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The Global Smaller Companies Trust PLC (GSCT) Fair Value & Analysis

Financial Services · GB · Market cap 803M GBX

TG The Global Smaller Companies Trust PLC GSCT · LSE
Price£1.94
Fair Value£2.78
Upside+43.2%
Quality71/100
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Weak Growth
Highly profitable · 95.2% net margin
generates free cash flow
1.65% dividend yield
Ranks above peers (9/13)
Wide moat 77/100
Evidence: High Range £2.08 – £3.47 Share as image

Fair value as of: Jul 15, 2026

From 13 valuation models · updated 25 days ago

Fair value updated Jul 15, 2026, revised from £0.4000 to £2.78 (+595.0%) since Jun 26, 2026. Share price +0.4% over the past month.

A solid business, screening 43% undervalued on our models.

What matters now

  • The rarer combination: high quality (71/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (£2.08). The market is more pessimistic than our downside scenario.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

£1.96 £1.15 Fair Value £2.78 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.

How to read this chart

60‑month range £1.15 – £1.96 · fair‑value band £2.08 – £3.47 · the £1.94 price screens below the £2.78 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 15, 2026.

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Analysis

The Global Smaller Companies Trust PLC (GSCT) currently trades at £1.94, while our model-based Fair Value estimate is £2.78, implying the stock looks roughly 43.2% undervalued today. The Quality Score stands at 71/100 (solid quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, The Global Smaller Companies Trust PLC generated revenue of £59.1M at a net margin of 86.9%. It earns a return on equity of 6.2%. Net debt stands at £31.5M. The stock trades on a trailing P/E of 14.5. Fundamentals as of Jul 15, 2026

Our scenario range runs from £2.08 (bear case) to £3.47 (bull case); at £1.94, the current price sits below 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 Financial Services peers we cover trades at -12% fair-value upside, at 43%, GSCT 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
Residual Income £2.03 £2.80 £9.43 76
Growth DCF £0.3000 £0.4600 £0.7700 72
Gordon GGM £0.2500 £0.4500 £0.6100 70
All 13 models by family
DCF Models
Owner Earnings £4.32 £8.91 £17.43 31
5Y P/E Exit £2.48 £6.07 £11.00 38
10Y P/E Exit £1.75 £4.72 £10.16 35
Earnings-Based
Graham-Dodd £2.41 £16.84 £23.63 54
Lynch FV £5.90 £8.44 £10.97 50
Dividend Discount
Gordon GGM £0.2500 £0.4500 £0.6100 70
DDM Multi-Stage £0.2500 £0.4100 £0.4800 61
Multiples
P/E Multiple £3.46 £4.62 £5.77 63
P/B Multiple £2.08 £2.78 £3.47 55
Asset-Based
NCAV (Graham) £0.9900 £1.33 £1.98 50
Growth DCF
Growth DCF £0.3000 £0.4600 £0.7700 72
Rev-Margin DCF £0.5100 £1.05 £1.96 67
Economic Profit
Residual Income £2.03 £2.80 £9.43 76

Widest divergence: Earnings-Based (£8.44) versus Dividend Discount (£0.4100). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) 59.1M GBX
Revenue growth (YoY) +397%
Net margin 86.9%
Return on equity 6.2%
Free cash flow 8.1M GBX FY2026
P/E ratio 14.5
More key figures
Operating margin 97.7%
EPS (TTM) £0.1300
Dividend yield 1.6%
EPS growth (YoY) +529%
Net debt 31.5M GBX FY2026

Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 71/100

Of which business quality 63 · Market factors (momentum, volatility) 68

Profitability 59
Margins and returns on capital today
Quality Growth 60
Are margins and returns improving?
Cashflow 16
Earnings quality: real cash, not paper profit
Fin. Strength 77
Balance sheet, leverage, solvency risk
Investment 94
Disciplined investing over empire-building
Low Volatility 90
Calm price path (market factor)
Momentum 51
Price trend over the last 3–12 months (market factor)
52W Momentum 74
Distance to the 52-week high (market factor)
Net Issuance 100
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

The Global Smaller Companies Trust PLC is a closed-ended equity mutual fund launched and managed by F&C Investment Business Ltd. The fund invests in public equity markets across the globe. It seeks to invest in stocks of companies operating across diversified sectors. The fund primarily invests in growth and value stocks of small cap companies.

Full company description

The Global Smaller Companies Trust PLC is a closed-ended equity mutual fund launched and managed by F&C Investment Business Ltd. The fund invests in public equity markets across the globe. It seeks to invest in stocks of companies operating across diversified sectors. The fund primarily invests in growth and value stocks of small cap companies. It employs fundamental analysis with a focus on such factors as quality of management, position in targeted markets, strategy for growth, and cash flow dynamics to create its portfolio. The fund benchmarks the performance of its portfolio against a composite benchmark comprised of 30% Numis UK Smaller Companies (excluding investment companies) Index and 70% MSCI All Country World ex UK Small Cap Index. It was formerly known as F&C Smaller Companies plc. The Global Smaller Companies Trust PLC was formed on February 15, 1889 and is domiciled in the United Kingdom.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

The Global Smaller Companies Trust PLC reported revenue of £154M in FY2026 versus −£7.5M in FY2022. Reported net income was £147M in FY2026.

Growth Quality 31/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2026)
£154M
Avg. growth/yr (5Y)
−14.1%
Avg. growth/yr (22Y)
+2.6%
Revenue
FY22 −£7.5M
FY23 −£37.5M
FY24 £75.6M
FY25 −£38.0M
FY26 £154M
Net income
FY22 −£9.3M
FY23 −£39.8M
FY24 £67.6M
FY25 −£42.6M
FY26 £147M

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Cite: Fair Value Calculator (2026). "The Global Smaller Companies Trust PLC Fair Value". https://www.fairvalue-calculator.com/stock/GSCT

Peer Group

Asset Management · 973 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 70 · Top 25%
Fair Value upside +43% · Above median
Return on equity (TTM) 19% · Top 25%
Return on assets 11% · Top 25%
Net margin (TTM) 95% · Top 25%
Operating margin (TTM) 93% · Top 25%
Revenue growth 397% · Top 25%
Dividend yield (TTM) 1.7% · Below median

Valuation Multiples vs Asset Management median · lower = cheaper

P/E (TTM) 5.7× · Cheaper than 75% of peers
P/B 1.32× · Pricier than median
P/S (TTM) 7.03× · Pricier than median
P/FCF 133.2× · Pricier than 75% of peers
EV/EBITDA 7.1× · Cheaper 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 91 · sector 37
FUTURE 100 · sector 6
PAST 75 · sector 26
HEALTH 0 · sector 95
DIVIDEND 33 · sector 69

Insider activity: 45/100

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 Asset Management stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).

Stock Price Fair Value vs Fair Value
Fondul Proprietatea SA FP $0.0420 $0.0800 +90%
BlackRock, Inc BLK $1,136 $465.75 -59%
Blackstone Inc BX $124.56 $16.35 -87%
Investor AB INVEB kr 423.70 kr 847.40 +100%
Brookfield Corporation BN C$62.45 C$10.12 -84%
KKR & Co KKR $100.94 $44.88 -56%
AB Industrivärden INDUA kr 532.50 kr 1,065 +100%
Jio Financial Services Limited JIOFIN ₹242.98 ₹40.19 -83%
Hedef Holding HEDEF 267.25 TRY 320.98 TRY +20%
Bajaj Holdings BAJAJHLDNG ₹10,398 ₹9,202 -12%

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Frequently asked questions

Is The Global Smaller Companies Trust PLC (GSCT) overvalued or undervalued?
As of Jul 15, 2026, our model estimates a fair value of £2.78 versus a price of £1.94, about +43% (undervalued).
What is the fair value of GSCT?
Our model-based fair value for The Global Smaller Companies Trust PLC is £2.78 (as of Jul 15, 2026), built from audited fundamentals. The current price is £1.94.
What is the quality score of GSCT?
The Global Smaller Companies Trust PLC has a Quality Score of 71/100. 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 The Global Smaller Companies Trust PLC (GSCT)?
The Global Smaller Companies Trust PLC reported trailing-twelve-month revenue of about £59.1M (latest available figure, as of Jul 15, 2026).
What is the net profit margin of GSCT?
The net profit margin of The Global Smaller Companies Trust PLC is about 86.9%, meaning it keeps roughly 86.9% of revenue as net income. Based on the latest reported figures.
Does The Global Smaller Companies Trust PLC pay a dividend?
The Global Smaller Companies Trust PLC currently shows a dividend yield of about 1.58% relative to its recent price (as of Jul 15, 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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