LONDON, April 2, 2026, 17:18 BST
3i Group plc shares kept climbing Thursday, bouncing 3.99% to 2,687 pence after jumping 5.99% the day before. That rebound follows last week’s slump tied to Action, but the stock remains about 40% off its October peak.
Investors have been scrambling to adjust their view of FTSE 100 private-equity firm 3i, following a dramatic reset in the market’s valuation of the stock. Data from the industry shows 3i tumbled 26.6% in March, closing the month at nearly a 20% discount to its net asset value as of March 31. That’s a big swing from the prior year, when shares often fetched a 37% premium above the value of its underlying portfolio. By comparison, HgCapital Trust finished the quarter at a 30.7% discount.
It all circles back to a single asset. In its January update, 3i pegged the value of Action—the Dutch discount chain fueling most of 3i’s growth narrative—at £22.38 billion as of December’s close. Coming into this year, 3i also disclosed that a deal struck with GIC in January would bump its stake in Action up to 65.3%.
Filings out this week didn’t alter the firm’s operating outlook, but they did reveal some insider buying. Peter Wirtz picked up 25,000 shares on March 30, paying £584,722.50, according to disclosures. In addition, separate notices said 1,411 new shares were brought in under 3i’s incentive plan, pushing total voting rights to 1,024,702,777. The company also reported zero holdings under a technical UK listed-funds rule.
During its March 26 seminar, 3i reported that Action notched up 2025 sales of 16 billion euros, with operating EBITDA at 2.367 billion euros. For the first 12 weeks of 2026, sales climbed 14.5%, though like-for-like sales growth cooled to 4.0%—just 0.9% for France. Action left its 2026 targets unchanged: like-for-like growth of 4%-5%, at least 400 net new stores, and a 14.8% EBITDA margin. The company is sticking with plans to open a first U.S. location by late 2027 or early 2028.
That jolt rattled a market primed for quicker growth. Shares dived 17.6% on March 26, dropping to the lowest point in over two years, after 3i projected Action’s 2026 like-for-like growth would roughly match 2025.
Analyst opinions are divided, and so is the outlook on risk. Jefferies’ Frederick Wild described the March update as “reassuring” after shares had “significantly” de-rated. Over at Cavendish, Will Crighton pointed out that 3i’s previous premium had seemed “out of hand”. For Singer Capital Markets, Charles Murphy flagged a different concern: not just the cost, but the potential drain on senior management’s time from the U.S. expansion. Morningstar, Inc.
Right now, 3i’s bounce provides a modest cushion—not a full turnaround. Eyes turn to May 14, when annual results for the year ended March 31 are slated for release.
