3i Group (LON:III) lags NAV with buybacks a third done after Action update

London, June 29, 2026, 15:02 BST

• 3i Group traded at 2,517p/2,518p as of 14:47 BST, down 0.55%. Fidelity listed a 15.66% discount to estimated NAV.
• 3i said it has bought back 11.33 million shares for £253.6 million since it launched its £750 million buyback, taking it to 33.8% of the total.
• Action year-to-date like-for-like sales rose to 3.3% as of June 21, up from 2.4% on May 10.
• The current mid-price sits roughly 28% under 3i’s median 2027 NAV consensus, according to available estimates. 3i said it hasn’t confirmed those forecasts.

3i Group plc (LON:III) slipped Monday afternoon in London. The number drawing attention isn’t on screen—about a third of the buyback is complete, but the stock keeps trading under NAV.

Fidelity data, with at least a 15-minute delay, showed the stock down. FTSE All-Share barely moved. Estimated NAV for 3i stood at 3,002.28p per share, according to the same quote page.

The gap is important since 3i is spending cash below NAV, while the market keeps a discount on Action over risk worries. Buying back at a discount lifts per-share figures, but the stock price shows investors are waiting to see if Action’s slower sales are really a problem for its valuation.

3i reported Monday it picked up 1.58 million shares between June 22 and June 26. The volume-weighted average price moved from £22.4372 on June 22 to £25.3430 by June 26, as shares saw a big rally after the Action update at the end of last week. Since starting the programme, 3i has bought 11.33 million shares for cancellation, spending £253.6 million in total, not counting fees and taxes.

Action’s run-rate is better than in May, but still trails last year’s speed. 3i reported 3.3% like-for-like sales growth at Action year-to-date for week 25, to June 21, up from 2.4% at week 19, May 10. Action added 105 stores by June 21, compared to 69 by May 10.

Action remains the biggest risk and opportunity for the stock. 3i said in its annual report that value-for-money and private-label retail—mostly Action—made up 80% of its investment portfolio at March 31. Action was valued at £23.7 billion then and handed £1.2 billion in cash back to 3i for FY2026.

CEO Simon Borrows said in May that the “market environment remains complex” and that Action has a “multi-year, store roll-out programme”. In a June 25 AGM update prepared for Borrows, 3i said Action was on track for “a good quarter of profit growth” and said the rest of private equity was meeting expectations. 3i

Shareholders backed the board again. Resolution 16, which updated the investment policy, cleared with 99.99% approval at the June 25 AGM. The board also got renewed share buyback authority, with 99.98% support. Interactive investor said the policy vote was to lift the Action exposure cap to 30% from 15%.

3i’s consensus estimates, last updated with data through June 29, puts the median NAV for March 2027 at 3,486p. That page also lists a high estimate of 3,726p and a low at 3,150p. 3i says these numbers come from analysts and haven’t been checked or verified by the firm itself.

3i will post its first-quarter performance update on July 23. The next scheduled test is that report.