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Panther Securities PLC (PNS) Fair Value & Analysis

Real Estate · GB · Market cap 51.2M GBX

PS Panther Securities PLC PNS · LSE
Price£2.96
Fair Value£4.18
Upside+41.2%
Quality60/100
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Healthy Growth
Highly profitable · 28.6% net margin
Low debt · generates free cash flow
4.05% dividend yield
Mixed vs. peers (7/14)
Moderate moat 63/100
Evidence: High Range £2.85 – £4.18 Share as image

Fair value as of: Jul 18, 2026

From 14 valuation models · updated 23 days ago

A solid business, screening 41% undervalued on our models.

What matters now

  • Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

£3.00 £1.76 Fair Value £4.18 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 £1.76 – £3.00 · fair‑value band £2.85 – £4.18 · the £2.96 price screens below the £4.18 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

Panther Securities PLC (PNS) currently trades at £2.96, while our model-based Fair Value estimate is £4.18, implying the stock looks roughly 41.2% undervalued today. The Quality Score stands at 60/100 (solid quality), in the Real Estate 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, Panther Securities PLC generated revenue of £14.9M at a net margin of 28.6%. Revenue declined 3.9% year over year. It earns a return on equity of 3.7%. Net debt stands at £58.7M. Fundamentals as of Jul 18, 2026

Our scenario range runs from £2.85 (bear case) to £4.18 (bull case); at £2.96, 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 Real Estate peers we cover trades at -2% fair-value upside, at 41%, PNS 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
Residual Income £4.53 £4.39 £3.49 76
Rev-Margin DCF £0.9100 £2.48 74
Gordon GGM £1.54 £2.42 £3.24 70
All 14 models by family
DCF Models
5Y Revenue Exit £0.9100 £2.74 39
5Y EBITDA Exit £0.1000 £2.07 £4.30 41
10Y Revenue Exit £1.33 36
10Y EBITDA Exit £0.6200 £2.31 37
Dividend Discount
Gordon GGM £1.54 £2.42 £3.24 70
DDM Multi-Stage £1.54 £2.13 £2.64 61
Multiples
P/S Multiple £3.13 £4.18 £5.22 58
P/B Multiple £3.13 £4.18 £5.22 55
EV/EBIT £3.34 £5.42 £7.50 53
EV/EBITDA £2.12 £3.80 £5.47 54
EV/Revenue £0.5400 £2.01 £3.49 43
Asset-Based
NCAV (Graham) £3.37 £4.51 £6.74 50
Growth DCF
Rev-Margin DCF £0.9100 £2.48 74
Economic Profit
Residual Income £4.53 £4.39 £3.49 76

Widest divergence: Asset-Based (£4.51) versus DCF Models (£0.9100). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 14.9M GBX
Revenue growth (YoY) -3.9%
Net margin 28.6%
Return on equity 3.7%
Free cash flow 2.8M GBX FY2025
P/E ratio 11.8
More key figures
Operating margin 41.2%
EPS (TTM) £0.2500
Dividend yield 4.1%
EPS growth (YoY) -87.5%
Net debt 58.7M GBX FY2025

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

Quality Score breakdown

Overall quality 60/100

Of which business quality 56 · Market factors (momentum, volatility) 66

Profitability 33
Margins and returns on capital today
Quality Growth 32
Are margins and returns improving?
Cashflow 65
Earnings quality: real cash, not paper profit
Fin. Strength 46
Balance sheet, leverage, solvency risk
Investment 96
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 48
Price trend over the last 3–12 months (market factor)
52W Momentum 58
Distance to the 52-week high (market factor)
Net Issuance 85
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

Panther Securities PLC is a property investment company quoted on the AIM market (AIM) since 2013. Prior to this the Company was fully listed and included in the FTSE fledgling index, first being fully listed as a public company in 1934.

Full company description

Panther Securities PLC is a property investment company quoted on the AIM market (AIM) since 2013. Prior to this the Company was fully listed and included in the FTSE fledgling index, first being fully listed as a public company in 1934. The Group currently owns and manages circa 900 individual property units within circa 120 separately designated buildings over the mainland United Kingdom. The Group specializes in mainly commercial property investing in good secondary retail, industrial units and offices, and also owns and manages many residential flats in several town center locations. The Group is a generalist investor, not specializing in any sector or location in the UK and does the majority of its own management and lettings in-house. The Group takes an entrepreneurial approach to property investing assessing each opportunity on its merits. Panther Securities PLC was incorporated in 1934 in United Kingdom.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Panther Securities PLC reported revenue of £15.1M in FY2025 versus £13.2M in FY2021, a compound +3.5%/yr. Reported net income was £4.3M in FY2025, compounding −25.1%/yr from FY2021.

Growth Quality 69/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
£15.1M
Latest YoY
+0.4%
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.
+4.0%
Avg. growth/yr (5Y) 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.
+3.0%
Avg. growth/yr (40Y) 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.
+7.4%
Revenue +3.5%/yr
FY21 £13.2M
FY22 £13.4M
FY23 £14.5M
FY24 £15.0M
FY25 £15.1M
Net income −25.1%/yr
FY21 £13.5M
FY22 £17.0M
FY23 £4.4M
FY24 £6.7M
FY25 £4.3M
Character of growth · EPS growth decomposed (2014-2025) −1.1 % p.a.
Revenue per share +1.1 pp

of which total revenue +1.0 pp · buybacks/dilution +0.0 pp

EBIT margin −9.6 pp
Tax rate −1.5 pp
Residual (interest, one-offs) +8.9 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). "Panther Securities PLC Fair Value". https://www.fairvalue-calculator.com/stock/PNS

Peer Group

Real Estate Services · 520 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 61 · Above median
Fair Value upside +41% · Above median
Return on equity (TTM) 4% · Below median
Return on assets 2% · Above median
Net margin (TTM) 29% · Above median
Operating margin (TTM) 41% · Above median
Revenue growth -4% · Below median
Dividend yield (TTM) 4.1% · Above median
Debt / equity 0.48× · Higher than median

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/E (TTM) 11.8× · Pricier than median
P/B 0.59× · Cheaper than median
P/S (TTM) 4.66× · Pricier than median
P/FCF 24.4× · Pricier than 75% of peers
EV/EBITDA 17.4× · 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 88 · sector 37
FUTURE 0 · sector 10
PAST 15 · sector 16
HEALTH 76 · sector 85
DIVIDEND 81 · sector 49

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 Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
Vingroup Joint Stock Company VIC 223,000 VND 25,731 VND -88%
KE Holdings 2423 HK$44.76 HK$18.03 -60%
Swire Properties Limited 1972 HK$23.90 HK$18.75 -22%
Plaza S.A MALLPLAZA 3,725 CLP 5,571 CLP +50%
SAGAA SAGAA kr 170.00 kr 75.55 -56%
Cencosud Shopping S.A CENCOMALLS 2,324 CLP 2,976 CLP +28%
PT Sarana Menara Nusantara Tbk. owns and TOWR 372.00 IDR 1,208 IDR +225%
PT Metropolitan Kentjana Tbk MKPI 20,975 IDR 19,160 IDR -9%
PT Bangun Kosambi Sukses Tbk, CBDK 3,530 IDR 3,464 IDR -2%
IRSA Inversiones y Representaciones Sociedad Anónima, IRSA 2,495 ARS 3,998 ARS +60%

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Frequently asked questions

Is Panther Securities PLC (PNS) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of £4.18 versus a price of £2.96, about +41% (undervalued).
What is the fair value of PNS?
Our model-based fair value for Panther Securities PLC is £4.18 (as of Jul 18, 2026), built from audited fundamentals. The current price is £2.96.
What is the quality score of PNS?
Panther Securities PLC has a Quality Score of 60/100. 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 Panther Securities PLC (PNS)?
Panther Securities PLC reported trailing-twelve-month revenue of about £14.9M (latest available figure, as of Jul 18, 2026).
What is the net profit margin of PNS?
The net profit margin of Panther Securities PLC is about 28.6%, meaning it keeps roughly 28.6% of revenue as net income. Based on the latest reported figures.

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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