified |
| Inventories | 272.0 k | 0 | — | esef· 29 May 2025verified |
| Current assets | 37.8 m | 39.3 m | 45.5 m | esef· 27 May 2026verified |
| Property, plant & equipment, net | 5.0 m | 4.5 m | 4.0 m | esef· 27 May 2026verified |
| Goodwill | 2.7 m | 2.7 m | 2.7 m | esef· 27 May 2026verified |
| Intangibles (excl. goodwill) | 3.7 m | 4.9 m | 5.2 m | esef· 27 May 2026verified |
| Total assets | 49.2 m | 51.3 m | 57.4 m | esef· 27 May 2026verified |
| Accounts payable | 15.1 m | 14.1 m | 18.5 m | esef· 27 May 2026verified |
| Current liabilities | 15.8 m | 14.9 m | 19.4 m | esef· 27 May 2026verified |
| Total liabilities | 17.2 m | 16.4 m | 20.5 m | esef· 27 May 2026verified |
| Equity | 32.0 m | 34.8 m | 36.8 m | esef· 27 May 2026verified |
| Shares outstanding at year end | 31.3 m | 31.2 m | 31.3 m | esef· 27 May 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 6.7 m | 11.4 m | 9.9 m | esef· 27 May 2026verified |
| Capex | 157.0 k | 103.0 k | 387.0 k | esef· 27 May 2026verified |
| Free cash flow | 6.5 m ≈ | 11.3 m ≈ | 9.5 m ≈ | esef· 27 May 2026derived |
| Investing cash flow | -5.1 m | -2.5 m | 2.5 m | esef· 27 May 2026verified |
| Financing cash flow | -4.0 m | -4.5 m | -6.4 m | esef· 27 May 2026verified |
| Dividends paid | 3.5 m | 3.9 m | 5.7 m | esef· 27 May 2026verified |
| Share repurchases | 16.0 k | 81.0 k | 29.0 k | 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
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 138.4 m GBP
Key indicators
Coverage and freshness
Score by group
52% · 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: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 15.1% | 57 (vs peers) | 12% |
| FCF conversion · Quality | 130.2% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 110.3x | 100 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 2.3x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 20.0x | 28 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.9% | 86 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 4.1% | 59 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 60.0% | 86 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality79/100 · 2/3 factors with a value
- Returns70/100 · 2/2 factors with a value
- Valuation54/100 · 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
PERSONAL GROUP HOLDINGS PLC (PGH.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 48.4 m GBP in 2025; YoY growth 10.5%; net margin 15.1%; ROE 20.3%.
The estimated value range is 2.14–3.03 GBP per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 2.58 GBP, the price of 4.42 GBP leaves a potential of -41.7% (value / price − 1) and a margin of safety of -71.5% (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: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 130.2%
- Interest coverage: 110.3x
- Current ratio: 2.3x
- FCF yield: 6.9%
- Payout ratio (FCF): 60.0%
What contradicts it
- P/E (TTM): 20.0x
- 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, EV/EBITDA.
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% |
| PGH.LPersonal Group Holdings PLC | 138.4 m | 20.0 | 20.3% | 15.1% | +10.5% | +33% / +198% |
| 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 PGH.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 | 2.92 Total return -30% · Per year -30% | 5.15 Total return 21% · Per year 21% | 7.75 Total return 81% · Per year 81% |
| 3 years | 3.19 Total return -17% · Per year -6% | 6.29 Total return 58% · Per year 17% | 10.33 Total return 154% · Per year 36% |
| 5 years | 3.48 Total return -2% · Per year -0% | 7.68 Total return 103% · Per year 15% | 13.78 Total return 251% · Per year 29% |
- Exit P/E± 1.57
- Net margin± 1.10
- Annual revenue growth± 0.85
- Annual dilution± 0.09
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
Personal Group is a UK provider of insurance and employee benefits, selling affordable products through face-to-face sales and digital benefits platforms. In 2025 the company reported double-digit growth as sickness absence and household financial pressure rose 1. It has set a five-year strategic plan toward 2030 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Partner dependencemedium
Growth through partnerships could slow if new partners do not deliver referrals at the expected level 1.
- Client price sensitivitymedium
Cost-of-living pressure could reduce employers' willingness to pay for additional benefits 1.
- Digital product executionmedium
Pathfinder, Digital Insurance and Cash Plan launches are at early stages, and delays could postpone expected revenue 1.
- Regulation and compliancelow
Consumer Duty requirements set high standards, and failures could attract sanctions 1.
- UK concentrationlow
Activity remains largely in the UK, exposing the company to local economic developments 1.
Investment thesis
What would need to be true (bull case)
- Double-digit growth in 2025 combined with high retention suggests a stable and expanding revenue base 1.
- If absence and insurance-cost trends persist, demand for the company's products could increase 1.
- Growth in digital platforms and recurring revenue could improve revenue quality in the coming years 1.
What to watch
- Development of new annualised insurance sales against the target of about 10% growth2026
- Hapi Net Retention Rate and progress toward the target above 95%2026
- Signing of one or two significant new partnerships under the Partnerships plan2026
- Rollout of Digital Insurance, Group Cash Plan and RoleSense across the customer base2026
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
Personal Group Holdings Plc describes its purpose as keeping businesses and their employees 'happy, healthy and protected' 1. Activity is split into three divisions: Insurance (affordable cover sold face-to-face), Benefits & Rewards (the Hapi digital platform, SEB and the Innecto consultancy) and Pay & Reward 1. The group relies on a direct workplace sales model and partnerships with employee benefits providers 1.
Group strategy rests on four pillars: Adoption, Expansion, Innovation and Partnering 1. Management says the 2030 growth plan was put in place in 2025 and that the group enters 2026 with strong momentum 1. New partners could accelerate access to clients and employees 1.
Segments
Insurance
The insurance division sells affordable, easy-to-understand products through face-to-face sales. New annualised sales reached 15.4 million GBP, up 11% 1. The group added over 50,000 employees to its addressable base and won clients including Avery, Securitas and Harbour Healthcare 1.
Benefits & Rewards
This division includes the Hapi digital platform, Sage Employee Benefits (SEB) and the Innecto consultancy. Digital platform ARR grew to 7.3 million GBP, and Hapi's Net Retention Rate reached 93.6% 1. SEB launched in the Republic of Ireland in the second half of 2025, and a new partnership with EB Now was signed 1.
Market context
Management describes UK sickness absence at its highest level in 15 years, with each day of absence costing employers an estimated 120 GBP in lost productivity 1. The same material notes longer waits for diagnosis and rising healthcare costs that make traditional private medical insurance less attractive to employers 1. If these trends persist, demand for lower-cost, flexible solutions could grow 1.
Financial pressure on UK households makes even short periods of sickness hard to absorb, which may increase interest in accessible workplace benefits 1. The company argues its products have become more relevant in this setting 1. As the market moves toward digital solutions, 2026 launches will be relevant to demand trends 1.
Trends
- Sickness absence and mental healthtailwind
Stress, mental ill health and long-term conditions are driving higher absence, while traditional mechanisms respond slowly 1. For Personal Group this raises the relevance of its support and absence-reduction products 1.
- Cost of private medical insurancetailwind
Rising healthcare costs make traditional private medical insurance less attractive for many employers 1. This could push demand toward more affordable options the company offers 1.
- Household financial vulnerabilitymixed
A significant share of UK households lack financial resilience, so short periods of sickness can be disruptive 1. Cost-of-living pressure could make customers more price-sensitive, which could constrain sales 1.
- Digitisation of benefitstailwind
The company is investing in digital platforms such as Hapi, SEB and Pathfinder to widen sales channels and recurring revenue 1. If digital adoption grows, recurring revenue could build faster 1. The launches are still early, which limits their impact for now 1.
Competitive position
The annual report does not name specific competitors, so the competitive position cannot be detailed from this source. The company highlights its face-to-face sales model, high customer satisfaction scores and field compliance as advantages 1. Competition may come from private medical insurers and digital benefits platforms 1.
In digital benefits the group defends its position through partnerships, such as the one with Sage, which give access to new customer segments 1. Differentiation depends on retention and platform monetisation, metrics the company reports as rising 1.
- Private medical insurers
Indirect competitors for health and protection products offered to employers; not named in the source.
- Digital employee benefits platforms
Providers selling digital benefits to companies, where Hapi and SEB compete; not named in the source.
- SME employee benefits providers
Competitors in the small and mid-sized business segment where the group signed with EB Now; not named in the source.
- Reward and career consultancies
Firms offering career-planning and reward services similar to Innecto and Pathfinder; not named in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202527 May 2026
- Annual report 202527 May 2026
- Annual report 202429 May 2025
- Annual report 202429 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Personal Group Holdings 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.