olivLaw · European equity research
RIT Capital Partners plc RCP.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
RIT Capital Partners is a permanent-capital investment trust, managed by J. Rothschild Capital Management, that invests in a globally diversified portfolio of quoted equities, private investments and uncorrelated strategies. In 2025 its NAV per share total return was 13.5%, which keeps its benchmark-free model in focus during a period of volatility and structural change.
At the close of 05 Nov 2026, RIT Capital Partners plc (RCP.L) stock was 24.45 GBP (−0.81% on the day), with market capitalisation 3.4 bn GBP, P/E 7.5 on diluted EPS of 3.27 GBP over the last 12 months, dividend yield 1.76%, beta 0.41, 52-week range 20.50–26.30 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)
- 45.8
- neutral
- Bollinger (20, 2)
- 24.11 – 25.09
- in the lower half of the band · %B 0.35 · band width 4.0%
- SMA 50 / 200
- 24.91 / 23.32
- mixed trend
- MACD (12, 26, 9)
- -0.14 / -0.16
- 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 | −0.4% | −0.6% | +0.2 pp | — |
| 3 months | −6.0% | −4.2% | −1.8 pp | — |
| 6 months | +11.4% | +4.3% | +7.1 pp | — |
| Year to date | +7.7% | +7.5% | +0.2 pp | — |
| 1 year | +12.4% | +9.9% | +2.5 pp | +5.8% |
| 3 years | +35.7% | +49.8% | −14.2 pp | +26.3% |
| 5 years | −9.8% | +42.8% | −52.6 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 6.9, median 9.4, max 43.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 143.2 m | 376.9 m | 533.8 m |
| Revenue YoY | unavailable | +163.2% | +41.6% |
| Net income | 66.1 m | 305.0 m | 459.3 m |
| Net income YoY | unavailable | +361.4% | +50.6% |
| Diluted EPS | 0.44 | 2.10 | 3.27 |
| Diluted EPS YoY | unavailable | +379.9% | +55.6% |
| net % | 46.2% | 80.9% | 86.0% |
| Free cash flow | 293.9 m | 89.7 m | 206.4 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 220.6 m GBP
- Financial debt
- 302.2 m GBP
- Net debt
- 81.6 m GBP
- Equity
- 4.0 bn GBP
- Total assets
- 4.4 bn GBP
- Debt / equity
- 0.07x
- Current ratio
- 1.89x
- ROE
- 11.8%
- ROA
- 10.6%
- FCF margin
- 38.7%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 143.2 m | 376.9 m | 533.8 m | esef· 10 Mar 2026verified |
| Interest expense | 34.4 m | 33.4 m | 33.5 m | esef· 10 Mar 2026verified |
| Pre-tax income | 66.1 m | 305.0 m | 459.3 m | esef· 10 Mar 2026verified |
| Income tax | 0 | 0 | 0 | esef· 10 Mar 2026verified |
| Net income | 66.1 m | 305.0 m | 459.3 m | esef· 10 Mar 2026verified |
| Diluted EPS | 0.44 | 2.10 | 3.27 | esef· 10 Mar 2026verified |
| Dividend per share | 0.38 | 0.39 | 0.43 | esef· 10 Mar 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 204.3 m | 189.4 m | 220.6 m | esef· 10 Mar 2026verified |
| Current assets | 341.0 m | 351.0 m | 317.6 m | esef· 10 Mar 2026verified |
| Property, plant & equipment, net | 21.6 m | 21.7 m | 22.3 m | esef· 10 Mar 2026verified |
| Total assets | 3.9 bn | 4.3 bn | 4.4 bn | esef· 10 Mar 2026verified |
| Short-term debt | 142.9 m | 160.2 m | 127.4 m | esef· 10 Mar 2026verified |
| Long-term debt | 137.9 m | 173.7 m | 174.8 m | esef· 10 Mar 2026verified |
| Current liabilities | 185.0 m | 323.8 m | 167.7 m | esef· 10 Mar 2026verified |
| Equity | 3.6 bn | 3.7 bn | 4.0 bn | esef· 10 Mar 2026verified |
| Shares outstanding at year end | 149.5 m | 144.4 m | 139.9 m | esef· 10 Mar 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 294.2 m | 89.8 m | 206.8 m | esef· 10 Mar 2026verified |
| Capex | 300.0 k | 100.0 k | 400.0 k | esef· 10 Mar 2026verified |
| Free cash flow | 293.9 m ≈ | 89.7 m ≈ | 206.4 m ≈ | esef· 10 Mar 2026derived |
| Investing cash flow | -300.0 k | -100.0 k | -400.0 k | esef· 10 Mar 2026verified |
| Financing cash flow | -310.9 m | -99.7 m | -178.2 m | esef· 10 Mar 2026verified |
| Dividends paid | 56.7 m | 56.5 m | 60.2 m | esef· 10 Mar 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: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 3.4 bn GBP
Key indicators
Coverage and freshness
Score by group
46% · 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: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 86.0% | 100 (vs peers) | 14% |
| FCF conversion · Quality | 44.9% | 21 (on a fixed band) | 14% |
| 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 | 1.9x | 91 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 7.5x | 89 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.0% | 75 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | 1.8% | 25 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | 29.2% | 100 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial91/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality61/100 · 2/3 factors with a value
- Returns55/100 · 2/2 factors with a value
- Valuation83/100 · 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
RIT CAPITAL PARTNERS PLC (RCP.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 533.8 m GBP in 2025; YoY growth 41.6%; net margin 86.0%; ROE 11.8%.
The estimated value range is 29.05–42.95 GBP per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 35.81 GBP, the price of 24.45 GBP leaves a potential of 46.5% (value / price − 1) and a margin of safety of 31.7% (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: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 86.0%
- Current ratio: 1.9x
- P/E (TTM): 7.5x
- FCF yield: 6.0%
- Payout ratio (FCF): 29.2%
- The price is below the estimated value range
What contradicts it
- FCF conversion: 44.9%
- Shareholder yield (distributions): 1.8%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, 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% |
| RCP.LRit Capital Partners PLC | 3.4 bn | 7.5 | 11.8% | 86.0% | +41.6% | +10% / +38% |
| 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% |
1- and 3-year price returns: for RCP.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 | 16.04 Total return -33% · Per year -33% | 28.22 Total return 17% · Per year 17% | 42.33 Total return 76% · Per year 76% |
| 3 years | 19.02 Total return -17% · Per year -6% | 37.32 Total return 60% · Per year 17% | 60.96 Total return 158% · Per year 37% |
| 5 years | 22.56 Total return 1% · Per year 0% | 49.36 Total return 116% · Per year 17% | 87.78 Total return 277% · Per year 30% |
- Exit P/E± 9.33
- Net margin± 6.53
- Annual revenue growth± 4.87
- Annual dilution± 0.55
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
RIT Capital Partners is a permanent-capital investment trust, managed by J. Rothschild Capital Management, that invests in a globally diversified portfolio of quoted equities, private investments and uncorrelated strategies. In 2025 its NAV per share total return was 13.5% 1, which keeps its benchmark-free model in focus during a period of volatility and structural change.
SWOT
Strengths
- Permanent capital that allows long-term investment in less liquid assets without redemption pressure.
- Flexible mandate with no formal benchmark, allowing allocation across asset classes and regions.
- Governance structure with specialist committees and a majority of independent directors.
Weaknesses
- Reliance on a small number of key individuals at the manager who make investment decisions.
- Valuation of private investments involves a high degree of subjectivity.
- Shares can trade at a discount to net asset value, and management has flagged addressing the discount as a priority.
Opportunities
- Capital shifting towards markets outside North America, where fundamentals could improve.
- Consolidation in the investment trust sector, which could favour scaled and higher-quality entities.
- Adoption of artificial intelligence in the real economy, which could generate returns in private investments.
Threats
- Falling capital markets or currency volatility, to which the NAV is not immune.
- Geopolitical tensions and policy uncertainty that could affect several asset classes at once.
- Dominant passive flows, which could limit investor interest in active strategies.
Risks
- Investment strategy riskhigh
The strategy could fail to deliver long-term capital growth, especially in periods of volatility.
- Discount riskmedium
If the shares trade at a discount to NAV, the discount could widen and reduce shareholder returns.
- Market and currency riskhigh
The value of investments could fall because of price moves, exchange rates or interest rates.
- Liquidity riskmedium
Private investments and external fund holdings may be hard to sell quickly, and capital commitments could be called at short notice.
- Key person dependencymedium
The departure of key individuals at the manager could have a significant impact on the business.
Investment thesis
What would need to be true (bull case)
- Returns in 2025 were positive across all three pillars, with private investments leading performance, which suggests the model could work well in several market regimes.
- Permanent capital and a flexible mandate could give a real edge in a sector where investors look for scale, liquidity and differentiated returns.
- Rate normalisation and sector consolidation could create favourable conditions for well-run trusts.
What would break the thesis
- Returns depend heavily on decisions by a small number of people, and their departure could affect results.
- Private investment valuations are subjective, and gaps between valuations and prices achieved on exit could invite scepticism.
- The discount to net asset value remains unresolved, and a wider discount could erase part of the portfolio gains for shareholders.
What to watch
- Evolution of the discount to NAV and the effectiveness of share buybacks2026
- Total NAV per share return compared with 13.5% in 20252026 annual report
- Valuation of private investments and the outcome of portfolio realisationsnext annual report
- Changes in board composition and in the leadership of the manager JRCMnext AGM
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
RIT Capital Partners plc is a closed-ended investment trust with permanent capital that aims for long-term capital growth while preserving shareholders' capital. The company has no executive staff of its own for day-to-day management: this is delegated under a formal agreement to its wholly owned subsidiary, J. Rothschild Capital Management Limited (JRCM), which runs the portfolio and reports in detail to the board. The board is made up of non-executive directors, most of them independent, and is chaired by Philippe Costeletos 1.
The investment policy is broad and flexible: the portfolio is split into three pillars, quoted equities, private investments and uncorrelated strategies, and part of the capital is allocated to exceptional external managers. As a permanent capital vehicle, RIT does not have to sell assets to meet redemptions, which allows long-term investment in less liquid assets. The report notes that it does not need to manage the portfolio to satisfy investor redemptions 1.
The governance structure includes five permanent board committees, among them the Audit and Risk Committee and the Valuation Committee, which reviews the value of private investments, an area management regards as a key focus because of its subjectivity 1.
Segments
Quoted equities
The quoted equities pillar is the largest allocation, at 43.3% of NAV, and returned 15% in 2025 1. Management moved to a more concentrated mandate with a focus on emerging markets and commodity-related equities, and exposure to North America fell in favour of Europe and Asia 1.
Uncorrelated strategies
The third pillar covers credit, absolute return, real assets, government bonds and derivatives; the report describes it as a positive contributor to NAV in 2025, though with a smaller weight than the other two pillars 1.
Market context
The UK investment trust sector went through one of the sharpest interest rate tightening cycles in recent memory, and management believes that as rates normalise these vehicles could be well placed. The sector delivered record capital returns in 2025 and remains active in M&A and value-maximisation, a process that could lead to a smaller and higher-quality sector 1.
The macro backdrop features a more fragmented world, with a priority on national resilience and supply-chain security, and the rapid adoption of artificial intelligence in the real economy. Management argues these trends could support a gradual shift of capital towards a broader and more geographically diversified opportunity set 1.
Trends
- Rate normalisationtailwind
A move from a sharp rate-tightening cycle to normalisation could support permanent-capital investment trusts, in management's view, although the discount risk remains 1.
- Multipolar worldmixed
Geopolitical fragmentation and more active fiscal policy outside the US could reshape regional opportunities, which could favour geographic diversification but also brings policy uncertainty 1.
- Adoption of artificial intelligencetailwind
The move of AI from model building to practical deployment could bring productivity gains across many industries, and the company cites such themes among its private realisations 1.
- Market volatility and geopolitical tensionheadwind
High market volatility and geopolitical tensions make risk management more important, as the NAV is not immune to falling markets or currency volatility 1.
Competitive position
RIT competes with other closed-ended investment trusts and with open-ended and private funds pursuing global capital growth. The company argues its edge lies in permanent capital and flexibility across asset classes, in a market increasingly dominated by passive flows and short-term benchmarks 1.
Management believes the sector's consolidation, driven by scale, liquidity and differentiated sources of return, could favour companies with a strong model, but competition for investors remains intense 1.
- Other UK closed-ended investment trusts
Compete for investor capital seeking diversified exposure through closed-ended vehicles; the sources do not name specific peers.
- Open-ended global macro funds
Compete for the same capital seeking absolute return, though they are not constrained by a listed trust structure.
- Private capital funds
Compete in private investments and growth companies, where RIT builds part of its return.
- Passive funds and ETFs
Management cites the dominance of passive flows as a competitive context, without naming specific competitors.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202510 Mar 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / RIT Capital Partners 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.