# Bridgepoint Group (BPT.LSE)

Canonical: https://gigainvestors.com/s/BPT.LSE

Analysis as of: 2026-10-16T07:37:27.503Z. Financial observations: FY2018–FY2025.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: GBX 397.00 per share; close as of 2026-10-15.

Estimated value: low GBX 397.11 per share, central GBX 415.73 per share, high GBX 440.51 per share. Buy at or below the central value GBX 415.73 per share. Valuation as of 2026-10-16T07:37:27.503Z; scenarios are not confidence intervals.

Expected annual return: 11.0% at the stated quote. About 11.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 8 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 0.43×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.06×

- FY2019: 0.38×

- FY2020: 0.30×

- FY2021: 0.33×

- FY2022: 0.45×

- FY2023: 0.34×

- FY2024: 0.21×

- FY2025: 0.55×

### moat: pass

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC, median of available years: 15.4%

- ROIC, second-lowest year: 10.4%

- Typical minus recent gross margin: -6.1 pp

- Typical gross margin (annual median): 61.5%

- Recent gross margin (lower of latest and 3-year median): 67.6%

- Years with nonpositive capital: 2

- Capital spending / revenue: 2.2%

- ROIC including acquisitions, ten-year median: 11.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 1.8%

- FY2019: 23.1%

- FY2020: 12.6%

- FY2021: 18.2%

- FY2022: 32.9%

- FY2023: 27.6%

- FY2024: 10.4%

- FY2025: 11.2%

### economics: pass

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 353M

- Net income, five-year total: GBP 355M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -27.3 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.86×

- FY2022: 0.86×

- FY2023: 0.98×

- FY2024: 1.23×

- FY2025: 1.23×

### management: pass

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 12.6% vs 11.2%

- Per-share earnings: 0.04 to 0.05 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 1.5%

- Diluted shares, 5-year annual growth: 1.5%

- Per-share value growth: 3.4%

- Per-share value change: GBP 0.01

- Per-share value, starting three-year median: GBP 0.04

- Per-share value, ending three-year median: GBP 0.05

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 1.0%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: 12.6%

- ROIC, last three-year median: 11.2%

Chart: Earnings per share; fiscal year observations.

- FY2018: GBP -0.01

- FY2019: GBP 0.05

- FY2020: GBP 0.04

- FY2021: GBP 0.08

- FY2022: GBP 0.15

- FY2023: GBP 0.09

- FY2024: GBP 0.05

- FY2025: GBP 0.05

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -2.1%

- Receivables to sales index (DSRI): 0.81×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 43.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.62×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.24×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -7.8%

- FY2019: 11.1%

- FY2020: 1.2%

- FY2021: 4.1%

- FY2022: 4.8%

- FY2023: -1.0%

- FY2024: 1.3%

- FY2025: -2.1%

## Holders

## Price story

Price needs cash profits to shrink 0.7% a year for ten years · sales +22.8%

Story as of 2026-10-16T10:00:09.109Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.7% a year for ten years

- 2026-10-07: Bridgepoint raises 2026 EBITDA guidance, sets new capital return framework ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/bridgepoint-raises-2026-ebitda-guidance-064845272.html))

### Sales · FY2024–2025

sales +22.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: GBP 127M 

- FY2019: GBP 199M 

- FY2020: GBP 192M 

- FY2021: GBP 212M 

- FY2022: GBP 266M 

- FY2023: GBP 295M 

- FY2024: GBP 388M 

- FY2025: GBP 477M 

### Gross margin · FY2025

gross margin 86.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: 54.0% 

- FY2019: 49.2% 

- FY2020: 59.8% 

- FY2021: 50.8% 

- FY2022: 63.3% 

- FY2023: 67.6% 

- FY2024: 67.3% 

- FY2025: 86.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in asset management; annual sales are GBP 476.7 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:27.503Z); FY2025: revenue 476700000; grossProfit 411800000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 67.3% to 86.4% during 2023–25; it earns 15.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:27.503Z); FY2023: grossProfit / revenue = 67.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:27.503Z); FY2024: grossProfit / revenue = 67.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:27.503Z); FY2025: grossProfit / revenue = 86.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:27.503Z); 8-year return on capital observations [[2018,0.017851436201735894],[2019,0.2312396355704541],[2020,0.12618556701030928],[2021,0.18176864929861872],[2022,0.3291162618893711],[2023,0.27559427189012015],[2024,0.10448686213232315],[2025,0.11156184877342705]]; median 0.153977108154464. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 8 years; bought back GBP 4.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:27.503Z); FY2019: growth capex 2012000; upkeep 1672000; owner earnings 34421000. Growth capex / owner earnings = 0.05845268876557915.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:27.503Z); FY2020: growth capex 0; upkeep 3200000; owner earnings 33699600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:27.503Z); FY2021: growth capex 0; upkeep 6300000; owner earnings 49540000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:27.503Z); FY2022: growth capex 4300000; upkeep 18300000; owner earnings 103960000. Growth capex / owner earnings = 0.041362062331666026.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:27.503Z); FY2023: growth capex 0; upkeep 4000000; owner earnings 69080000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:27.503Z); FY2024: growth capex 0; upkeep 2900000; owner earnings 79541765.55716354. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:27.503Z); FY2025: growth capex 0; upkeep 32300000; owner earnings 51219929.45326279. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:27.503Z); Dividend observations: [[2018,6584000],[2019,6584000],[2020,6600000],[2021,30000000],[2022,62800000],[2023,68000000],[2024,80100000],[2025,78100000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:27.503Z); FY2025: cash repurchases 4099999 GBP.

### Are managers owners

Insiders own 22.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BPT.LSE SharesStats.PercentInsiders = 22.459 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 0.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:27.503Z); Ten-year compound average after fade. Initial solved rate -0.023085556379783656. Price 397; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (GBX per share)

- 2021-07: GBX 485.00 per share

- 2021-08: GBX 506.00 per share

- 2021-09: GBX 504.00 per share

- 2021-10: GBX 496.00 per share

- 2021-11: GBX 488.00 per share

- 2021-12: GBX 493.00 per share

- 2022-01: GBX 381.50 per share

- 2022-02: GBX 338.50 per share

- 2022-03: GBX 351.50 per share

- 2022-04: GBX 306.20 per share

- 2022-05: GBX 322.20 per share

- 2022-06: GBX 241.60 per share

- 2022-07: GBX 255.00 per share

- 2022-08: GBX 250.40 per share

- 2022-09: GBX 188.00 per share

- 2022-10: GBX 199.30 per share

- 2022-11: GBX 196.50 per share

- 2022-12: GBX 190.60 per share

- 2023-01: GBX 239.00 per share

- 2023-02: GBX 249.60 per share

- 2023-03: GBX 220.80 per share

- 2023-04: GBX 241.00 per share

- 2023-05: GBX 214.40 per share

- 2023-06: GBX 202.60 per share

- 2023-07: GBX 188.90 per share

- 2023-08: GBX 174.70 per share

- 2023-09: GBX 192.60 per share

- 2023-10: GBX 181.50 per share

- 2023-11: GBX 231.80 per share

- 2023-12: GBX 279.20 per share

- 2024-01: GBX 268.80 per share

- 2024-02: GBX 258.80 per share

- 2024-03: GBX 260.20 per share

- 2024-04: GBX 230.40 per share

- 2024-05: GBX 223.60 per share

- 2024-06: GBX 220.40 per share

- 2024-07: GBX 293.00 per share

- 2024-08: GBX 302.60 per share

- 2024-09: GBX 344.60 per share

- 2024-10: GBX 311.60 per share

- 2024-11: GBX 345.80 per share

- 2024-12: GBX 360.00 per share

- 2025-01: GBX 381.20 per share

- 2025-02: GBX 348.60 per share

- 2025-03: GBX 321.00 per share

- 2025-04: GBX 267.40 per share

- 2025-05: GBX 289.80 per share

- 2025-06: GBX 310.80 per share

- 2025-07: GBX 327.80 per share

- 2025-08: GBX 336.80 per share

- 2025-09: GBX 305.00 per share

- 2025-10: GBX 301.00 per share

- 2025-11: GBX 283.00 per share

- 2025-12: GBX 283.80 per share

- 2026-01: GBX 272.20 per share

- 2026-02: GBX 252.00 per share

- 2026-03: GBX 229.80 per share

- 2026-04: GBX 250.20 per share

- 2026-05: GBX 270.00 per share

- 2026-06: GBX 262.40 per share

- 2026-07: GBX 320.60 per share

- 2026-08: GBX 322.60 per share

- 2026-09: GBX 336.00 per share

- 2026-10: GBX 397.00 per share

## Annual estimated value (GBX per share)

- FY2022: low GBX 187.53 per share, central GBX 196.09 per share, high GBX 207.48 per share

- FY2023: low GBX 294.97 per share, central GBX 308.06 per share, high GBX 325.49 per share

- FY2024: low GBX 236.31 per share, central GBX 247.35 per share, high GBX 262.06 per share

- FY2025: low GBX 404.49 per share, central GBX 423.45 per share, high GBX 448.70 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.