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Volution Group (FAN) Fair Value & Analysis

Industrials · GB · Market cap 1.2B GBX

VG Volution Group FAN · LSE
Price£6.20
Fair Value£4.40
Upside-29.0%
Quality65/100
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Healthy Growth
Solidly profitable · 11.2% net margin
Low debt · generates free cash flow
1.84% dividend yield
Mixed vs. peers (7/14)
Moderate moat 64/100
Evidence: High Range £3.30 – £5.51 Share as image

Fair value as of: Jul 18, 2026

From 26 valuation models · updated 22 days ago

Share price +21.2% over the past month.

A solid business, but screening 29% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (£5.51). The favourable scenario is already priced in.
  • Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

£6.33 £2.28 Fair Value £4.40 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range £2.28 – £6.33 · fair‑value band £3.30 – £5.51 · the £6.20 price screens above the £4.40 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

Volution Group (FAN) currently trades at £6.20, while our model-based Fair Value estimate is £4.40, implying the stock looks roughly 29.0% overvalued today. The Quality Score stands at 65/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Volution Group generated revenue of £460M at a net margin of 11.2%. Revenue grew 21.7% year over year. It earns a return on equity of 19.1%. Net debt stands at £165M. Fundamentals as of Jul 18, 2026

Our scenario range runs from £3.30 (bear case) to £5.51 (bull case); at £6.20, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Industrials peers we cover trades at -33% fair-value upside, at -29%, FAN screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF £3.99 £6.52 £10.16 80
Residual Income £1.30 £1.58 £3.14 76
Rev-Margin DCF £3.05 £5.09 £7.75 74
All 26 models by family
DCF Models
FCF DCF £4.07 £6.96 £11.42 38
Owner Earnings £3.06 £5.26 £8.66 31
5Y Revenue Exit £3.05 £5.11 £7.85 39
5Y EBITDA Exit £4.01 £7.10 £10.97 41
5Y P/E Exit £3.30 £5.64 £8.29 38
10Y Revenue Exit £3.31 £5.30 £8.25 36
10Y EBITDA Exit £3.97 £6.64 £10.65 37
10Y P/E Exit £3.54 £5.66 £8.59 35
Earnings-Based
Graham-Dodd £1.43 £6.78 £9.32 54
Lynch FV £1.80 £2.57 £3.35 50
PEG = 1.0 £1.80 £2.57 £3.35 46
EPV £2.03 £2.33 £2.58 59
Dividend Discount
Gordon GGM £0.7500 £1.34 £1.85 70
DDM Multi-Stage £0.7500 £1.23 £1.44 61
Multiples
P/E Multiple £3.30 £4.40 £5.51 63
P/S Multiple £2.67 £3.57 £4.46 58
P/B Multiple £2.67 £3.57 £4.46 55
EV/EBIT £4.17 £5.61 £7.05 53
EV/EBITDA £4.37 £5.88 £7.39 54
EV/Revenue £2.51 £3.65 £4.79 43
Asset-Based
NCAV (Graham) £0.6800 £0.9100 £1.36 50
Growth DCF
Growth DCF £3.99 £6.52 £10.16 80
Rev-Margin DCF £3.05 £5.09 £7.75 74
Economic Profit
Residual Income £1.30 £1.58 £3.14 76
ROIC Compounder £2.24 £2.92 £3.77 72
Growth Earnings
Growth-Adj P/E £2.83 £4.05 £5.26 68

Widest divergence: DCF Models (£5.64) versus Asset-Based (£0.9100). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 460M GBX
Revenue growth (YoY) +21.7%
Net margin 11.2%
Return on equity 19.1%
Free cash flow 78.4M GBX FY2025
P/E ratio 23.3
More key figures
Operating margin 20.0%
EPS (TTM) £0.2600
Dividend yield 1.9%
EPS growth (YoY) +52.1%
Net debt 165M GBX FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 65/100

Of which business quality 64 · Market factors (momentum, volatility) 53

Profitability 53
Margins and returns on capital today
Quality Growth 32
Are margins and returns improving?
Cashflow 87
Earnings quality: real cash, not paper profit
Fin. Strength 66
Balance sheet, leverage, solvency risk
Investment 62
Disciplined investing over empire-building
Low Volatility 61
Calm price path (market factor)
Momentum 43
Price trend over the last 3–12 months (market factor)
52W Momentum 62
Distance to the 52-week high (market factor)
Net Issuance 79
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Volution Group plc, together with its subsidiaries, engages in the manufacture and supply of ventilation products to residential and commercial constructions in the United Kingdom, Continental Europe, and Australasia.

Full company description

Volution Group plc, together with its subsidiaries, engages in the manufacture and supply of ventilation products to residential and commercial constructions in the United Kingdom, Continental Europe, and Australasia. It provides unitary and central extractor fans, positive input systems, mechanical heat recovery units with and without active cooling, localized cooling fans and various ancillaries for use in houses, apartments, care applications, hotels, and more; air movement solutions, including extract and supply fans and systems, mechanical heat recovery units, air handling units, fan coils, hybrid ventilation solutions, acoustic solutions, and heat recovery cells for healthcare, education, offices, car parks, data centres, airports, tunnel ventilation, mining, and other applications. The company sells its products principally under the Vent-Axia, Manrose, Diffusion, Airtech, National Ventilation, Breathing Buildings, Torin, Fresh, PAX, VoltAir, Kair, Air Connection, inVENTer, Ventilair, ClimaRad, ERI, Rtek, VMI, i-Vent, Air Design, Burra Steel, Fantech. Fantech Trade, Ideal AirGroup, Major Air, NCS Acoustic, Simx, Systemaire, DVS, and Ventair brands. Volution Group plc was founded in 2002 and is based in Crawley, the United Kingdom.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Volution Group reported revenue of £419M in FY2025 versus £273M in FY2021, a compound +11.4%/yr. Reported net income was £41.5M in FY2025, compounding +18.8%/yr from FY2021.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
£419M
Latest YoY
+20.6%
Avg. growth/yr (3Y)
+10.8%
Avg. growth/yr (5Y)
+14.1%
Avg. growth/yr (14Y)
+11.8%
Revenue +11.4%/yr
FY21 £273M
FY22 £308M
FY23 £328M
FY24 £348M
FY25 £419M
Net income +18.8%/yr
FY21 £20.8M
FY22 £35.6M
FY23 £37.4M
FY24 £42.8M
FY25 £41.5M

FAN screens 29% overvalued. Compare with Trane Technologies plc →

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Cite: Fair Value Calculator (2026). "Volution Group Fair Value". https://www.fairvalue-calculator.com/stock/FAN

Peer Group

Building Products & Equipment · 247 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 65 · Top 25%
Fair Value upside −29% · Below median
Return on equity (TTM) 19% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 11% · Top 25%
Operating margin (TTM) 20% · Top 25%
Revenue growth 22% · Top 25%
Dividend yield (TTM) 1.8% · Above median
Debt / equity 0.19× · Higher than median

Valuation Multiples vs Building Products & Equipment median · lower = cheaper

P/E (TTM) 23.8× · Pricier than median
P/B 6.14× · Pricier than 75% of peers
P/S (TTM) 3.60× · Pricier than 75% of peers
P/FCF 21.1× · Pricier than 75% of peers
EV/EBITDA 16.2× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 4
FUTURE 100 · sector 9
PAST 77 · sector 23
HEALTH 91 · sector 94
DIVIDEND 37 · sector 28

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Building Products & Equipment stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
Trane Technologies plc TT $469.98 $212.34 -55%
Johnson Controls International plc JCI $142.81 $45.65 -68%
Carrier Global Corporation CARR $68.61 $17.35 -75%
Compagnie de Saint-Gobain S.A SGO €76.62 €101.60 +33%
Geberit AG GEBN CHF 523.20 CHF 307.66 -41%
Lennox International Inc LII $543.93 $363.09 -33%
Kingspan Group KRX €87.30 €70.76 -19%
Masco Corporation MAS $78.04 $54.36 -30%
PT Impack Pratama Industri Tbk, IMPC 1,420 IDR 179.76 IDR -87%
NIBE Industrier AB NIBEB kr 36.03 kr 25.37 -30%

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Frequently asked questions

Is Volution Group (FAN) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of £4.40 versus a price of £6.20, about −29% (overvalued).
What is the fair value of FAN?
Our model-based fair value for Volution Group is £4.40 (as of Jul 18, 2026), built from audited fundamentals. The current price is £6.20.
What is the quality score of FAN?
Volution Group has a Quality Score of 65/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Volution Group (FAN)?
Volution Group reported trailing-twelve-month revenue of about £460M (latest available figure, as of Jul 18, 2026).
What is the net profit margin of FAN?
The net profit margin of Volution Group is about 11.2%, meaning it keeps roughly 11.2% of revenue as net income. Based on the latest reported figures.
Does Volution Group pay a dividend?
Volution Group currently shows a dividend yield of about 1.91% relative to its recent price (as of Jul 18, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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