London, July 1, 2026, 22:01 BST
- Pinewood ended the day at 288p, gaining 8.27%, with about 711,000 shares traded after the London market shut.
- The stock jump pushed up equity value by around £25 million, but trading volume came in at just 0.62% of voting rights.
- The stock is still 42% under Apax’s previous 500p bid and about 50% off its 52-week peak.
Pinewood Technologies Group PLC (LON:PINE) climbed 8.3% Wednesday, but what stood out was volume—just around 711,000 shares changed hands, equal to about 0.62% of the voting rights. The price added 22p and that pushed the automotive software firm’s market cap up by about £25 million on paper, with 115.1 million voting rights.
The stock finished at 288p, rising 22p on the day, according to Investors Chronicle/LSEG data delayed at least 20 minutes as of 16:35 BST. Hargreaves Lansdown and AJ Bell posted a 288.5p sell price, 291.5p buy price, and a market cap near £331.5 million at the close.
| July 1 market marker | Figure | Investor read |
|---|---|---|
| Close | 288p | Shares jumped 8.27% |
| Shares traded | 711.42k | Roughly 25% over 568.87k average |
| Share capital traded | 0.62% | Only a small chunk of 115.1m votes |
| Equity value added | About £25.3m | 22p gain times the voting rights count |
| Market value at close | About £331.5m | Still trails the failed deal price |
Pinewood shares keep trading far under the 500p-per-share offer Apax Partners made earlier this year, which valued the company near £575.5 million. Apax dropped the deal in February, blaming market conditions. Pinewood closed Wednesday 42.4% below that 500p mark.
The discount is key with Pinewood now priced more like a smaller software name juggling orders than a buyout play. Shares are up 44% from the March 25 low of 200p, but still about 50% off the 52-week high of 575p, according to Investors Chronicle data.
| Reference point | Level | Gap from 288p |
|---|---|---|
| Close on Wednesday | 288p | — |
| Previous Apax offer | 500p | -42.4% |
| MarketScreener analyst average target | 585p | -50.8% |
| Highest price in 52 weeks | 575p | -49.9% |
| Lowest price in 52 weeks | 200p | +44.0% |
Pinewood had no RNS on Investegate that day. The most recent filings were a board change posted June 25 and AGM results from June 24. The shares seemed to be adjusting after a run of weakness, not reacting to any fresh announcement.
The main question for Pinewood is whether it can turn its signed deals into profit. The company posted underlying EBITDA of £16.4 million for FY25, with consensus for FY26 at £21.3 million. Pinewood left its FY28 underlying EBITDA target at £58 million to £62 million. Based on Wednesday’s share price, Pinewood trades at around 20 times FY25 EBITDA, 16 times FY26 consensus and 5.5 times the FY28 midpoint.
| Earnings marker | Amount | Market value / EBITDA |
|---|---|---|
| FY25 underlying EBITDA | £16.4m | 20.2x |
| FY26 consensus underlying EBITDA | £21.3m | 15.6x |
| FY28 target midpoint | £60.0m | 5.5x |
Chief Executive Bill Berman said in April the company was making “good progress towards US deployment” and targeting “£58-62m underlying EBITDA by FY28.” Pinewood said system testing had started at Lithia Motors Inc’s (NYSE:LAD) U.S. dealers and talks with OEMs now include around 90% of Lithia’s North American network. Investegate
Timing is the issue. Pinewood said back in March the Marshall Motor Group rollout, once set for Q1, now isn’t coming until the second half of 2026. The company also said the Lookers rollout should wrap up in the fourth quarter, and North America is expected to kick off in the second half.
Pinewood added Avril Palmer-Lavery as deputy chair and non-exec director on June 25, further building out its U.S. growth effort. The company said Palmer-Lavery is the founder of Constellation Automotive Group. Palmer-Lavery said Pinewood sees “a clear opportunity” in global dealer management software. Investegate
Analysts still have targets ahead of where the shares trade. MarketScreener listed a buy call from two analysts, with an average target at 585p and a low of 500p, matching the withdrawn Apax offer. For holders, the question is if Pinewood can make up the difference with contract wins instead of any bid.
