# Zigup (ZIG.LSE)

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

Analysis as of: 2026-10-16T07:42:47.230Z. Financial observations: FY1997–FY2026.

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 452.00 per share; close as of 2026-10-15.

Estimated value: low GBX 561.67 per share, central GBX 729.24 per share, high GBX 852.75 per share. Buy at or below the central value GBX 729.24 per share. Valuation as of 2026-10-16T07:42:47.230Z; scenarios are not confidence intervals.

Expected annual return: 14.2% at the stated quote. About 14.2% 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

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

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.22×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.12×

- FY2018: 0.10×

- FY2019: 0.10×

- FY2020: 0.09×

- FY2021: 0.06×

- FY2022: 0.12×

- FY2023: 0.14×

- FY2024: 0.11×

- FY2025: 0.08×

- FY2026: 0.09×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 6.4%

- ROIC, second-lowest year: 5.1%

- Typical minus recent gross margin: 0.1 pp

- Typical gross margin (annual median): 21.8%

- Recent gross margin (lower of latest and 3-year median): 21.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 34.1%

- ROIC including acquisitions, ten-year median: -3.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 8.3%

- FY2018: 5.7%

- FY2019: 6.5%

- FY2020: 3.5%

- FY2021: 5.1%

- FY2022: 7.7%

- FY2023: 10.5%

- FY2024: 9.0%

- FY2025: 6.0%

- FY2026: 6.3%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.67×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 347M

- Net income, five-year total: GBP 522M

- Return on incremental invested capital: 3.0%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: 0.8 pp

- Working capital / revenue, final three-year average: 8.8%

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

- FY2022: 0.68×

- FY2023: 0.77×

- FY2024: 0.74×

- FY2025: 4.33×

- FY2026: -3.51×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 6.5% vs 6.3%

- Per-share earnings: 0.43 to 0.34 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 5.2%

- Ordinary dilution, 5-year annual growth: -1.9%

- Market cap gain: GBP 138M

- Cumulative retained earnings: GBP 218M

- Diluted shares, 10-year annual growth: 5.2%

- Diluted shares, 5-year annual growth: -1.9%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -2.9%

- Per-share value change: GBP -0.09

- Per-share value, starting three-year median: GBP 0.43

- Per-share value, ending three-year median: GBP 0.34

- Buybacks concentrated in cheaper years (correlation): 0.38

- Average buyback yield: 1.8%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: GBP 411M

- Cumulative net income, 10 years: GBP 751M

- ROIC, first three-year median: 6.5%

- ROIC, last three-year median: 6.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: GBP 0.43

- FY2018: GBP 0.29

- FY2019: GBP 0.38

- FY2020: GBP 0.03

- FY2021: GBP 0.26

- FY2022: GBP 0.42

- FY2023: GBP 0.60

- FY2024: GBP 0.54

- FY2025: GBP 0.34

- FY2026: GBP 0.34

### accounting: pass

- Sloan accruals: -15.2%

- Receivables to sales index (DSRI): 1.05×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 6.08×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.17×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -16.4%

- FY2018: -15.6%

- FY2019: -19.2%

- FY2020: -12.9%

- FY2021: -10.9%

- FY2022: -10.5%

- FY2023: -10.4%

- FY2024: -11.4%

- FY2025: 2.7%

- FY2026: -15.2%

## Holders

## Price story

Price needs cash profits to shrink 1.9% a year for ten years · sales +2.6%

Story as of 2026-10-16T10:00:12.494Z; price observation 2026-10-15.

Price needs cash profits to shrink 1.9% a year for ten years

### Sales · FY2025–2026

sales +2.6%; source https://filings.xbrl.org/213800B3ZUTDOZYVJB41/2026-04-30/ESEF/GB/0/213800B3ZUTDOZYVJB41-2026-04-30/reports/213800B3ZUTDOZYVJB41-2026-04-30-T01.xhtml; observed 2026-09-02.

- FY2017: GBP 667M 

- FY2018: GBP 702M 

- FY2019: GBP 745M 

- FY2020: GBP 779M 

- FY2021: GBP 1.1B 

- FY2022: GBP 1.2B 

- FY2023: GBP 1.5B 

- FY2024: GBP 1.8B 

- FY2025: GBP 1.8B 

- FY2026: GBP 1.9B 

### Gross margin · FY2026

gross margin 21.7%; source https://filings.xbrl.org/213800B3ZUTDOZYVJB41/2026-04-30/ESEF/GB/0/213800B3ZUTDOZYVJB41-2026-04-30/reports/213800B3ZUTDOZYVJB41-2026-04-30-T01.xhtml; observed 2026-09-02.

- FY2017: 22.6% 

- FY2018: 19.5% 

- FY2019: 20.4% 

- FY2020: 19.9% 

- FY2021: 21.0% 

- FY2022: 26.2% 

- FY2023: 27.9% 

- FY2024: 22.6% 

- FY2025: 22.0% 

- FY2026: 21.7% 

## Owner memo

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

### How it makes money

Operates in rental & leasing services; annual sales are GBP 1.9 billion.

- Source: https://eodhd.com/api/fundamentals/ZIG.LSE.json#2026-04-30 (filed 2026-09-02); FY2026: revenue 1858934000; grossProfit 403780000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ZIG.LSE: Zigup Plc engages in the provision of mobility solutions to business and personal customers in the United Kingdom, Spain, and Ireland. It operates through the three reportable segments: UK&I Rental, Spain Rental, and Claims & Services. The company offers vehicle provision services that include vehicle rental, service, and maintenance solutions through vans, e-LCVs, and specialist vehicles with refrigerated, traffic management, and support; and fleet support and services comprising service scheduling, telematics, driver liaison, training, and downtime management, as well as electric vehicle (EV) fleet consulting. It also provides claims support and accident management, such as accident claim handling, incident reporting, repair, and insurer management; and replacement vehicle services through direct and credit hire arrangements. In addition, the company offers vehicle damage repairs for cars and LCVs, including plastic welding, and structural and aluminium body repairs, as well as mobile repair, glass repair, and replacement services; legal services; and vehicle disposal services for used vans and cars to businesses and private individuals through retail sites and online auction platforms. It offers its products and services to corporates, insurance and leasing, and public sectors, as well as consumers. The company was formerly known as Redde Northgate plc and changed its name to Zigup Plc in May 2024. Zigup Plc was incorporated in 1897 and is headquartered in Darlington, the United Kingdom.

### Why customers stay

Margins ranged from 21.7% to 22.6% during 2024–26; it earns 6.4% on its capital.

- Source: https://eodhd.com/api/fundamentals/ZIG.LSE.json#2024-04-30 (filed 2026-09-02); FY2024: grossProfit / revenue = 22.6%.

- Source: https://eodhd.com/api/fundamentals/ZIG.LSE.json#2025-04-30 (filed 2026-09-02); FY2025: grossProfit / revenue = 22%.

- Source: https://eodhd.com/api/fundamentals/ZIG.LSE.json#2026-04-30 (filed 2026-09-02); FY2026: grossProfit / revenue = 21.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); 10-year return on capital observations [[2017,0.08298370175476161],[2018,0.05717802796168792],[2019,0.06540795707379031],[2020,0.0345137712119027],[2021,0.050592309174244274],[2022,0.07731871618137634],[2023,0.10492647341617857],[2024,0.08957072072637184],[2025,0.060031480902656295],[2026,0.06316201153930043]]; median 0.06428498430654536. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/ZIG.LSE.json#2021-04-30 (filed 2026-09-02); FY2021: growth capex 101024000; upkeep 211807000; owner earnings 39872400. Growth capex / owner earnings = 2.533682447005949.

- Source: https://eodhd.com/api/fundamentals/ZIG.LSE.json#2022-04-30 (filed 2026-09-02); FY2022: growth capex 128744000; upkeep 217933000; owner earnings 68689200. Growth capex / owner earnings = 1.8742975606063252.

- Source: https://eodhd.com/api/fundamentals/ZIG.LSE.json#2023-04-30 (filed 2026-09-02); FY2023: growth capex 210840000; upkeep 196474000; owner earnings 107885000. Growth capex / owner earnings = 1.9543031932149975.

- Source: https://eodhd.com/api/fundamentals/ZIG.LSE.json#2024-04-30 (filed 2026-09-02); FY2024: growth capex 318040000; upkeep 251254000; owner earnings 92113200. Growth capex / owner earnings = 3.4527081894885856.

- Source: https://eodhd.com/api/fundamentals/ZIG.LSE.json#2025-04-30 (filed 2026-09-02); FY2025: growth capex 0; upkeep 14204000; owner earnings 345414000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Dividend observations: [[2017,21875000],[2018,23365000],[2019,23431000],[2020,24333000],[2021,24928000],[2022,43897000],[2023,52220000],[2024,56178000],[2025,59042000],[2026,59512000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 4.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ZIG.LSE SharesStats.PercentInsiders = 4.885 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 1.9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Ten-year compound average after fade. Initial solved rate -0.039135298807431995. Price 452; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.49677917493933377 → FY2026 -1.1785836207312288. Closing-price date 2026-10-15.

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

- 2016-10: GBX 420.75 per share

- 2016-11: GBX 419.25 per share

- 2016-12: GBX 493.00 per share

- 2017-01: GBX 508.50 per share

- 2017-02: GBX 564.00 per share

- 2017-03: GBX 550.00 per share

- 2017-04: GBX 540.00 per share

- 2017-05: GBX 531.00 per share

- 2017-06: GBX 443.10 per share

- 2017-07: GBX 431.70 per share

- 2017-08: GBX 403.10 per share

- 2017-09: GBX 433.75 per share

- 2017-10: GBX 448.00 per share

- 2017-11: GBX 419.50 per share

- 2017-12: GBX 381.25 per share

- 2018-01: GBX 406.00 per share

- 2018-02: GBX 327.00 per share

- 2018-03: GBX 337.80 per share

- 2018-04: GBX 371.20 per share

- 2018-05: GBX 416.60 per share

- 2018-06: GBX 406.80 per share

- 2018-07: GBX 437.00 per share

- 2018-08: GBX 409.40 per share

- 2018-09: GBX 415.80 per share

- 2018-10: GBX 376.80 per share

- 2018-11: GBX 387.40 per share

- 2018-12: GBX 379.80 per share

- 2019-01: GBX 369.80 per share

- 2019-02: GBX 365.40 per share

- 2019-03: GBX 374.00 per share

- 2019-04: GBX 368.00 per share

- 2019-05: GBX 324.50 per share

- 2019-06: GBX 347.50 per share

- 2019-07: GBX 329.00 per share

- 2019-08: GBX 322.50 per share

- 2019-09: GBX 330.00 per share

- 2019-10: GBX 344.50 per share

- 2019-11: GBX 316.00 per share

- 2019-12: GBX 311.00 per share

- 2020-01: GBX 266.00 per share

- 2020-02: GBX 247.00 per share

- 2020-03: GBX 139.00 per share

- 2020-04: GBX 179.60 per share

- 2020-05: GBX 190.40 per share

- 2020-06: GBX 166.00 per share

- 2020-07: GBX 165.40 per share

- 2020-08: GBX 187.80 per share

- 2020-09: GBX 185.00 per share

- 2020-10: GBX 178.00 per share

- 2020-11: GBX 241.50 per share

- 2020-12: GBX 266.00 per share

- 2021-01: GBX 245.50 per share

- 2021-02: GBX 275.00 per share

- 2021-03: GBX 308.00 per share

- 2021-04: GBX 364.00 per share

- 2021-05: GBX 385.00 per share

- 2021-06: GBX 399.00 per share

- 2021-07: GBX 423.00 per share

- 2021-08: GBX 437.00 per share

- 2021-09: GBX 402.00 per share

- 2021-10: GBX 398.00 per share

- 2021-11: GBX 395.00 per share

- 2021-12: GBX 436.50 per share

- 2022-01: GBX 384.50 per share

- 2022-02: GBX 378.50 per share

- 2022-03: GBX 432.00 per share

- 2022-04: GBX 397.00 per share

- 2022-05: GBX 377.00 per share

- 2022-06: GBX 337.00 per share

- 2022-07: GBX 367.00 per share

- 2022-08: GBX 342.50 per share

- 2022-09: GBX 289.50 per share

- 2022-10: GBX 333.00 per share

- 2022-11: GBX 378.00 per share

- 2022-12: GBX 412.00 per share

- 2023-01: GBX 434.00 per share

- 2023-02: GBX 403.50 per share

- 2023-03: GBX 345.50 per share

- 2023-04: GBX 376.00 per share

- 2023-05: GBX 373.50 per share

- 2023-06: GBX 375.00 per share

- 2023-07: GBX 344.00 per share

- 2023-08: GBX 321.00 per share

- 2023-09: GBX 338.00 per share

- 2023-10: GBX 336.00 per share

- 2023-11: GBX 359.00 per share

- 2023-12: GBX 363.50 per share

- 2024-01: GBX 355.00 per share

- 2024-02: GBX 346.00 per share

- 2024-03: GBX 381.50 per share

- 2024-04: GBX 384.50 per share

- 2024-05: GBX 436.00 per share

- 2024-06: GBX 421.50 per share

- 2024-07: GBX 424.00 per share

- 2024-08: GBX 401.50 per share

- 2024-09: GBX 385.00 per share

- 2024-10: GBX 354.50 per share

- 2024-11: GBX 379.50 per share

- 2024-12: GBX 321.50 per share

- 2025-01: GBX 307.50 per share

- 2025-02: GBX 311.00 per share

- 2025-03: GBX 294.00 per share

- 2025-04: GBX 312.50 per share

- 2025-05: GBX 348.00 per share

- 2025-06: GBX 355.00 per share

- 2025-07: GBX 335.00 per share

- 2025-08: GBX 314.50 per share

- 2025-09: GBX 326.00 per share

- 2025-10: GBX 347.00 per share

- 2025-11: GBX 343.50 per share

- 2025-12: GBX 383.50 per share

- 2026-01: GBX 382.00 per share

- 2026-02: GBX 410.50 per share

- 2026-03: GBX 382.50 per share

- 2026-04: GBX 401.50 per share

- 2026-05: GBX 469.00 per share

- 2026-06: GBX 454.00 per share

- 2026-07: GBX 462.50 per share

- 2026-08: GBX 441.50 per share

- 2026-09: GBX 472.50 per share

- 2026-10: GBX 452.00 per share

## Annual estimated value (GBX per share)

- FY2017: low GBX 233.97 per share, central GBX 263.53 per share, high GBX 302.88 per share

- FY2018: low GBX 15.01 per share, central GBX 16.39 per share, high GBX 18.24 per share

- FY2023: low GBX 251.15 per share, central GBX 285.78 per share, high GBX 331.88 per share

- FY2024: low GBX 498.96 per share, central GBX 650.22 per share, high GBX 760.27 per share

- FY2025: low GBX 505.99 per share, central GBX 633.50 per share, high GBX 739.44 per share

- FY2026: low GBX 561.67 per share, central GBX 729.24 per share, high GBX 852.75 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

[Original ESEF filing](https://filings.xbrl.org/213800B3ZUTDOZYVJB41/2026-04-30/ESEF/GB/0/213800B3ZUTDOZYVJB41-2026-04-30/reports/213800B3ZUTDOZYVJB41-2026-04-30-T01.xhtml); period 2026-04-30, filed 2026-09-02.

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.