3I GROUP PLC "Action Recovery [ERRATUM]" (Buy) Tam

研报英文原文证据摘录

3I GROUP PLC "Action Recovery [ERRATUM]" (Buy) Tam

% ch Cons.

03/27E 368.86 390.46 6 486.13

Look to 23 July and beyond 03/28E 607.80 585.25 -4 603.98

3i will publish its Q1 performance update on 23 July. This should provide more colour on 03/29E 665.11 702.43 6 705.91

the drivers of the LFL growth recovery, and also confirm sales, EBITDA, and potentially

Haley Tamthe outlook into H2. Beyond this, we look to mid-September and November. In the past,

Analyst

3i has held a Capital Markets Seminar in September, at which it provides an update on haley.tam@ubs.com

Action performance. We also look to mid-November for 3i's 1H Sep 26 results (UBSe 12 +44-20-7567 6176

Nov). 3i has previously indicated it expects to see benefits on LFL growth from price

Michael Werneractions in H2 26. We note that LFL growth comparatives become easier through H2,

which should also help. michael.werner@ubs.com

+44-20-7568 8086

Valuation: SOTP-based PT of 2900p

Amit Jagadeesh

We raise our 3i price target from 2700p to 2900p, reflecting the benefit of a higher Analyst

Action valuation outcome given a forecast recovery in LFL growth to 4% in CY 2026 vs. amit.jagadeesh@ubs.com

our previous 3% forecast. Our Action valuation would rise more if we were to assume +44-20-7567 9705

LFL growth remains sustainably at around 6%, or if we were to raise our EBITDA margin

forecast. We have not done either, preferring to wait for detail on drivers of the recovery

at the 23 July Q1 update and/or further evidence of recovery later this year. Even without

any further upgrade, we see 3i trading at 0.7x FY Mar 27 PTBV, and Action at an implied

12.2x 2027E EV/EBITDA multiple, for forecast 13% EBITDA CAGR 2025-28E. This is

higher than 8.6x for B&M, but for significantly higher EBITDA CAGR (BME 4% CAGR),