FY26: Cleaner group, growth still underappreciated

研报英文原文证据摘录

FY26: Cleaner group, growth still underappreciated

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Buy Foresight Group 1 July 2026

Forecast Change

Europe

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 30 Jun 2026 (GBP) 438.00

FSGF.L FSG LN LSE FSGF

Price Target (GBP) 700.00

Diversified Financials

491.00 -

Asset Managers 52-week range (GBP) 345.00

FY26: Cleaner group, growth still

Valuation & Risks underappreciated

Jonas Dohlen

Reiterate Buy Research Associate

We reiterate Buy with a 700p target price. FY26 results were ahead on earnings and +44-20-7541-1561

dividend, while the agreed FCM disposal leaves Foresight as a cleaner Real Assets

David McCann

and Private Equity platform. We think the case is best framed around FRE growth, Research Analyst

with performance fees providing upside in stronger realisation years. On c.9x +44-20-754-11564

FY27E P/E and c.11x FY27E P/FRE, with a solid dividend yield, we think the valuation

remains too low. Key changes

675.00 to

TP ↑ 3.7%

FY26: earnings ahead, cleaner base 700.00

FY26 was a decent set of results on the continuing operations basis. FUM was Adj. EPS (GBP) 50.58 to 47.10 ↓ -6.9%

£9.0bn, revenue was £164.9m and core EBITDA pre-SBP was £68.6m. In our view, Total Revenue

189 to 176 ↓ -6.9%

the continuing operations re-presentation also makes the story easier to (GBPm)

underwrite, with the group now focused on Real Assets and Private Equity Source: Deutsche Bank

following the agreed FCM disposal.

Price/price relative

FCM disposal improves the shape of the group

We view the FCM disposal positively. FCM had become a drag on profitability and 400

was already a negative contributor in our SOTP valuation. Its disposal simplifies the

equity story and improves the quality of the remaining group.