Bridgepoint Group PLC (BPTB.L): 1H26 - Strong Results + Attractive Guidance That Is Well Above Consensus; Reit Buy

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Bridgepoint Group PLC (BPTB.L): 1H26 - Strong Results + Attractive Guidance That Is Well Above Consensus; Reit Buy

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17 Jul 2026 02:53:56 ET │ 11 pages

Bridgepoint Group PLC (BPTB.L)

1H26 - Strong Results + Attractive Guidance That Is Well Above

Consensus; Reit Buy

CITI'S TAKE Buy

Price (16 Jul 26 16:30) £3.14 Bridgepoint’s 1H26 underlying results are very solid, albeit this should not

Target price £4.00 be a surprise, considering the Company recently updated guidance at the

announcement of the KARE acquisition (and, unsurprisingly, outlook has Expected share price return 27.4%

been reiterated). Underlying EBITDA of £227m is c30% above company- Expected dividend yield 3.4%

collected consensus, driven by both better fee-related and performance- Expected total return 30.8%

related earnings (“FRE” and “PRE” respectively). FPAUM is 14% above Market Cap £2,757M

expectations on stronger PE and Infra fundraising and ECP VI hard cap US$3,649M

raised slightly. Fund performance remains very strong. Interim DPS 4.8p

slightly below consensus 5.1p. While guidance has been reiterated, we

expect consensus upgrades, as consensus remains well-below guidance,

which looks very achievable, in our view (Citi c 10% above consensus over Nicholas HermanAC

FY26-28). We have a Buy rating on Bridgepoint shares, given +44-20-7986-4203

undemanding valuation and significant upside to consensus nicholas.herman@citi.com

expectations. Hannah Leivdal

+44-20-7500-4475

Outlook Largely Reiterated; Consensus Still Too Low — Fundraising: Expect to hannah.leivdal@citi.com

raise €28bn over FY24-26 (unchanged; Citi €28bn); BE VIII raised €7.0bn so Andrew Lowe, CFA

far; final close in 1Q27 at €8-8.5bn (Citi €8.5bn); ECP VI: raised $7.0bn so far; hard

+44-20-7986-4042