# 3I Group (III.LSE)

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

Analysis as of: 2026-10-16T07:34:14.562Z. Financial observations: FY2004–FY2026.

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 2,447.00 per share; close as of 2026-10-15.

Estimated value: low GBX 3,628.24 per share, central GBX 3,628.24 per share, high GBX 3,628.24 per share. Buy at or below the central value GBX 3,628.24 per share. Valuation as of 2026-10-16T07:34:14.562Z; scenarios are not confidence intervals.

Expected annual return: 14.4% at the stated quote. About 14.4% a year at today's price (required return 10.0%). required return 10.0% a year.

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.10×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.93×

- FY2018: 0.92×

- FY2019: 0.91×

- FY2020: 0.65×

- FY2021: 0.94×

- FY2022: 0.97×

- FY2023: 0.97×

- FY2024: 0.96×

- FY2025: 0.97×

- FY2026: 0.98×

### moat: pass

- ROIC, median of available years: 19.2%

- ROIC, second-lowest year: 16.3%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 100.0%

- Recent gross margin (lower of latest and 3-year median): 100.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 27.5%

- FY2018: 21.5%

- FY2019: 16.3%

- FY2020: 2.8%

- FY2021: 18.8%

- FY2022: 29.7%

- FY2023: 26.4%

- FY2024: 18.1%

- FY2025: 19.6%

- FY2026: 17.3%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 23B

- Net income, five-year total: GBP 23B

- Return on incremental invested capital: 66528.1%

- Working capital / revenue, annual change: -3.7 pp

- Working capital / revenue, change between three-year averages: 1.9 pp

- Working capital / revenue, final three-year average: -1.6%

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

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 1.00×

- FY2026: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 21.5% vs 18.1%

- Per-share earnings: 1.51 to 5.20 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.6%

- Ordinary dilution, 5-year annual growth: 1.0%

- Market cap gain: GBP 18B

- Cumulative retained earnings: GBP 739M

- Diluted shares, 10-year annual growth: 0.6%

- Diluted shares, 5-year annual growth: 1.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 16.7%

- Per-share value change: GBP 3.69

- Per-share value, starting three-year median: GBP 1.51

- Per-share value, ending three-year median: GBP 5.20

- Buybacks concentrated in cheaper years (correlation): -0.37

- Average buyback yield: 0.8%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- Acquisition spending: GBP 12M

- Cumulative net income, 10 years: GBP 29B

- ROIC, first three-year median: 21.5%

- ROIC, last three-year median: 18.1%

Chart: Earnings per share; fiscal year observations.

- FY2017: GBP 1.68

- FY2018: GBP 1.51

- FY2019: GBP 1.28

- FY2020: GBP 0.22

- FY2021: GBP 1.92

- FY2022: GBP 4.16

- FY2023: GBP 4.73

- FY2024: GBP 3.96

- FY2025: GBP 5.21

- FY2026: GBP 5.20

### accounting: pass

- Sloan accruals exceed 10%

- Sloan accruals: 15.9%

- Receivables to sales index (DSRI): 0.67×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.03×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 20.6%

- FY2018: 14.6%

- FY2019: 8.6%

- FY2020: 0.5%

- FY2021: 23.4%

- FY2022: -0.1%

- FY2023: 0.0%

- FY2024: 16.0%

- FY2025: 16.4%

- FY2026: 15.9%

## Holders

## Price story

Down 44% since Oct 2025 · sales +8.6%

Story as of 2026-10-16T09:59:59.794Z; price observation 2026-10-15.

The price assumes assets grow 7.7% yearly for ten years

### Sales · FY2025–2026

sales +8.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: GBP 1.6B 

- FY2018: GBP 1.6B 

- FY2019: GBP 1.4B 

- FY2020: GBP 325M 

- FY2021: GBP 2.0B 

- FY2022: GBP 4.2B 

- FY2023: GBP 4.7B 

- FY2024: GBP 4.0B 

- FY2025: GBP 5.1B 

- FY2026: GBP 5.6B 

## Owner memo

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

### How it makes money

Operates in asset management; annual sales are GBP 5.6 billion.

- Source: https://eodhd.com/api/fundamentals/III.LSE.json#2026-03-31 (filed 2026-10-16T07:34:14.562Z); FY2026: revenue 5582000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); III.LSE: 3i Group plc is a private equity firm specializing in mature companies, growth capital, middle markets, infrastructure, and management leveraged buyouts and buy-ins. The firm also provides infrastructure financing and debt management. For debt management, it invests in senior and mezzanine corporate debt in typically large and private companies in United Kingdom, Europe, Asia, and North America. It makes private equity investments in business and technology services, financial services, consumer and private label, software and service, healthcare, consumption and distribution, media and telecom, renewable energy, wind, and industrial technology sector. Within business and technology services, the firm seeks to invest in sub sectors such as testing, inspection and certification; intelligent outsourcing, BPO and consultancy; human capital including staffing, governance, risk and compliance, services to pharmaceutical companies, vertical application software, education and training businesses; facilities management; support services to industrial sectors such as oil and gas and utilities; human resources outsourcing and advising; recruitment; logistics and infrastructure support services including distribution, waste, and rental. In the consumer sector, it focuses on, multi-unit roll out, omni-channel propositions, niche branded consumer goods, polarization, health and wellness, ageing population, millennials, consumer goods; e-commerce; retail; food and drinks; private label CMO and leisure. In the healthcare sector, the firm focuses on outsourced medical device manufacturing & services, outsourced pharmaceutical manufacturing & services, bioprocessing supply chain, life science tools and diagnostics, wellness & consumer health products, personalized medicine, pharmaceuticals and biotechnology including specialty pharma, generics or OTC, drug delivery, and animal health; healthcare services including activities such as elderly and specialty care, including caring for people in their own homes, in hospital and in co

### Where the cash goes

Paid dividends in 10 of 10 years; bought back GBP 15 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:14.562Z); Dividend observations: [[2017,128000000],[2018,154000000],[2019,358000000],[2020,363000000],[2021,338000000],[2022,389000000],[2023,485000000],[2024,541000000],[2025,625000000],[2026,765000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/III.LSE.json#2026-03-31 (filed 2026-10-16T07:34:14.562Z); FY2026: cash repurchases 15000000 GBP.

### Are managers owners

Insiders own 2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); III.LSE SharesStats.PercentInsiders = 2.038 percentage points; cache date 2026-10-16.

### What could break it

The majority of 3i’s climate risk exposure is through its portfolio.

- Source: https://filings.xbrl.org/35GDVHRBMFE7NWATNM84/2026-03-31/ESEF/GB/0/35GDVHRBMFE7NWATNM84-2026-03-31/reports/35GDVHRBMFE7NWATNM84-2026-03-31-T01.html (filed 2026-05-27); Nevertheless, the business is affected directly by climate-related legal, regulatory and reporting risks, as well as by the related reputational risks. The majority of 3i’s climate risk exposure is through its portfolio. We describe our processes to identify and manage climate-related risks and opportunities in detail under the Strategy pillar above.

### What the price says

The price assumes assets grow 7.7% yearly for ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:14.562Z); Price 2447; FX 100; reported NAV 30.3; ten-year realization discounted at 0.1; required annual NAV growth 0.07674241038873442. Closing-price date 2026-10-15.

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

- 2016-11: GBX 689.00 per share

- 2016-12: GBX 558.00 per share

- 2017-01: GBX 700.00 per share

- 2017-02: GBX 688.50 per share

- 2017-03: GBX 749.50 per share

- 2017-04: GBX 793.50 per share

- 2017-05: GBX 895.00 per share

- 2017-06: GBX 902.50 per share

- 2017-07: GBX 936.00 per share

- 2017-08: GBX 969.50 per share

- 2017-09: GBX 644.00 per share

- 2017-10: GBX 961.00 per share

- 2017-11: GBX 901.00 per share

- 2017-12: GBX 701.00 per share

- 2018-01: GBX 931.40 per share

- 2018-02: GBX 939.60 per share

- 2018-03: GBX 702.00 per share

- 2018-04: GBX 941.60 per share

- 2018-05: GBX 953.00 per share

- 2018-06: GBX 760.00 per share

- 2018-07: GBX 947.60 per share

- 2018-08: GBX 896.40 per share

- 2018-09: GBX 761.00 per share

- 2018-10: GBX 878.20 per share

- 2018-11: GBX 833.60 per share

- 2018-12: GBX 773.40 per share

- 2019-01: GBX 849.60 per share

- 2019-02: GBX 945.80 per share

- 2019-03: GBX 795.00 per share

- 2019-04: GBX 1,070.50 per share

- 2019-05: GBX 1,051.00 per share

- 2019-06: GBX 862.00 per share

- 2019-07: GBX 1,112.50 per share

- 2019-08: GBX 1,096.50 per share

- 2019-09: GBX 1,166.50 per share

- 2019-10: GBX 1,128.00 per share

- 2019-11: GBX 1,071.00 per share

- 2019-12: GBX 1,098.00 per share

- 2020-01: GBX 1,104.50 per share

- 2020-02: GBX 1,008.00 per share

- 2020-03: GBX 792.20 per share

- 2020-04: GBX 784.00 per share

- 2020-05: GBX 825.00 per share

- 2020-06: GBX 832.60 per share

- 2020-07: GBX 889.60 per share

- 2020-08: GBX 938.00 per share

- 2020-09: GBX 996.60 per share

- 2020-10: GBX 961.00 per share

- 2020-11: GBX 1,070.50 per share

- 2020-12: GBX 1,158.00 per share

- 2021-01: GBX 1,111.50 per share

- 2021-02: GBX 1,107.00 per share

- 2021-03: GBX 1,153.50 per share

- 2021-04: GBX 1,282.00 per share

- 2021-05: GBX 1,243.00 per share

- 2021-06: GBX 1,173.00 per share

- 2021-07: GBX 1,279.50 per share

- 2021-08: GBX 1,337.50 per share

- 2021-09: GBX 1,281.50 per share

- 2021-10: GBX 1,364.00 per share

- 2021-11: GBX 1,387.00 per share

- 2021-12: GBX 1,449.00 per share

- 2022-01: GBX 1,370.00 per share

- 2022-02: GBX 1,335.50 per share

- 2022-03: GBX 1,388.50 per share

- 2022-04: GBX 1,325.00 per share

- 2022-05: GBX 1,269.50 per share

- 2022-06: GBX 1,108.50 per share

- 2022-07: GBX 1,269.50 per share

- 2022-08: GBX 1,215.50 per share

- 2022-09: GBX 1,093.00 per share

- 2022-10: GBX 1,160.50 per share

- 2022-11: GBX 1,348.50 per share

- 2022-12: GBX 1,602.50 per share

- 2023-01: GBX 1,575.00 per share

- 2023-02: GBX 1,627.00 per share

- 2023-03: GBX 1,685.00 per share

- 2023-04: GBX 1,767.00 per share

- 2023-05: GBX 1,955.50 per share

- 2023-06: GBX 1,948.50 per share

- 2023-07: GBX 1,977.00 per share

- 2023-08: GBX 1,993.50 per share

- 2023-09: GBX 1,859.50 per share

- 2023-10: GBX 1,934.50 per share

- 2023-11: GBX 2,232.00 per share

- 2023-12: GBX 19.81 per share

- 2024-01: GBX 2,479.00 per share

- 2024-02: GBX 2,468.00 per share

- 2024-03: GBX 20.50 per share

- 2024-04: GBX 2,876.00 per share

- 2024-05: GBX 2,863.00 per share

- 2024-06: GBX 21.52 per share

- 2024-07: GBX 3,128.00 per share

- 2024-08: GBX 3,179.00 per share

- 2024-09: GBX 3,305.00 per share

- 2024-10: GBX 3,172.00 per share

- 2024-11: GBX 3,709.00 per share

- 2024-12: GBX 3,564.00 per share

- 2025-01: GBX 3,904.00 per share

- 2025-02: GBX 3,957.00 per share

- 2025-03: GBX 3,616.00 per share

- 2025-04: GBX 4,234.00 per share

- 2025-05: GBX 4,072.00 per share

- 2025-06: GBX 4,120.00 per share

- 2025-07: GBX 4,151.00 per share

- 2025-08: GBX 4,019.00 per share

- 2025-09: GBX 4,089.00 per share

- 2025-10: GBX 4,400.00 per share

- 2025-11: GBX 3,158.00 per share

- 2025-12: GBX 3,263.00 per share

- 2026-01: GBX 3,351.00 per share

- 2026-02: GBX 3,322.00 per share

- 2026-03: GBX 2,438.00 per share

- 2026-04: GBX 2,562.00 per share

- 2026-05: GBX 2,275.00 per share

- 2026-06: GBX 2,486.00 per share

- 2026-07: GBX 2,864.00 per share

- 2026-08: GBX 2,828.00 per share

- 2026-09: GBX 2,624.00 per share

- 2026-10: GBX 2,403.00 per share

## Annual estimated value (GBX per share)

- FY2022: low GBX 1,581.82 per share, central GBX 1,581.82 per share, high GBX 1,581.82 per share

- FY2023: low GBX 2,089.53 per share, central GBX 2,089.53 per share, high GBX 2,089.53 per share

- FY2024: low GBX 2,496.66 per share, central GBX 2,496.66 per share, high GBX 2,496.66 per share

- FY2025: low GBX 3,043.89 per share, central GBX 3,043.89 per share, high GBX 3,043.89 per share

- FY2026: low GBX 3,628.24 per share, central GBX 3,628.24 per share, high GBX 3,628.24 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.