London, July 6, 2026, 16:09 BST
- 3i Group plc LON:III traded at 2,617p, up 0.23%, at 16:05 BST; the stock remains about 42% below its 52-week high.
- Monday’s filing showed 3i has spent £283.6 million of its £750 million buyback plan since May.
- The share price sits 13.6% below March NAV and 24.9% below the median FY2027 NAV consensus.
- Action remains the swing factor: 3i valued its 65.4% stake in the retailer at £23.74 billion at March 31.
3i Group plc LON:III edged higher in late London trade on Monday, but the larger price signal was still the discount. At 2,617p at 16:05 BST, the shares were 13.6% below the 3,030p diluted NAV per share reported for March 31 and about 42% under their 52-week high of 4,497p.
The FTSE 100 (INDEXFTSE:UKX) was lower on the day as miners weighed on London shares, with Reuters reporting the blue-chip index down 0.1% by 1037 GMT.
The latest company filing points to a buyback that has become material, not cosmetic. 3i said on Monday it bought 1.19 million shares between June 29 and July 3 at a volume-weighted average price of £25.27, based on the daily figures in the filing. Since the programme began, it has bought 12.52 million shares for cancellation at an aggregate cost of £283.6 million.
That is 37.8% of the £750 million mandate used up. The average price paid since launch is about £22.66 a share, below Monday’s quoted level and well below March NAV. The shares bought so far equal about 1.24% of 3i’s latest voting-rights count of 1.012 billion.
| Measure | Latest figure | Gap to 2,617p share price |
|---|---|---|
| Share price, 16:05 BST | 2,617p | — |
| Diluted NAV per share, March 31, 2026 | 3,030p | -13.6% |
| 31/03/2027 NAV consensus, low | 3,150p | -16.9% |
| 31/03/2027 NAV consensus, median | 3,486p | -24.9% |
| 31/03/2027 NAV consensus, high | 3,726p | -29.8% |
| Buyback spent | £283.6 mln | 37.8% of £750 mln plan |
The forecast range is still above the market price. 3i’s own consensus page, based on 12 analyst estimates published between March 12 and June 29, gives a 31/03/2027 NAV estimate range of 3,150p to 3,726p, with a 3,486p median.
| 31/03/2027 NAV estimate | Pence per share | Implied move from 2,617p |
|---|---|---|
| Low | 3,150p | +20.4% |
| Median | 3,486p | +33.2% |
| High | 3,726p | +42.4% |
The gap exists because 3i is still being marked by investors through Action, its biggest asset. At March 31, 3i valued its 65.4% stake in Action at £23.74 billion out of a total closing portfolio value of £31.82 billion, or 74.6% of the portfolio.
Action’s latest update gave some relief but did not end the argument. 3i said at its AGM update that Action’s like-for-like sales were up 3.3% year to date to June 21, with 105 net new stores opened and a €699 million cash balance after a €450 million dividend paid to shareholders in May.
That was better than the 2.4% year-to-date like-for-like figure reported at week 19 on May 10, when 3i cited cooler weather, weaker traffic in Germany and consumer caution in France. The 2025 like-for-like rate was 4.9%.
The stock’s sensitivity to Action is mechanical. 3i said in May that a 1.0x move in Action’s post-discount valuation multiple would increase or decrease the value of 3i’s investment by £1.5 billion. Against Google’s quoted market value of £26.52 billion, that is about 5.7% of the equity value.
Chief Executive Simon Borrows said in May that 3i generated “a total return on shareholders’ funds of £5,304 million, or 22%” in FY2026. Chair David Hutchison said the second half had been “challenging for shareholders” as the share price adjusted from a large premium to NAV. Investegate
The next dated company event is 3i’s Q1 performance update, scheduled for July 23.
