# Close Brothers Group (CBG.LSE)

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

Analysis as of: 2026-10-16T07:45:12.641Z. Financial observations: FY2015–FY2026.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

Good past, but the business is changing

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 369.00 per share; close as of 2026-10-15.

Estimated value: low GBX 1,015.92 per share, central GBX 1,117.51 per share, high GBX 1,241.68 per share. Buy at or below the central value GBX 1,117.51 per share. Valuation as of 2026-10-16T07:45:12.641Z; scenarios are not confidence intervals.

Expected annual return: 30.3% at the stated quote. About 30.3% 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

- positive earnings in fewer than 9 of 10 years

- Financial history: 10 years

- Profitable years in the last ten: 8

- Required profitable years: 9

- Return on common equity variation (informational): 0.92×

Chart: Net income; fiscal year observations.

- FY2017: GBP 191M

- FY2018: GBP 202M

- FY2019: GBP 202M

- FY2020: GBP 110M

- FY2021: GBP 202M

- FY2022: GBP 165M

- FY2023: GBP 81M

- FY2024: GBP 100M

- FY2025: GBP -78M

- FY2026: GBP -63M

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- return on tangible common equity below 5% in more than one year

- Bank / P&C ROTE, median of available years: 11.3%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: -4.2%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2017: 18.3%

- FY2018: 18.3%

- FY2019: 17.0%

- FY2020: 9.9%

- FY2021: 16.3%

- FY2022: 12.6%

- FY2023: 6.3%

- FY2024: 6.4%

- FY2025: -5.7%

- FY2026: -4.2%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 10.3%

- Book return interval: 10 years

- Starting book value per share: GBP 6.33

- Ending book value per share: GBP 9.77

Chart: Annual book + dividend return; fiscal year observations.

- FY2017: 19.0%

- FY2018: 13.5%

- FY2019: 16.4%

- FY2020: -1.7%

- FY2021: 20.1%

- FY2022: 14.3%

- FY2023: 6.1%

- FY2024: 27.7%

- FY2025: -13.2%

- FY2026: 6.8%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: 0.2%

- Diluted shares, 5-year annual growth: 0.2%

- Share growth excluding flagged crisis recapitalisations: 0.2%

- Five-year share growth excluding flagged crisis recapitalisations: 0.2%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.50×

- Book value created per share: GBP 3.44

- Earnings retained per share after dividends and buybacks: GBP 2.30

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 101

- FY2019: 101

- FY2020: 101

- FY2021: 101

- FY2022: 100

- FY2023: 100

- FY2024: 100

- FY2025: 100

- FY2026: 102

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Down 74% since Oct 2021 · "Close Brothers ramps up cost cutting after posting another loss" (uk.finance.yahoo.com, Sep 2026) · net income GBP -63.4M

Story as of 2026-10-16T10:00:13.346Z; price observation 2026-10-15.

The price assumes profits shrink 20.3% a year forever

- 2025-09-30: Close Brothers slumps to loss amid write-downs and more compensation provisions ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/close-brothers-slumps-loss-amid-093156965.html))

- 2025-10-14: Close Brothers nearly doubles expected bill for car loan redress to £300m ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/close-brothers-nearly-doubles-expected-080732888.html))

- 2026-03-17: Close Brothers to cut almost quarter of workforce in wake of car finance scandal ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/close-brothers-cut-almost-quarter-075241196.html))

- 2026-05-21: Close Brothers accelerating cost cuts as motor finance bill mounts ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/close-brothers-accelerating-cost-cuts-082625629.html))

- 2026-09-29: Close Brothers ramps up cost cutting after posting another loss ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/close-brothers-ramps-cost-cutting-072357693.html))

### Net income · FY2026

net income GBP -63.4M; source https://filings.xbrl.org/213800W73SYHR14I3X91/2025-07-31/ESEF/GB/0/213800W73SYHR14I3X91-2025-07-31/reports/213800W73SYHR14I3X91-2025-07-31-T01.xhtml; observed 2025-12-03.

- FY2017: GBP 191M 

- FY2018: GBP 202M 

- FY2019: GBP 202M 

- FY2020: GBP 110M 

- FY2021: GBP 202M 

- FY2022: GBP 165M 

- FY2023: GBP 81M 

- FY2024: GBP 100M 

- FY2025: GBP -78M 

- FY2026: GBP -63M 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are GBP 846.4 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-03); FY2026: revenue 846400000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CBG.LSE: Close Brothers Group plc, a banking company, engages in the provision of lending and deposit taking in the United Kingdom. It operates through three segments: Commercial, Retail, and Property. The company offers asset finance; finance for new and pre-owned aircraft, commercial vessels, and leisure boats; Loan, leasing and hire purchase finance options for optical, veterinary, dental, accountancy, legal, pharmacy, medical, and funeral sectors; and broker solutions. It also provides fast short-term and bridging finance for residential and commercial property acquisitions; commercial finance; invoice finance and asset based lending for SMEs and large businesses; Novitas loans; property finance; and vehicle solutions, including vehicle rental, contract hire, finance solutions, and fleet management services. In addition, the company offers motor finance; premium finance; and savings solutions. Close Brothers Group plc was founded in 1878 and is headquartered in London, the United Kingdom.

### Why customers stay

It earns 11.3% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-03); 10-year return on tangible equity observations [[2017,0.18300153139356815],[2018,0.18335901386748846],[2019,0.1696969696969697],[2020,0.09905916410349194],[2021,0.16262975778546712],[2022,0.12602990540128167],[2023,0.063034354111612],[2024,0.06368537900412306],[2025,-0.05679498391893046],[2026,-0.042362688761192036]]; median 0.11254453475238681. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-03); Dividend observations: [[2017,85600000],[2018,91000000],[2019,95500000],[2020,65800000],[2021,86600000],[2022,95500000],[2023,99100000],[2024,67100000],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 1.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CBG.LSE SharesStats.PercentInsiders = 1.2630000000000001 percentage points; cache date 2026-10-16.

### What could break it

"Legal and regulatory risk" (CBG filing, Oct 2025)

- Source: https://www.closebrothers.com/system/files/rrp/reports/CBGAnnualReport2025.pdf (filed 2025-10-03); Legal and regulatory risk

### What the price says

The price assumes profits shrink 20.3% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-03); Price 369; FX 100; original perpetual distributable cash 1.117508809812995; discount 0.1; growth -0.20284791593848103. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

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

- 2016-10: GBX 1,327.00 per share

- 2016-11: GBX 1,363.00 per share

- 2016-12: GBX 1,445.00 per share

- 2017-01: GBX 1,450.00 per share

- 2017-02: GBX 1,508.00 per share

- 2017-03: GBX 1,538.00 per share

- 2017-04: GBX 1,692.00 per share

- 2017-05: GBX 1,601.00 per share

- 2017-06: GBX 1,509.00 per share

- 2017-07: GBX 1,540.00 per share

- 2017-08: GBX 1,545.00 per share

- 2017-09: GBX 1,475.00 per share

- 2017-10: GBX 1,389.00 per share

- 2017-11: GBX 1,423.00 per share

- 2017-12: GBX 1,448.00 per share

- 2018-01: GBX 1,574.00 per share

- 2018-02: GBX 1,570.00 per share

- 2018-03: GBX 1,435.00 per share

- 2018-04: GBX 1,536.00 per share

- 2018-05: GBX 1,460.00 per share

- 2018-06: GBX 1,486.00 per share

- 2018-07: GBX 1,588.00 per share

- 2018-08: GBX 1,596.00 per share

- 2018-09: GBX 1,582.00 per share

- 2018-10: GBX 1,472.00 per share

- 2018-11: GBX 1,504.00 per share

- 2018-12: GBX 1,440.00 per share

- 2019-01: GBX 1,485.00 per share

- 2019-02: GBX 1,510.00 per share

- 2019-03: GBX 1,455.00 per share

- 2019-04: GBX 1,552.00 per share

- 2019-05: GBX 1,376.00 per share

- 2019-06: GBX 1,414.00 per share

- 2019-07: GBX 1,331.00 per share

- 2019-08: GBX 1,289.00 per share

- 2019-09: GBX 1,409.00 per share

- 2019-10: GBX 1,383.00 per share

- 2019-11: GBX 1,487.00 per share

- 2019-12: GBX 1,598.00 per share

- 2020-01: GBX 1,416.00 per share

- 2020-02: GBX 1,283.00 per share

- 2020-03: GBX 1,132.00 per share

- 2020-04: GBX 1,091.00 per share

- 2020-05: GBX 1,078.00 per share

- 2020-06: GBX 1,105.00 per share

- 2020-07: GBX 1,096.00 per share

- 2020-08: GBX 1,123.00 per share

- 2020-09: GBX 1,021.00 per share

- 2020-10: GBX 1,077.00 per share

- 2020-11: GBX 1,294.00 per share

- 2020-12: GBX 1,382.00 per share

- 2021-01: GBX 1,410.00 per share

- 2021-02: GBX 1,555.00 per share

- 2021-03: GBX 1,551.00 per share

- 2021-04: GBX 1,588.00 per share

- 2021-05: GBX 1,641.00 per share

- 2021-06: GBX 1,515.00 per share

- 2021-07: GBX 1,543.00 per share

- 2021-08: GBX 1,543.00 per share

- 2021-09: GBX 1,547.00 per share

- 2021-10: GBX 1,440.00 per share

- 2021-11: GBX 1,293.00 per share

- 2021-12: GBX 1,404.00 per share

- 2022-01: GBX 1,283.00 per share

- 2022-02: GBX 1,171.00 per share

- 2022-03: GBX 1,191.00 per share

- 2022-04: GBX 1,110.00 per share

- 2022-05: GBX 1,097.00 per share

- 2022-06: GBX 1,025.00 per share

- 2022-07: GBX 1,110.00 per share

- 2022-08: GBX 1,021.00 per share

- 2022-09: GBX 927.50 per share

- 2022-10: GBX 982.00 per share

- 2022-11: GBX 1,071.00 per share

- 2022-12: GBX 1,047.00 per share

- 2023-01: GBX 969.00 per share

- 2023-02: GBX 1,012.00 per share

- 2023-03: GBX 901.00 per share

- 2023-04: GBX 908.00 per share

- 2023-05: GBX 907.50 per share

- 2023-06: GBX 881.50 per share

- 2023-07: GBX 919.00 per share

- 2023-08: GBX 821.00 per share

- 2023-09: GBX 886.00 per share

- 2023-10: GBX 797.00 per share

- 2023-11: GBX 767.00 per share

- 2023-12: GBX 794.00 per share

- 2024-01: GBX 544.00 per share

- 2024-02: GBX 346.80 per share

- 2024-03: GBX 418.20 per share

- 2024-04: GBX 455.40 per share

- 2024-05: GBX 478.80 per share

- 2024-06: GBX 423.60 per share

- 2024-07: GBX 511.00 per share

- 2024-08: GBX 544.00 per share

- 2024-09: GBX 411.60 per share

- 2024-10: GBX 228.00 per share

- 2024-11: GBX 223.80 per share

- 2024-12: GBX 236.20 per share

- 2025-01: GBX 319.40 per share

- 2025-02: GBX 331.00 per share

- 2025-03: GBX 278.20 per share

- 2025-04: GBX 324.80 per share

- 2025-05: GBX 333.60 per share

- 2025-06: GBX 369.60 per share

- 2025-07: GBX 403.60 per share

- 2025-08: GBX 459.60 per share

- 2025-09: GBX 494.00 per share

- 2025-10: GBX 418.80 per share

- 2025-11: GBX 450.60 per share

- 2025-12: GBX 522.50 per share

- 2026-01: GBX 505.00 per share

- 2026-02: GBX 495.80 per share

- 2026-03: GBX 400.60 per share

- 2026-04: GBX 440.60 per share

- 2026-05: GBX 460.80 per share

- 2026-06: GBX 405.20 per share

- 2026-07: GBX 425.60 per share

- 2026-08: GBX 412.60 per share

- 2026-09: GBX 416.40 per share

- 2026-10: GBX 369.00 per share

## Annual estimated value (GBX per share)

- FY2017: low GBX 1,482.05 per share, central GBX 1,852.56 per share, high GBX 2,470.08 per share

- FY2018: low GBX 1,727.70 per share, central GBX 2,159.62 per share, high GBX 2,879.49 per share

- FY2019: low GBX 1,861.64 per share, central GBX 2,327.04 per share, high GBX 3,102.73 per share

- FY2020: low GBX 1,727.55 per share, central GBX 2,159.44 per share, high GBX 2,879.26 per share

- FY2021: low GBX 1,938.86 per share, central GBX 2,423.58 per share, high GBX 3,231.44 per share

- FY2022: low GBX 2,066.30 per share, central GBX 2,582.88 per share, high GBX 3,443.84 per share

- FY2023: low GBX 1,982.49 per share, central GBX 2,478.11 per share, high GBX 3,304.15 per share

- FY2024: low GBX 2,213.57 per share, central GBX 2,766.96 per share, high GBX 3,689.28 per share

- FY2025: low GBX 1,200.57 per share, central GBX 1,320.63 per share, high GBX 1,467.37 per share

- FY2026: low GBX 999.80 per share, central GBX 1,099.78 per share, high GBX 1,221.97 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

Prior published observations retained from 2026-10-15T06:50:56.446Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800W73SYHR14I3X91/2025-07-31/ESEF/GB/0/213800W73SYHR14I3X91-2025-07-31/reports/213800W73SYHR14I3X91-2025-07-31-T01.xhtml); period 2025-07-31, filed 2025-12-03.

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.