# Shawbrook Group (SHAW.LSE)

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

Analysis as of: 2026-10-16T07:40:49.675Z. Financial observations: FY2015–FY2025.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

Not a wonderful business

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

Share price: GBX 296.50 per share; close as of 2026-10-15.

Estimated value: low GBX 699.74 per share, central GBX 874.67 per share, high GBX 1,166.23 per share. Buy at or below the central value GBX 874.67 per share. Valuation as of 2026-10-16T07:40:49.675Z; scenarios are not confidence intervals.

Expected annual return: 17.8% at the stated quote. About 17.8% 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: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.20×

Chart: Net income; fiscal year observations.

- FY2016: GBP 65M

- FY2017: GBP 61M

- FY2018: GBP 84M

- FY2019: GBP 94M

- FY2020: GBP 58M

- FY2021: GBP 149M

- FY2022: GBP 175M

- FY2023: GBP 212M

- FY2024: GBP 220M

- FY2025: GBP 196M

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 16.8%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 12.4%

- Years with reported combined ratio: 0

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

- FY2016: 17.2%

- FY2017: 14.1%

- FY2018: 17.1%

- FY2019: 16.3%

- FY2020: 9.3%

- FY2021: 19.6%

- FY2022: 18.6%

- FY2023: 19.1%

- FY2024: 16.5%

- FY2025: 12.4%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 9.9%

- Book return interval: 10 years

- Starting book value per share: GBP 1.24

- Ending book value per share: GBP 3.09

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

- FY2016: 21.9%

- FY2017: 15.5%

- FY2018: 13.2%

- FY2019: 17.2%

- FY2020: 8.7%

- FY2021: 21.7%

- FY2022: 23.6%

- FY2023: -41.1%

- FY2024: 20.5%

- FY2025: 18.4%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- ordinary share count growth exceeds 2% annually in both the full and five-year windows

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: 7.2%

- Diluted shares, 5-year annual growth: 15.0%

- Share growth excluding flagged crisis recapitalisations: 7.2%

- Five-year share growth excluding flagged crisis recapitalisations: 15.0%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.48×

- Book value created per share: GBP 1.86

- Earnings retained per share after dividends and buybacks: GBP 3.89

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

- FY2015: 100

- FY2016: 99

- FY2017: 100

- FY2018: 100

- FY2019: 100

- FY2020: 100

- FY2021: 100

- FY2022: 100

- FY2023: 200

- FY2024: 200

- FY2025: 201

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Down 39% since Dec 2025 · net income -11.1%

Story as of 2026-10-16T10:00:11.675Z; price observation 2026-10-15.

The price assumes profits shrink 1.8% a year forever

### Net income · FY2025

net income -11.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: GBP 65M 

- FY2017: GBP 61M 

- FY2018: GBP 84M 

- FY2019: GBP 94M 

- FY2020: GBP 58M 

- FY2021: GBP 149M 

- FY2022: GBP 175M 

- FY2023: GBP 212M 

- FY2024: GBP 220M 

- FY2025: GBP 196M 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are GBP 1.5 billion.

- Source: https://eodhd.com/api/fundamentals/SHAW.LSE.json#2025-12-31 (filed 2026-10-16T07:40:49.675Z); FY2025: revenue 1481200000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SHAW.LSE: Shawbrook Group PLC, through its subsidiary, Shawbrook Bank Limited, provides lending and savings products and services to private and business customers in the United Kingdom. It offers personal and business savings; personal, wedding, home improvement, car, debt consolidation, and point of sale loans; and asset, structured, leveraged, fund, platform, revolving credit, point of sale, and other finances, as well as corporate lending. The company also provides buy-to-let mortgages, commercial mortgages, development finance, and bridging finance services. Shawbrook Group PLC was incorporated in 2010 and is based in Brentwood, United Kingdom. Shawbrook Group PLC was formerly a subsidiary of Marlin Bidco Limited.

### Why customers stay

It earns 16.8% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:49.675Z); 10-year return on tangible equity observations [[2016,0.17174662072621255],[2017,0.14120904476234425],[2018,0.17138781332789893],[2019,0.162754303599374],[2020,0.09290054365206268],[2021,0.1961892247043364],[2022,0.18575225943646997],[2023,0.1913569108625045],[2024,0.16469442780107849],[2025,0.12423741738688358]]; median 0.16804112056448872. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 2 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:49.675Z); Dividend observations: [[2016,0],[2017,6800000],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,15100000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 77.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SHAW.LSE SharesStats.PercentInsiders = 77.203 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits shrink 1.8% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:49.675Z); Price 296.5; FX 100; original perpetual distributable cash 0.3498688768114508; discount 0.1; growth -0.01799962118430043. 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)

- 2025-10: GBX 391.00 per share

- 2025-11: GBX 417.40 per share

- 2025-12: GBX 486.00 per share

- 2026-01: GBX 468.00 per share

- 2026-02: GBX 394.00 per share

- 2026-03: GBX 320.00 per share

- 2026-04: GBX 328.00 per share

- 2026-05: GBX 317.50 per share

- 2026-06: GBX 325.50 per share

- 2026-07: GBX 328.00 per share

- 2026-08: GBX 316.00 per share

- 2026-09: GBX 306.50 per share

- 2026-10: GBX 296.50 per share

## Annual estimated value (GBX per share)

- FY2017: low GBX 330.43 per share, central GBX 413.03 per share, high GBX 550.71 per share

- FY2018: low GBX 302.09 per share, central GBX 332.30 per share, high GBX 369.22 per share

- FY2019: low GBX 345.13 per share, central GBX 379.64 per share, high GBX 421.83 per share

- FY2020: low GBX 365.62 per share, central GBX 402.18 per share, high GBX 446.87 per share

- FY2021: low GBX 643.90 per share, central GBX 804.87 per share, high GBX 1,073.16 per share

- FY2022: low GBX 829.19 per share, central GBX 1,036.49 per share, high GBX 1,381.99 per share

- FY2023: low GBX 520.04 per share, central GBX 650.05 per share, high GBX 866.73 per share

- FY2024: low GBX 588.56 per share, central GBX 735.70 per share, high GBX 980.93 per share

- FY2025: low GBX 668.69 per share, central GBX 835.86 per share, high GBX 1,114.48 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 2026-10-15T06:46:39.088Z where newer inputs omit a numeric field or fiscal period.

## 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.