3I GROUP PLC Evidence Lab: Action trends improve in May

研报英文原文证据摘录

3I GROUP PLC Evidence Lab: Action trends improve in May

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 Action CY27E EV/

Value drivers Like Growth EBITDA margin

(2026-29E Avg) EBITDA Multiple

(2026-30E CAGR) (2026-30E Avg)

4400 upside 1,780 7% 15.9% 20.7x

2700 base 1,720 4% 14.3% 14.2x

1800 downside 1,220 2% 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 16 June 2026 ab 3