LONDON, July 4, 2026, 19:06 BST
- 3i ended Friday at 2,611p, gaining 1.01%. The FTSE 100 added 0.25%.
- The stock finished nearly 14% under its most recent reported NAV and around 25% under the median FY2027 consensus NAV estimate.
- Action’s like-for-like sales growth reached 3.3% year to date by June 21, up from 2.4% as of May 10.
- 3i has spent £253.6 million so far from its £750 million buyback program, according to the latest confirmed RNS.
London was closed Saturday, leaving the week to July 3 as the latest test for 3i Group plc LON:III. Shares made a late bounce but still trade at a steep discount to NAV. The stock added 1.01% on Friday to close at £26.11, or 2,611p. The FTSE 100 rose 0.25% to 10,679.03.
Shares ended Friday 41.94% off the 52-week high of £44.97 from Oct. 27. The stock isn’t trading like the clean Action growth bet it was last year, but it’s not down at the May 14 low either. Investors Chronicle listed the shares at 2,611p on Friday, or 43.07% above the 52-week low of 1,825p seen on May 14.
Price momentum isn’t the only thing in focus now. As of Friday’s close, 3i was trading 419p under its March 31 NAV per share of 3,030p, putting it at a 13.8% discount by Reuters math. Compared with 3i’s median analyst NAV estimate for March 31, 2027, set at 3,486p, the discount widens to 875p, or 25.1%.
| Measure | Latest figure | Read-through |
|---|---|---|
| Friday close | 2,611p | Finished up 1.01% on Friday |
| FY2026 NAV per share | 3,030p | 419p higher than the close |
| Implied discount to FY2026 NAV | 13.8% | Shares are still under book |
| Median FY2027 NAV estimate | 3,486p | 875p over Friday’s finish |
| Implied discount to median FY2027 NAV | 25.1% | Market is still factoring in a steep Action discount |
The discount matters here as 3i is buying shares when the stock is under its NAV. In its June 29 RNS, the company said it’s picked up 11.33 million shares since the programme began, spending a total of £253.6 million, not counting fees and taxes. That’s 33.8% of the £750 million buyback the group rolled out in May.
| Buyback item | Confirmed figure |
|---|---|
| Programme size | £750.0 mln |
| Spent by June 26 | £253.6 mln |
| Share count bought | 11.33 mln |
| Programme used | 33.8% |
| Latest confirmed voting rights after allotment | 1.013 bln |
3i shares had a choppy week. The stock lost 1.42% Monday to £24.96 while the FTSE 100 dipped 0.23%. Shares rebounded Thursday, up 2.78% to £25.85 as the index added 1.67%. Friday saw another 1.01% gain.
Peer performance was mixed. Trading Economics data had 3i off 37.48% for the year, turning in a much weaker 12-month run than Intermediate Capital Group plc (LON:ICG), London Stock Exchange Group plc (LON:LSEG) or Ashmore Group plc (LON:ASHM). Man Group plc (LON:EMG) gained over the same stretch.
| Company | Last price | Day move | One-year move |
|---|---|---|---|
| 3i Group LON:III | 2,611p | up 1.01% | down 37.48% over 12 months |
| Intermediate Capital Group (LON:ICG) | 1,776p | gained 2.19% today | off 7.5% from last year |
| London Stock Exchange Group (LON:LSEG) | 8,670p | rose 0.72% | fell 19.72% year on year |
| Ashmore Group (LON:ASHM) | 218.4p | added 2.82% on the day | up 38.93% over 12 months |
| Man Group (LON:EMG) | 298p | slipped 0.93% | jumped 73.46% in a year |
3i pointed to Action as the reason for the underperformance. In its AGM update on June 25, 3i said Action’s year-to-date like-for-like sales growth reached 3.3% by week 25, up from 2.4% at week 19. Action opened 105 stores in 2026 and had €699 million of cash left after it paid a €450 million dividend to shareholders in May.
Chief Executive Simon Borrows said in May the “market environment remains complex” and Action is still able to “differentiate itself from its competitors”. Both lines are carrying weight in the shares. 3i
3i’s May results put the focus back on Action, with the retailer driving a £4.51 billion gross investment return for the group in FY2026. The holding also produced £1.19 billion in realised proceeds and dividend payouts to 3i. That helped push 3i’s total return for the year to £5.30 billion, or 22% of opening shareholders’ funds.
The May update pointed to softer growth. Like-for-like sales for Action at week 19 rose 2.4%, down from 6.8% in the same period last year. 3i reported at that stage that France and Germany had been flat so far this year, with the Netherlands, Belgium and southern Europe meeting or beating forecasts.
No 3i results are set for release this week. The company’s investor calendar shows July 23 as the next date, when 3i posts its Q1 performance update. That’s the next chance the market gets to see Action trading and where the discount to NAV stands.
