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Polar Capital Global Financials Trust plc (PCFT) Fair Value & Analysis

Financial Services · GB · Market cap 383M GBX

PC Polar Capital Global Financials Trust plc PCFT · LSE
Price£2.42
Fair Value£3.35
Upside+38.4%
Quality63/100
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Mixed Growth
Highly profitable · 86.5% net margin
generates free cash flow
2.15% dividend yield
Ranks above peers (9/13)
Wide moat 71/100
Evidence: High Range £2.52 – £4.19 Share as image

Fair value as of: Jul 11, 2026

From 2 valuation models · updated 29 days ago

Fair value updated Jul 11, 2026, revised from £3.33 to £3.35 (+0.6%) since Jun 26, 2026. Share price +3.7% over the past month.

A solid business, screening 38% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (£2.52). The market is more pessimistic than our downside scenario.
  • Solid quality (63/100) at a price below fair value, the discount is the argument here, not the business quality.
  • 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)

£2.44 £1.13 Fair Value £3.35 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 11, 2026.

How to read this chart

60‑month range £1.13 – £2.44 · fair‑value band £2.52 – £4.19 · the £2.42 price screens below the £3.35 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 11, 2026.

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Analysis

Polar Capital Global Financials Trust plc (PCFT) currently trades at £2.42, while our model-based Fair Value estimate is £3.35, implying the stock looks roughly 38.4% undervalued today. The Quality Score stands at 63/100 (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, Polar Capital Global Financials Trust plc generated revenue of £63.1M at a net margin of 86.5%. Revenue declined 59.7% year over year. It earns a return on equity of 10.9%. Net debt stands at £26.8M. Fundamentals as of Jul 11, 2026

Our scenario range runs from £2.52 (bear case) to £4.19 (bull case); at £2.42, 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 38%, PCFT 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 Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
P/B Multiple £1.53 £2.04 £2.54 55
NCAV (Graham) £1.20 £1.60 £2.40 50
All 2 models by family
Multiples
P/B Multiple £1.53 £2.04 £2.54 55
Asset-Based
NCAV (Graham) £1.20 £1.60 £2.40 50

Widest divergence: Multiples (£2.04) versus Asset-Based (£1.60). Highest evidence: P/B Multiple (55).

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Key figures & financial health

Revenue (TTM) 63.1M GBX
Revenue growth (YoY) -59.7%
Net margin 86.5%
Return on equity 10.9%
Free cash flow 334M GBX FY2025
P/E ratio 9.7
More key figures
Operating margin 94.1%
EPS (TTM) £0.2300
Dividend yield 2.3%
EPS growth (YoY) -30.8%
Net debt 26.8M GBX FY2025

Figures from reported company fundamentals · as of Jul 11, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 63/100

Of which business quality 60 · Market factors (momentum, volatility) 74

Profitability 48
Margins and returns on capital today
Quality Growth 20
Are margins and returns improving?
Cashflow 50
Earnings quality: real cash, not paper profit
Fin. Strength 77
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 96
Calm price path (market factor)
Momentum 56
Price trend over the last 3–12 months (market factor)
52W Momentum 79
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

Polar Capital Global Financials Trust plc is a closed-ended equity mutual fund launched and managed by Polar Capital LLP. It invests in the public equity markets across the globe. The fund seeks to invest in stocks of companies operating in the financials sector. It invests in stocks of companies across all market capitalizations.

Full company description

Polar Capital Global Financials Trust plc is a closed-ended equity mutual fund launched and managed by Polar Capital LLP. It invests in the public equity markets across the globe. The fund seeks to invest in stocks of companies operating in the financials sector. It invests in stocks of companies across all market capitalizations. The fund is actively managed. It benchmarks the performance of its portfolio against the MSCI World Financials Index. Polar Capital Global Financials Trust plc was formed on May 17, 2013 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

Polar Capital Global Financials Trust plc reported revenue of £17.6M in FY2025 versus £59.1M in FY2021, a compound −26.1%/yr. Reported net income was £54.6M in FY2025, compounding −0.1%/yr from FY2021.

Growth Quality 72/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
£17.6M
Latest YoY
−90.1%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+31.9%
Avg. growth/yr (12Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+10.2%
Revenue −26.1%/yr
FY21 £59.1M
FY22 £7.7M
FY23 −£6.2M
FY24 £177M
FY25 £17.6M
Net income −0.1%/yr
FY21 £54.9M
FY22 £5.5M
FY23 −£15.5M
FY24 £165M
FY25 £54.6M
Character of growth · EPS growth decomposed (2014-2025) +15.2 % p.a.
Revenue per share +13.2 pp

of which total revenue +16.2 pp · buybacks/dilution −2.9 pp

EBIT margin +2.0 pp
Tax rate +0.1 pp
Residual (interest, one-offs) −0.2 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Polar Capital Global Financials Trust plc Fair Value". https://www.fairvalue-calculator.com/stock/PCFT

Peer Group

Asset Management · 971 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 62 · Above median
Fair Value upside +38% · Above median
Return on equity (TTM) 11% · Above median
Return on assets 6% · Above median
Net margin (TTM) 87% · Top 25%
Operating margin (TTM) 94% · Top 25%
Revenue growth -60% · Bottom 25%
Dividend yield (TTM) 2.2% · Below median

Valuation Multiples vs Asset Management median · lower = cheaper

P/E (TTM) 10.6× · Cheaper than median
P/B 1.38× · Pricier than median
P/S (TTM) 8.20× · Pricier than median
P/FCF 1.6× · Cheaper than 75% of peers
EV/EBITDA 8.4× · 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 85 · sector 37
FUTURE 0 · sector 6
PAST 43 · sector 26
HEALTH 0 · sector 95
DIVIDEND 43 · sector 69

Insider activity: 40/100

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 11, 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 Polar Capital Global Financials Trust plc (PCFT) overvalued or undervalued?
As of Jul 11, 2026, our model estimates a fair value of £3.35 versus a price of £2.42, about +38% (undervalued).
What is the fair value of PCFT?
Our model-based fair value for Polar Capital Global Financials Trust plc is £3.35 (as of Jul 11, 2026), built from audited fundamentals. The current price is £2.42.
What is the quality score of PCFT?
Polar Capital Global Financials Trust plc has a Quality Score of 63/100. 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 Polar Capital Global Financials Trust plc (PCFT)?
Polar Capital Global Financials Trust plc reported trailing-twelve-month revenue of about £63.1M (latest available figure, as of Jul 11, 2026).
What is the net profit margin of PCFT?
The net profit margin of Polar Capital Global Financials Trust plc is about 86.5%, meaning it keeps roughly 86.5% of revenue as net income. Based on the latest reported figures.
Does Polar Capital Global Financials Trust plc pay a dividend?
Polar Capital Global Financials Trust plc currently shows a dividend yield of about 2.34% relative to its recent price (as of Jul 11, 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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