3I GROUP PLC "Trough times" (Buy) Tam

研报英文原文证据摘录

3I GROUP PLC "Trough times" (Buy) Tam

ecent historical range, which look inexpensive

given forecast average 14% FY27E-31E Return on Shareholders Funds; 2) continued strong Action

EBITDA growth (UBSe 14% CY25-29E), at below-peer-group EV/EBITDA multiples.

EVIDENCE Our view is informed by our bottom-up earnings model for Action, peer comparison to other

discount retailers and investment companies, and review of 3i's historical relationship between Price-

to-Book Value multiples and Return on Shareholders Funds.

WHAT´S PRICED IN? Subtracting reported Mar 26 book value for ex-Action investments from 3i's market value suggests

investors are paying ~16.5x CY27E PE and ~10.5x CY27E EV/EBITDA for Action - inexpensive vs.

history and peers for UBSe forecast of 13% EBITDA CAGR, 14% Net Income CAGR 2025-29E.

Upside/Downside

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Action Like-for- Action

Action New Stores Like Growth EBITDA margin Action CY27E EV/

Value drivers

(2026E-29E Avg) (2026E-29E (2026E-29E EBITDA Multiple

CAGR) Average)

4400p upside 1,781 7.3% 15.9% 20.7x

2700p base 1,720 4.3% 14.3% 14.2x

1800p downside 1,220 1.5% 12.9% 10.5x

Source: UBS Estimates

Company Description 3i is an investment company specialising in mid-market Private Equity and Infrastructure in northern

Europe and North America. Its Private Equity business is funded principally from proprietary capital,

with some funding from co-investors for selected assets. Its Infrastructure business manages assets

on behalf of third-party investors and 3i’s proprietary capital, with the objective of generating

attractive capital returns and earning fund management fees and income.

3I GROUP PLC 20 May 2026 ab 2