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Pantheon International PLC (PIN) Fair Value & Analysis

Financial Services · GB · Market cap 1.5B GBX · ISIN GB00BP37WF17

What is Pantheon International PLC really worth?

PI Pantheon International PLC PIN · LSE
Price£3.93
Fair Value£4.75
Upside+21.0%
Quality58/100

A solid business, trading 17% below our fair value of £4.75.

As of Aug 31, 2026, the fair value of Pantheon International PLC is £4.75 per share against a price of £3.93, so the fair value sits 21% above the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Highly profitable · 43.8% net margin

Risks

!Weak Growth (revenue 3y −68.0 %/yr)
!negative free cash flow
!Trails peers (3/9)
!Moderate moat 53/100
!Evidence only low, so the estimate is less certain
!Weak on past: 6 out of 100
Evidence: Low Range £3.56 – £5.94

Fair value as of: Aug 31, 2026

From 2 valuation models · updated 6 days ago

Share price −1.1% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality.
  • Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Price vs Fair Value (5 years)

£4.08 £2.31 Fair Value £4.75 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 31, 2026.

How to read this chart

60‑month range £2.31 – £4.08 · fair‑value band £3.56 – £5.94 · the £3.93 price screens below the £4.75 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 31, 2026.

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Analysis

Pantheon International PLC (PIN) currently trades at £3.93, while our model-based Fair Value estimate is £4.75, implying the stock looks roughly 17.4% undervalued today. The Quality Score stands at 58/100 (solid quality), in the Financial Services sector. How firm this estimate is: it rests on 2 models at a data quality of 95/100, which puts the evidence level at low.

Revenue grew 55.3% year over year. It earns a return on equity of 1.5%. Net debt stands at £211M. The stock trades on a trailing P/E of 49.3. Fundamentals as of Aug 31, 2026

Our scenario range runs from £3.56 (bear case) to £5.94 (bull case); at £3.93, the current price sits within 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 −28% fair-value upside, at 21%, PIN screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 12 months have passed since. In that time the company retained roughly £0.0800 per share. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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 best evidence £3.56 £4.75 £5.94 55
NCAV (Graham) £2.80 £3.75 £5.59 51
All 2 models by family
Multiples
P/B Multiple best evidence £3.56 £4.75 £5.94 55
Asset-Based
NCAV (Graham) £2.80 £3.75 £5.59 51

Widest divergence: Multiples (£4.75) versus Asset-Based (£3.75). Highest evidence: P/B Multiple (55).

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Key figures & financial health

P/E ratio 49.3
P/S ratio 20.1 TTM
EPS (TTM) £0.0800 price ÷ EPS = P/E 49.3
Net margin −35.1% FY2025
Return on equity 1.5% TTM
Return on assets (EBIT) 8.5% avg 5y
More key figures
Profitability
Operating margin 86.8% TTM
Growth
Revenue growth (YoY) +55.3% 3y avg −68.0%
EPS growth (YoY) +99.7%
Balance sheet & cash flow
Free cash flow −13.1M GBX FY2025
Net debt 211M GBX FY2025

Figures from reported company fundamentals · as of Aug 31, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 58/100

Of which business quality 52 · Market factors (momentum, volatility) 71

Profitability 7
Margins and returns on capital today
Quality Growth 15
Are margins and returns improving?
Cashflow 49
Earnings quality: real cash, not paper profit
Fin. Strength 68
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 54
Price trend over the last 3–12 months (market factor)
52W Momentum 67
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Pantheon International PLC specializes in fund of fund investments. For fund of fund investments, it seeks to invest in private equity, buyout, venture, growth, secondary investment funds, and special situations funds globally. Within private equity, it invests in late-stage buyouts to early-stage technology funds.

Full company description

Pantheon International PLC specializes in fund of fund investments. For fund of fund investments, it seeks to invest in private equity, buyout, venture, growth, secondary investment funds, and special situations funds globally. Within private equity, it invests in late-stage buyouts to early-stage technology funds. In United States, the fund focuses on mid-market buyout, mature venture, and growth funds. In Europe, it focuses on mid-market buyout funds and in Asia, the fund focuses on growth and buyout funds. The fund seeks to invest globally with a focus on North America, Asia, Northern Europe, and the United States. It typically invests in funds specializing in unquoted investments and acquiring unquoted portfolios. The fund also co-invests alongside private equity managers. It may invest in any type of financial instrument, including equity and non-equity shares, debt securities, subscription and conversion rights and options in relation to such shares and securities and interests in partnerships and limited partnerships and other forms of collective investment scheme. Pantheon International PLC was founded in 1987 and based in London, United Kingdom.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Pantheon International PLC reported revenue of £19.1M in FY2025 versus £309M in FY2021, a compound −50.1%/yr. Reported net income was −£6.7M in FY2025.

Growth Quality 10/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
£19.1M
Latest YoY
−73.9%
Avg. revenue 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.
−68.0%
Avg. revenue growth/yr (21Y) 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.
+0.7%
EBIT margin (trend) Operating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
91.6% (2020) → −23.1% (2025)
Value creation/yr We only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Revenue −50.1%/yr
FY21 £309M
FY22 £583M
FY23 £54.3M
FY24 £73.4M
FY25 £19.1M
Net income
FY21 £306M
FY22 £573M
FY23 £42.3M
FY24 £31.6M
FY25 −£6.7M
Character of growth · EPS growth decomposed (2014-2025) −11.8 % p.a.
Revenue per share −6.4 %

of which total revenue −6.8 % · buybacks/dilution +0.4 %

EBIT margin −4.4 %
Tax rate −0.5 %
Residual (interest, one-offs) −0.9 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Pantheon International PLC Fair Value". https://www.fairvalue-calculator.com/stock/PIN.LSE

Peer Group

Asset Management · 695 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 52 · Below median
Return on equity (TTM) 1% · Below median
Return on assets 1% · Below median
Net margin (TTM) 44% · Above median
Operating margin (TTM) 87% · Top 25%
Revenue growth 55% · Top 25%

Valuation Multiples vs Asset Management median · lower = cheaper

P/E (TTM) 49.3× · Pricier than 75% of peers
P/B 0.92× · Pricier than median
P/S (TTM) 26.56× · Pricier than 75% of peers

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 40
FUTURE100 · sector 15
PAST6 · sector 24
HEALTH0 · sector 95
DIVIDEND0 · sector 81

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

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate (as of Aug 31, 2026).

Stock Price Fair Value vs Fair Value
Blackstone Inc BX $142.39 $52.88 −63%
Investor AB INVEB kr 408.05 kr 827.56 +103%
Brookfield Corporation BN C$55.74 C$10.67 −81%
KKR & Co KKR $108.68 $19.97 −82%
Apollo Global Management, Inc APO $135.04 $101.04 −25%
State Street Corporation STT $193.33 $138.33 −28%
Ameriprise Financial, Inc AMP $559.32 $515.24 −8%
Ares Management Corporation ARES $143.10 $30.88 −78%
Northern Trust Corporation NTRS $186.79 $122.02 −35%
Raymond James Financial, Inc RJF $181.10 $142.42 −21%

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Frequently asked questions

Is Pantheon International PLC (PIN) overvalued or undervalued?
As of Aug 31, 2026, our model estimates a fair value of £4.75 versus a price of £3.93, about +21% upside (undervalued).
What is the fair value of PIN?
Our model-based fair value for Pantheon International PLC is £4.75 (as of Aug 31, 2026), built from audited fundamentals. The current price: £3.93.
What is the quality score of PIN?
Pantheon International PLC has a Quality Score of 58/100. 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 price target for Pantheon International PLC (PIN)?
Our model-based price target is the fair value of £4.75 (as of Aug 31, 2026) from 2 valuation models. Cautious scenario £3.56, optimistic scenario £5.94. It is a calculation from audited fundamentals, not an analyst target.
What is the Pantheon International PLC stock forecast for 2026?
Our models put fair value at £4.75, about +21% upside versus a price of £3.93 (undervalued). Cautious scenario £3.56, optimistic scenario £5.94. The calculation is refreshed regularly with new filings.
What is the net profit margin of PIN?
The net profit margin of Pantheon International PLC is about 43.8%, meaning it keeps roughly 43.8% of revenue as net income. Based on the latest reported figures.
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