The Henderson Smaller Companies Investment Trust plc (HSL) Fair Value & Analysis
Financial Services · GB · Market cap 512M GBX
Fair value as of: Jul 17, 2026
From 2 valuation models · updated 23 days ago
Fair value updated Jul 17, 2026, revised from £4.80 to £4.90 (+2.1%) since Jun 26, 2026. Share price +10.4% over the past month.
A solid business, but screening 48% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (£6.65). The favourable scenario is already priced in.
- The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
- Solid but not exceptional quality (62/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (£2.77 to £6.65) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.
How to read this chart
60‑month range £5.56 – £11.39 · fair‑value band £2.77 – £6.65 · the £9.42 price screens above the £4.90 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.
Analysis
The Henderson Smaller Companies Investment Trust plc (HSL) currently trades at £9.42, while our model-based Fair Value estimate is £4.90, implying the stock looks roughly 48.0% overvalued today. The Quality Score stands at 62/100 (solid quality), in the Financial Services 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: low).
Over the trailing twelve months, The Henderson Smaller Companies Investment Trust plc generated revenue of £11.8M at a net margin of 46.6%. Revenue grew 131.7% year over year. It earns a return on equity of 0.9%. Net debt stands at £68.7M. Fundamentals as of Jul 17, 2026
Our scenario range runs from £2.77 (bear case) to £6.65 (bull case); at £9.42, 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 Financial Services peers we cover trades at -12% fair-value upside, at -48%, HSL screens richer 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.
All 2 models by family
Widest divergence: Multiples (£9.82) versus Asset-Based (£7.74). Highest evidence: P/B Multiple (55).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 54 · Market factors (momentum, volatility) 65
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 Henderson Smaller Companies Investment Trust plc is a closed-ended equity mutual fund launched and managed by Henderson Investment Funds Limited. It is co-managed by Henderson Global Investors Limited. The fund invests in the public equity markets of the United Kingdom. It seeks to invest in stocks of companies operating across diversified sectors.
Full company description
The Henderson Smaller Companies Investment Trust plc is a closed-ended equity mutual fund launched and managed by Henderson Investment Funds Limited. It is co-managed by Henderson Global Investors Limited. The fund invests in the public equity markets of the United Kingdom. It seeks to invest in stocks of companies operating across diversified sectors. The fund primarily invests in growth stocks of small cap companies. It employs fundamental analysis with a bottom-up stock picking approach, focusing on factors such as management quality, financial structure, balance sheet, cash flow, and earnings to create its portfolio. The fund benchmarks the performance of its portfolio against the NUMIS Smaller Companies (ex Investment Companies) Index. The Henderson Smaller Companies Investment Trust plc was formed on December 16, 1887 and is domiciled in the United Kingdom.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
The Henderson Smaller Companies Investment Trust plc reported revenue of −£40.5M in FY2025 versus £369M in FY2021. Reported net income was −£45.0M in FY2025.
HSL screens 48% overvalued. Compare with Fondul Proprietatea SA →
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.
Valuation Multiples vs Asset Management median · lower = cheaper
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: 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.
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 17, 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% |
Compare The Henderson Smaller Companies Investment Trust plc with another stock
Price, fair value, quality and upside side by side.
Explore undervalued stocks
More undervalued Financial Services stocks →
Frequently asked questions
Is The Henderson Smaller Companies Investment Trust plc (HSL) overvalued or undervalued?
What is the fair value of HSL?
What is the quality score of HSL?
What is the revenue of The Henderson Smaller Companies Investment Trust plc (HSL)?
What is the net profit margin of HSL?
Does The Henderson Smaller Companies Investment Trust plc pay a dividend?
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.
Track The Henderson Smaller Companies Investment Trust plc and try Pro for 14 days
One email gets you 14 days of full Pro (review alerts, the 35,000+ stock screener, the diversification check) plus the monthly Top-25 report of the most undervalued quality stocks. No card, cancel anytime.
Zero risk: nothing is ever charged. After 14 days you decide whether to stay.